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Phreesia Announces Fiscal Third Quarter 2020 Results

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Phreesia, Inc. (NYSE:PHR) ("Phreesia") announced financial results today for the fiscal third quarter and nine months ended October 31, 2019.

"We are pleased with our third quarter results and the continued support of our clients and partners," said Chaim Indig, Chief Executive Officer of Phreesia, Inc. "Our team is focused on building a great company that creates a better, more engaging healthcare experience."

Fiscal Third Quarter 2020 Highlights

  • Revenue was $32.8 million in the quarter compared to $24.8 million in the same period in the prior year, an increase of 33%.
  • Average provider revenue per provider client was $16,637 in the quarter compared to $13,308 in the same period in the prior year, an increase of 25%.
  • Average number of provider clients was 1,573 in the quarter compared to 1,503 in the same period in the prior year, an increase of 5%.
  • Adjusted EBITDA was $3.0 million in the quarter compared to $0.4 million in the same period in the prior year.
  • Cash on the balance sheet as of October 31st was $91.4 million, down $8.7 million from July 31, 2019.

Fiscal Year End January 31, 2020 Outlook

  • We expect fiscal 2020 revenue to be in the range of $122.0 to $122.5 million compared to our previous range of $118.5 to $119.0 million.
  • We expect to be Adjusted EBITDA positive in fiscal 2020.

Conference Call Information

The Company will hold a conference call on Tuesday, December 10, 2019, at 8:30 a.m. Eastern Time to review the Company's fiscal third quarter 2020 financial results. To participate in the Company's live conference call and webcast, please dial (866) 211-4557 or (647) 689-6750 for international participants using conference code number 4297854 or visit the "Events & Presentations" section of ir.phreesia.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

 Phreesia, Inc.

 Balance sheets

 (unaudited)

in thousands, except for shares and per share data

 

 

 

 

 

 

 

 

 

 

 

 October 31, 

 

 

 

 January 31, 

 

 

 

2019

 

 

 

2019

 Assets 

 

 

 

 

 

 

 Current: 

 

 

 

 

 

 

 Cash and cash equivalents

 

 

 $

91,389

 

 

 

 

 $

1,543

 

 Settlement assets

 

 

 

10,384

 

 

 

 

 

10,217

 

 Accounts receivable, net of allowance for doubtful accounts of $729 and $517

 

 

 

  20,008

 

 

 

 

 

16,109

 

 Deferred contract acquisition costs

 

 

 

 1,631

 

 

 

 

 

1,673

 

 Prepaid expenses

 

 

 

  5,287

 

 

 

 

 

3,340

 

 Total current assets

 

 

 $

128,699

 

 

 

 

 $

32,882

 

 Property and equipment, net of accumulated depreciation and amortization of $34,304 and $27,862

 

 

 

14,364

 

 

 

 

 

14,211

 

 Capitalized internal-use software, net of accumulated amortization of $18,266 and $14,621

 

 

 

8,501

 

 

 

 

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