Phreesia, Inc. reported significant financial developments in its 10-Q filing for the quarter ending July 31, 2024. The company achieved total revenue of $102.1 million for the three months ended July 31, 2024, marking a 19% increase from $85.8 million in the same period of 2023. For the six months, revenue rose 20% to $203.3 million compared to $169.7 million in the prior year. This growth was primarily driven by a 24% increase in subscription and related services revenue, which reached $48.6 million for the quarter, up from $39.3 million in the previous year.
Despite the revenue growth, Phreesia reported a net loss of $18.0 million for the three months ended July 31, 2024, an improvement from a net loss of $36.8 million in the same period of 2023. For the six months, the net loss was $37.7 million, down from $74.3 million in the prior year. The adjusted EBITDA also showed positive movement, with $6.5 million for the quarter compared to a negative $11.5 million in the same period last year.
The company’s cash and cash equivalents decreased to $81.8 million as of July 31, 2024, from $87.5 million at the end of January 2024. However, net cash provided by operating activities improved significantly, with $11.1 million for the quarter, compared to a net cash outflow of $9.3 million in the same period of 2023.
Phreesia's total expenses for the three months ended July 31, 2024, were $119.3 million, a slight decrease from $122.8 million in the previous year. Notably, sales and marketing expenses decreased by $7.1 million to $30.2 million, while research and development expenses increased by $2.1 million to $29.5 million.
Strategically, Phreesia has made several acquisitions, including MediFind and Access, which contributed to its growth. The company issued shares in connection with these acquisitions, with 150,786 shares for MediFind and 1,096,436 shares for Access. Additionally, the company is navigating challenges related to cybersecurity incidents affecting its operations, particularly a significant incident involving Change Healthcare that impacted patient payment volumes.
Overall, Phreesia's performance reflects a positive trajectory in revenue growth and operational cash flow, despite ongoing net losses and strategic challenges.
About Phreesia, Inc.
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