WILMINGTON, DE — Phreesia Inc. (NYSE: PHR) reported a profit for its fiscal fourth quarter and full year ended January 31, 2026, while lowering its revenue outlook for fiscal 2027 due to reduced spending visibility from some clients.
The company posted fourth-quarter revenue of $127.1 million, up 16% from a year earlier, and net income of $1.3 million, compared with a net loss of $6.4 million in the same period last year.
Adjusted EBITDA for the quarter was $29.4 million, up from $16.4 million a year earlier, while free cash flow rose to $28.5 million from $9.2 million.
For the full fiscal year, revenue increased 14% to $480.6 million, and the company reported net income of $2.3 million, compared with a net loss of $58.5 million in fiscal 2025.
Adjusted EBITDA for the year totaled $101.5 million, up from $36.8 million, while free cash flow rose to $54.4 million from $8.3 million.
Average healthcare services clients increased 7% year over year to 4,658 in the fourth quarter and 4,514 for the full year.
Phreesia completed its $164 million acquisition of AccessOne in November 2025, expanding its healthcare payments offerings.
The transaction was funded through cash and proceeds from a $110 million bridge loan, which was later refinanced in March 2026 through a new $275 million revolving credit facility maturing in 2031.
The company expects fiscal 2027 revenue in the range of $510 million to $520 million, down from a prior forecast of $545 million to $559 million.
Phreesia said the revised outlook reflects shorter visibility into spending commitments by certain pharmaceutical manufacturers and lower anticipated spending by network solutions clients in the second half of the fiscal year.
“We are experiencing shorter visibility into spending commitments by certain pharmaceutical manufacturers,” the company said, citing variability in revenue forecasting.
The company maintained its fiscal 2027 adjusted EBITDA outlook of $125 million to $135 million and expects client growth in the mid-single-digit percentage range.
Phreesia said its existing cash and operating cash flow are expected to be sufficient to meet its financial obligations.
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