Phreesia, Inc. (NYSE: PHR) is a technology company specializing in patient activation solutions for healthcare providers, life sciences firms, and other organizations. The company empowers patients to take a more active role in their healthcare through a variety of digital tools, such as intake, outreach, and payment processing solutions. Founded in 2005, Phreesia enabled approximately 170 million patient visits in 2024, representing one in seven visits across the U.S.

For the first quarter of fiscal 2026, Phreesia reported a continued upward trajectory in its financial performance. Total revenue reached $115.9 million, marking a 15% increase from the same period last year. The average number of healthcare services clients rose to 4,411, up 9% year-over-year, and total revenue per average healthcare services client was $26,283, reflecting a 6% year-over-year growth. Adjusted EBITDA for the quarter was $20.8 million, representing a 16.7% year-over-year increase with an adjusted EBITDA margin of 18%.

Phreesia’s balance sheet showed an increase in cash and cash equivalents, totaling $90.9 million at the end of the quarter, compared to $84.2 million at the end of the previous quarter. The company maintained positive operating cash flow of $14.9 million, which improved by $15.6 million year-over-year, compared to a net cash used in operating activities of $0.7 million during the same fiscal quarter last year. Free cash flow also turned positive at $7.5 million, up $13.7 million from a negative free cash flow of $6.2 million in the prior year.

Looking ahead, Phreesia reaffirmed its revenue guidance for fiscal 2026, maintaining a range of $472 million to $482 million. The updated adjusted EBITDA outlook was raised from a previous range of $78 million to $88 million to a new range of $85 million to $90 million, marking a $4.5 million increase in the midpoint of the guidance.

The total revenue per average healthcare services client is expected to grow further in fiscal 2026. Phreesia has indicated that the revenue expectations for the fiscal year do not account for any additional revenue from potential future acquisitions completed before January 31, 2026.

Overall, Phreesia’s financial performance shows stability and growth as the company continues to expand its client base and enhance its product offerings.