Total Revenue
$117.3 million, an increase of 15% year-over-year. The increase was attributed to strong performance on the top line.
Average Health Care Services Clients (AHSCs)
4,467, an increase of 56 AHSCs from the prior quarter and 298 in the prior year. This growth was in line with expectations.
Revenue per Average Health Care Services Client
$26,249, up 7% year-over-year and flat quarter-over-quarter. This was also in line with expectations.
Net Income
$700,000, marking the first-ever positive net income quarter for the company. This milestone reflects the strength of the business and financial model.
Adjusted EBITDA
$22 million, an increase of $16 million year-over-year, with an adjusted EBITDA margin of 19%. This improvement highlights strong profitability growth.
Cash and Cash Equivalents
$98.3 million, compared to $90.9 million in the prior quarter. This increase reflects improved cash management.
Operating Cash Flow
$14.8 million, up $3.8 million year-over-year. This growth demonstrates continued operational efficiency.
Free Cash Flow
$9.6 million, up $6 million year-over-year. This marks the fourth consecutive quarter of positive free cash flow.
PHR
$16.455+Infinity%1D
Analyst Views on PHR
Wall Street analysts forecast PHR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PHR is 34.10 USD with a low forecast of 32.00 USD and a high forecast of 38.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Analyst Rating
Wall Street analysts forecast PHR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PHR is 34.10 USD with a low forecast of 32.00 USD and a high forecast of 38.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Buy
0 Hold
0 Sell
Strong Buy
Current: 16.250
Low
32.00
Averages
34.10
High
38.00
Current: 16.250
Low
32.00
Averages
34.10
High
38.00
Baird
Outperform -> NULL
downgrade
$31 -> $25
2025-12-10
New
Reason
Baird
Price Target
$31 -> $25
2025-12-10
New
downgrade
Outperform -> NULL
Reason
Baird lowered the firm's price target on Phreesia to $25 from $31 and keeps an Outperform rating on the shares. The firm updated its mdoel to rflect the company's latest guidance for 2026-2027.
Mizuho
Steven Valiquette
Outperform
to
NULL
downgrade
$36 -> $28
2025-12-10
New
Reason
Mizuho
Steven Valiquette
Price Target
$36 -> $28
2025-12-10
New
downgrade
Outperform
to
NULL
Reason
Mizuho analyst Steven Valiquette lowered the firm's price target on Phreesia to $28 from $36 and keeps an Outperform rating on the shares. Shares fell 22% after management struck a more cautious tone on Q4 Network Solutions revenue, citing softer Pharma digital marketing sentiment amid political pressures, the analyst tells investors in a research note. While FY27 growth may slow to roughly the low-teens, management's outlook appears conservative, Mizuho adds.
Truist
Buy
maintain
$36 -> $29
2025-12-10
New
Reason
Truist
Price Target
$36 -> $29
2025-12-10
New
maintain
Buy
Reason
Truist lowered the firm's price target on Phreesia to $29 from $36 and keeps a Buy rating on the shares after the firm had a post-quarter call with the company's management to discuss its FY26 and FY27 expectations, AccessOne, Trends in the average number of healthcare services clients, among other topics. Truist notes Phreesia posted solid Q3 results, with in-line revenues and adjusted EBITDA ahead of consensus, updated its FY26 outlook, and introduced its FY27 guidance. The firm points out that the organic growth slowdown was attributed to revenue guide approach shift, and says fundamentals remain intact.
JPMorgan
Alexei Gogolev
Overweight
maintain
$32 -> $29
2025-12-09
Reason
JPMorgan
Alexei Gogolev
Price Target
$32 -> $29
2025-12-09
maintain
Overweight
Reason
JPMorgan analyst Alexei Gogolev lowered the firm's price target on Phreesia to $29 from $32 and keeps an Overweight rating on the shares. The company reported "solid" fiscal Q3 results but lowered its organic growth guidance on a more measured Network Solutions outlook, the analyst tells investors in a research note.
About PHR
Phreesia, Inc. is a provider of comprehensive software solutions that improve the operational and financial performance of healthcare organizations. The Company's solutions include software-as-a-service (SaaS)-based integrated tools that manage patient access, registration, and payments. In addition, its solutions include clinical assessments to screen patients for a variety of physical, behavioral and mental health conditions, helping providers to understand their patients and connect them to needed services, resulting in improved health outcomes. Its Technology solutions segment provides life sciences companies, health plans and other payer organizations (payers), patient advocacy, public interest and other not-for-profit organizations with a channel for direct communication with patients. The Company's solutions also include additional products and services, such as the MediFind provider directory, which helps patients find care based on providers' specific clinical expertise.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
