WILMINGTON, DE — Phreesia, Inc. (NYSE: PHR) posted fiscal second-quarter results showing its first-ever net income, alongside a definitive agreement to acquire AccessOne Parent Holdings, Inc. for $160 million in cash. The acquisition is expected to close in the third quarter or early fourth quarter of Phreesia’s 2026 fiscal year, pending regulatory approvals.
For the quarter ended July 31, 2025, total revenue reached $117.3 million, up 15% year-over-year. Phreesia reported net income of $0.7 million, compared with a net loss of $18.0 million in the same period last year. Adjusted EBITDA rose to $22.1 million, more than tripling from $6.5 million a year ago.
Key operating metrics also showed improvement. The company averaged 4,467 healthcare services clients (AHSCs) during the quarter, up 7% year-over-year, while revenue per AHSC increased 7% to $26,249. Free cash flow climbed to $9.6 million, compared with $3.7 million in the prior-year period, and cash and equivalents stood at $98.3 million as of July 31.
Phreesia highlighted its AccessOne acquisition as a strategic move to expand its suite of patient payment solutions. AccessOne, which manages approximately $450 million in healthcare receivables, offers compliant and scalable financing tools that help providers improve collections while maintaining patient trust.
“We have followed AccessOne’s progress over many years and admired its approach to addressing a critical gap in care,” said Chaim Indig, Phreesia’s CEO and co-founder. “The addition of AccessOne’s platform is a natural progression that integrates well with our existing products and expands our ability to make care easier every day.”
Looking ahead, Phreesia maintained its fiscal 2026 revenue outlook in the range of $472 million to $482 million, excluding contributions from AccessOne. The company raised its Adjusted EBITDA guidance to $87 million to $92 million, up from a previous range of $85 million to $90 million, citing improved operating leverage and efficiency gains.
Phreesia plans to finance the acquisition through a combination of cash on hand and a fully committed bridge loan, noting it has no borrowings under its existing credit facility. The company expects to update its financial outlook following the close of the transaction.
The results mark a milestone for Phreesia, demonstrating progress in scaling its platform, improving profitability, and expanding its role in healthcare payments and patient financial engagement.
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