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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Prudential Financial JR Sub Nts 12/31/2068 | NYSE:PHR.CL | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.99 | 0.00 | 01:00:00 |
From Jul 2021 to Jul 2024
Phreesia, Inc. (NYSE: PHR) (“Phreesia”) announced financial results today for the fiscal third quarter ended October 31, 2021.
"We celebrated an important milestone in September as we surpassed 100 million patient visits enabled by our platform during the previous twelve months", said CEO and Co-Founder Chaim Indig. "Every member of the Phreesia team has contributed to this achievement; I would like to congratulate them on reaching this milestone, and thank our clients for entrusting us to create a better, more engaging healthcare experience".
Fiscal Third Quarter 2022 Highlights
Outlook for Fiscal 2022
We are increasing our revenue outlook for Fiscal Year 2022 to $211 million from our previously announced range of $195 million to $198 million. Our Adjusted EBITDA outlook for Fiscal Year 2022 is negative $64 million. We expect revenue for Fiscal Year 2023 to grow in the range of 20 to 25% above Fiscal Year 2022 revenue. We also anticipate a continued acceleration in investments in Fiscal Year 2023 from Fiscal Year 2022 levels and will provide an outlook for Adjusted EBITDA for Fiscal Year 2023 when we release our full Fiscal Year 2022 results in March 2022.
Stakeholder Letter and Conference Call Information
For additional information about our quarterly results, please refer to our Quarterly Stakeholder Letter that was furnished with our Form 8-K, which was filed with the SEC and can be found at https://ir.phreesia.com/resources/quarterly-stakeholder-letter/default.aspx. The Company will hold a conference call on Thursday, December 9, 2021, at 8:45 a.m. Eastern Time to review the Company’s third fiscal quarter 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 7489917 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.
Recent Events
Addition of Insignia Health, LLC to Phreesia
On December 3, 2021, Phreesia entered into an agreement to acquire Insignia Health, LLC, a founder-led and mission-oriented company, for $35 million in cash, subject to customary purchase price adjustments. We acquired the company from its founders, the University of Oregon and its other holders of membership interest. We have closely followed Insignia for several years, and long admired the company's background in academic research and its commitment to improving health outcomes through an extensively validated approach to helping patients become more active and successful managers of their health.
COVID-19
In March 2020, the World Health Organization declared the ongoing outbreak of a novel strain of coronavirus ("COVID-19") a pandemic. There continues to be uncertainty as to the duration and extent to which the global COVID-19 pandemic, as well as the emergence of new variants, may adversely impact the Company's business operations, financial performance, and results of operations, as well as macroeconomic conditions, at this time.
Phreesia, Inc. Consolidated Balance Sheets (in thousands, except share and per share data)
October 31, 2021
January 31, 2021
(Unaudited)
Assets
Current:
Cash and cash equivalents
$
400,395
$
218,781
Settlement assets
16,323
15,488
Accounts receivable, net of allowance for doubtful accounts of $705 and $699 as of October 31, 2021 and January 31, 2021, respectively
35,460
29,052
Deferred contract acquisition costs
1,705
1,693
Prepaid expenses and other current assets
10,450
7,254
Total current assets
464,333
272,268
Property and equipment, net of accumulated depreciation and amortization of $50,838 and $40,148 as of October 31, 2021 and January 31, 2021, respectively
32,755
26,660
Capitalized internal-use software, net of accumulated amortization of $29,838 and $25,476 as of October 31, 2021 and January 31, 2021, respectively
14,079
10,476
Operating lease right-of-use assets
2,005
2,654
Deferred contract acquisition costs
2,456
1,248
Intangible assets, net of accumulated amortization of $907 and $525 as of October 31, 2021 and January 31, 2021, respectively
2,343
2,725
Deferred tax asset
150
658
Goodwill
8,211
8,307
Other assets
2,795
1,670
Total assets
$
529,127
$
326,666
Liabilities and Stockholders’ Equity
Current:
Settlement obligations
$
16,323
$
15,488
Current portion of finance lease liabilities and other debt
4,597
4,864
Current portion of operating lease liabilities
1,116
1,087
Accounts payable
11,602
4,389
Accrued expenses
18,885
18,324
Deferred revenue
12,434
10,838
Total current liabilities
64,957
54,990
Long-term finance lease liabilities and other debt
5,134
6,471
Operating lease liabilities, non-current
1,117
1,899
Total liabilities
71,208
63,360
Commitments and contingencies
Stockholders’ Equity:
Common stock, $0.01 par value - 500,000,000 shares authorized as of both October 31, 2021 and January 31, 2021; 51,289,020 and 44,880,883 shares issued as of October 31, 2021 and January 31, 2021, respectively
513
449
Additional paid-in capital
849,450
579,599
Accumulated deficit
(383,487)
(311,777)
Treasury stock, at cost, 157,612 and 99,520 shares at October 31, 2021 and January 31, 2021, respectively
(8,557)
(4,965)
Total Stockholders’ Equity
457,919
263,306
Total Liabilities and Stockholders’ Equity
$
529,127
$
326,666
Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data)
Three months ended October 31,
Nine months ended October 31,
2021
2020
2021
2020
Revenue:
Subscription and related services
$
24,365
$
17,468
$
69,069
$
50,196
Payment processing fees
16,111
12,917
49,061
36,452
Life sciences
15,439
8,079
37,083
20,221
Total revenues
55,915
38,464
155,213
106,869
Expenses:
Cost of revenue (excluding depreciation and amortization)
11,644
6,472
30,210
16,477
Payment processing expense
9,449
7,530
28,822
21,125
Sales and marketing
32,036
10,481
69,215
30,013
Research and development
15,273
5,732
34,770
16,267
General and administrative
18,021
10,370
46,936
28,721
Depreciation
3,719
2,447
10,717
7,125
Amortization
1,513
1,546
4,744
4,531
Total expenses
91,655
44,578
225,414
124,259
Operating loss
(35,740)
(6,114)
(70,201)
(17,390)
Other (expense) income, net
(114)
62
(138)
(229)
Interest (expense) income, net
(311)
(467)
(756)
(1,206)
Total other expense, net
(425)
(405)
(894)
(1,435)
Loss before provision for income taxes
(36,165)
(6,519)
(71,095)
(18,825)
Provision for income taxes
(178)
(194)
(615)
(371)
Net loss
$
(36,343)
$
(6,713)
$
(71,710)
$
(19,196)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.71)
$
(0.17)
$
(1.44)
$
(0.51)
Weighted-average common shares outstanding, basic and diluted
51,020,271
38,511,370
49,943,049
37,855,503
Phreesia, Inc. Unaudited Consolidated Statements of Cash Flows (in thousands)
Nine months Ended October 31,
2021
2020
Operating activities:
Net loss
$
(71,710)
$
(19,196)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
15,461
11,656
Stock-based compensation expense
25,976
9,616
Amortization of deferred financing costs and debt discount
216
318
Cost of Phreesia hardware purchased by customers
449
604
Deferred contract acquisition costs amortization
1,709
2,280
Non-cash operating lease expense
730
1,228
Change in fair value of contingent consideration liabilities
209
—
Deferred tax asset
508
279
Changes in operating assets and liabilities:
Accounts receivable
(6,408)
(5,616)
Prepaid expenses and other assets
(5,686)
(1,940)
Deferred contract acquisition costs
(2,929)
(1,901)
Accounts payable
9,490
(2,300)
Accrued expenses and other liabilities
(5,563)
3,982
Lease liability
(779)
(1,419)
Deferred revenue
1,596
1,222
Net cash used in operating activities
(36,731)
(1,187)
Investing activities:
Capitalized internal-use software
(7,962)
(4,663)
Purchase of property and equipment
(16,596)
(6,440)
Net cash used in investing activities
(24,558)
(11,103)
Financing activities:
Proceeds from issuance of common stock in equity offerings, net of underwriters' discounts and commissions
245,813
174,800
Proceeds from issuance of common stock upon exercise of stock options
4,062
3,351
Treasury stock to satisfy tax withholdings on stock compensation awards
(3,546)
(869)
Payment of offering costs
—
(226)
Proceeds from employee stock purchase plan
1,147
—
Insurance financing agreement
—
2,009
Finance lease payments
(3,175)
(1,797)
Principal payments on financing agreements
(873)
(881)
Debt issuance costs
—
(69)
Loan facility fee payment
(125)
(225)
Payment of contingent consideration for acquisitions
(400)
—
Net cash provided by financing activities
242,903
176,093
Net increase in cash and cash equivalents
181,614
163,803
Cash and cash equivalents – beginning of period
218,781
90,315
Cash and cash equivalents – end of period
$
400,395
$
254,118
Supplemental information of non-cash investing and financing information:
Right-of-use assets obtained in exchange for operating lease liabilities
$
81
$
4,420
Property and equipment acquisitions through finance leases
$
2,645
$
6,050
Capitalized software acquired through vendor financing
$
—
$
174
Cashless transfer of term loan and related accrued fees into increase in debt balance
$
—
$
20,257
Cashless transfer of lender fees through increase in debt balance
$
—
$
406
Deferred offering costs included in accounts payable and accrued liabilities
$
—
$
64
Purchase of property and equipment and capitalized software included in accounts payable
$
1,082
$
1,681
Capitalized stock-based compensation
$
279
$
—
Cash payments for:
Interest
$
578
$
1,047
Non-GAAP financial measures
Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA as net income or loss before interest expense (income), net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense, change in fair value of contingent consideration liabilities and other expense (income), net.
We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release and our Annual Report on Form 10-K because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Phreesia has not reconciled its Adjusted EBITDA outlook to GAAP Net income (loss) because it does not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other income, net and Provision for (benefit from) income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because Phreesia cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss).
Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:
Because of these and other limitations, you should consider Adjusted EBITDA along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods indicated:
Phreesia, Inc. Adjusted EBITDA (Unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands)
2021
2020
2021
2020
Net loss
$
(36,343)
$
(6,713)
$
(71,710)
$
(19,196)
Interest expense (income), net
311
467
756
1,206
Provision for income taxes
178
194
615
371
Depreciation and amortization
5,232
3,993
15,461
11,656
Stock-based compensation expense
12,929
3,316
25,976
9,616
Change in fair value of contingent consideration liabilities
—
—
209
—
Other expense (income), net
114
(62)
138
229
Adjusted EBITDA
$
(17,579)
$
1,195
$
(28,555)
$
3,882
Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands)
2021
2020
2021
2020
GAAP operating expenses
General and administrative
$
18,021
$
10,370
$
46,936
$
28,721
Sales and marketing
32,036
10,481
69,215
30,013
Research and development
15,273
5,732
34,770
16,267
Cost of revenue
11,644
6,472
30,210
16,477
$
76,974
$
33,055
$
181,131
$
91,478
Stock compensation included in GAAP operating expenses
General and administrative
$
4,943
1,635
$
11,237
$
5,169
Sales and marketing
5,169
1,008
9,046
2,530
Research and development
2,224
470
4,212
1,494
Cost of revenue
593
203
$
1,481
$
423
$
12,929
$
3,316
$
25,976
$
9,616
Adjusted operating expenses
General and administrative
$
13,078
$
8,735
$
35,699
$
23,552
Sales and marketing
26,867
9,473
60,169
27,483
Research and development
13,049
5,262
30,558
14,773
Cost of revenue
11,051
6,269
28,729
16,054
$
64,045
$
29,739
$
155,155
$
81,862
Phreesia, Inc. Key Metrics (Unaudited)
Three months ended October 31,
Nine months ended October 31,
2021
2020
2021
2020
Key Metrics:
Provider clients (average over period)
2,097
1,737
1,996
1,679
Average revenue per provider client
$
19,299
$
17,490
$
59,196
$
51,604
Additional Information (Unaudited)
Three months ended October 31,
Nine months ended October 31,
2021
2020
2021
2020
Patient payment volume (in millions)
$
682
$
524
$
2,079
$
1,445
Payment facilitator volume percentage
79
%
80
%
78
%
82
%
Available Information
Phreesia intends to use its Company website (including its Investor Relations website) as well as its Facebook, Twitter and LinkedIn accounts as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; our predictions about our industry; the impact of the COVID-19 pandemic on our business and our ability to attract, retain and cross-sell to healthcare provider clients; and our ability to realize the intended benefits of our acquisitions. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2021 that will be filed with the SEC following this press release. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements.
This press release includes certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures.
ABOUT PHREESIA
Phreesia gives healthcare organizations a suite of robust applications to manage the patient intake process. Our innovative SaaS platform engages patients in their care and provides a modern, consistent experience, while enabling healthcare organizations to optimize their staffing, boost profitability and enhance clinical care.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211208006051/en/
Investors: Balaji Gandhi Phreesia, Inc. investors@phreesia.com (929) 506-4950 Media: Annie Harris Phreesia, Inc. aharris@phreesia.com (929) 526-2611
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