[8-K] Phreesia, Inc. Reports Material Event

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Phreesia reported a profitable start to fiscal 2027, with solid growth and stronger cash generation. Fiscal first-quarter revenue reached $130.9 million, up 13% year-over-year, led by 40% growth in payment solutions and 15% growth in network solutions, while subscription and related services declined 3%.

The company served an average of 4,708 healthcare services clients, up 7%, and total revenue per client rose 6% to $27,811. Net income was $3.0 million, compared with a $3.9 million loss a year earlier, and Adjusted EBITDA increased to $30.5 million from $20.8 million. Operating cash flow improved to $23.9 million and free cash flow to $16.4 million.

Phreesia refinanced its bridge loan with a new $275 million senior secured revolving credit facility and ended the quarter with $76.4 million in cash, cash equivalents and restricted cash and $84.2 million outstanding under the new facility. It also expanded AccessOne’s securitization program with PNC Bank from $200 million to $300 million and extended it to 2029.

The company implemented a restructuring of its Engineering and Product organizations, eliminating roughly 200 internal and contractor roles to embed AI and improve efficiency, with expected savings already reflected in guidance. For fiscal 2027, Phreesia is maintaining its outlook for revenue of $510–$520 million and Adjusted EBITDA of $125–$135 million, assuming about $37 million of revenue from AccessOne, mid-single-digit percentage growth in healthcare services clients and low-single-digit percentage growth in revenue per client. Management notes that some network solutions clients are committing lower spend in the second half of the year, introducing more variability into that revenue stream, while demand in other areas is tracking prior expectations.

Insights

Q1 shows profitable growth, stronger cash flow and reaffirmed guidance, offset by softer network marketing visibility.

Phreesia delivered $130.9 million in Q1 revenue, up 13% year-over-year, with payment solutions up 40% and network solutions up 15%. Subscription revenue dipped 3%, consistent with management’s strategy to moderate pricing to support retention and downstream monetization.

The company swung to net income of $2.963 million from a $3.914 million loss and expanded Adjusted EBITDA to $30.5 million from $20.8 million, reflecting operating leverage and AccessOne contributions. Operating cash flow grew to $23.9 million and free cash flow to $16.4 million, while cash plus restricted cash reached $76.4 million as of April 30 2026.

On the balance sheet, Phreesia refinanced its bridge loan with a $275 million senior secured revolver, with $84.2 million drawn, and expanded AccessOne’s securitization facility from $200 million to $300 million through 2029. Management reaffirmed fiscal 2027 revenue guidance of $510–$520 million and Adjusted EBITDA of $125–$135 million, but highlighted lower second-half commitments from some network solutions clients due to brand and regulatory factors, which increases forecasting variability.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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05/27/2026 - 04:00 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

May 27, 2026

___________________________________

Phreesia, Inc.

(Exact name of registrant as specified in its charter)

___________________________________


Delaware (State or other jurisdiction of incorporation or organization)			001-38977 (Commission File Number)			20-2275479 (I.R.S. Employer Identification Number)

1521 Concord Pike, Suite 301 PMB 221

Wilmington, Delaware 19803

(Address of principal executive offices and zip code)

(888) 654-7473

(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	PHR	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition

On May 27, 2026, Phreesia, Inc. (the “Company”) announced its financial results for the fiscal first quarter ended April 30, 2026 by issuing a stakeholder letter (the "Letter") and a press release. Copies of the press release and the Letter are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.

The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 and Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits.


Exhibit Number						Description
99.1						Press release, dated May 27, 2026, by Phreesia, Inc.
99.2						Stakeholder letter, dated May 27, 2026, by Phreesia, Inc.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: May 27, 2026	Phreesia, Inc.

	By:	/s/ Balaji Gandhi
	Name:	Balaji Gandhi
	Title:	Chief Financial Officer

Exhibit 99.1

Phreesia Announces First Quarter Fiscal 2027 Results

ALL-REMOTE COMPANY/WILMINGTON, Del., May 27, 2026 – Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company") announced financial results today for the fiscal first quarter ended April 30, 2026.

“Phreesia had a solid first quarter to build on in fiscal 2027. We entered the new fiscal year with an experienced team, a strong financial profile and continued momentum across several key initiatives, including positioning AccessOne for future growth, the successful launch of our healthcare provider (HCP) marketing offerings and the infusion of AI into the Phreesia operating model.” said CEO and Co-Founder Chaim Indig.

Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q1 Fiscal 2027 Stakeholder Letter.

Fiscal First Quarter Ended April 30, 2026 Highlights

•Total revenue was $130.9 million in the quarter, up 13% year-over-year.

•Average number of healthcare services clients ("AHSCs") was 4,708 in the quarter, up 7% year-over-year.

•Total revenue per AHSC was $27,811 in the quarter, up 6% year-over-year. See "Key Metrics" below for additional information.

•Net income was $3.0 million in the quarter, as compared to net loss of $3.9 million in the same period in the prior year.

•Adjusted EBITDA1 was $30.5 million in the quarter, as compared to $20.8 million in the same period in the prior year.

•Net cash provided by operating activities was $23.9 million in the quarter, as compared to $14.9 million in the same period in the prior year.

•Free cash flow2 was $16.4 million in the quarter, as compared to $7.5 million in the same period in the prior year.

•Cash, cash equivalents and restricted cash as of April 30, 2026 was $76.4 million, an increase of $2.6 million from January 31, 2026. As of April 30, 2026, cash, cash equivalents and restricted cash included $1.7 million of long-term restricted cash classified within other long-term assets.

Recent Developments

New Capital One Credit Agreement and Refinancing

On March 13, 2026, we completed a refinancing pursuant to which we terminated without penalty and repaid all outstanding indebtedness and obligations under the Bridge Loan (as defined below) with $92.2 million of borrowings from a new 5-year, $275 million senior secured revolving credit facility (the "New Capital One Credit Facility") maturing on March 13, 2031. The Bridge Loan, a 364-day, $110 million secured term loan entered into on November 12, 2025 (the “Bridge Loan”), was used to fund a portion of the consideration for the acquisition of AccessOne Parent Holdings, Inc. and its subsidiaries (collectively, “AccessOne” and such acquisition, the “AccessOne Acquisition”). The New Capital One Credit Facility also replaced our previous credit facility with Capital One, which had no outstanding borrowings and was terminated on the same date. The unused borrowing capacity on the New

1 Adjusted EBITDA is a non-GAAP measure. We calculate Adjusted EBITDA as net income (loss) before interest expense, interest income, income tax expense, depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, other expense (income), net and certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as acquisition- and restructuring-related costs. The calculation of Adjusted EBITDA was updated beginning in Q3 of Fiscal 2026 to include an adjustment for acquisition-related costs. Prior periods have not been retroactively adjusted. See “Non-GAAP Financial Measures” for more information and a reconciliation of Adjusted EBITDA to the closest GAAP measure.

2 Free cash flow is a non-GAAP measure. We calculate free cash flow as net cash provided by operating activities less capitalized internal-use software development costs and purchases of property and equipment. See “Non-GAAP Financial Measures” for a reconciliation of free cash flow to the closest GAAP measure.

Capital One Credit Facility is available to the Company for working capital, capital expenditures, permitted acquisitions and general corporate purposes.

For more information regarding the New Capital One Credit Facility and the termination of the Bridge Loan and the Previous Capital One Credit Facility, please see our Current Report on Form 8-K filed with the SEC on March 16, 2026.

AccessOne Securitization Program Expansion

On April 30, 2026, we entered into an amendment (the “Amendment”) to the agreement governing AccessOne’s securitization facility with PNC Bank (the “Securitization Program”). The Securitization Program supports AccessOne’s ability to offer patients flexible payment plans while providing up-front cash to healthcare providers for eligible patient receivables. The Amendment extended the term of the Securitization Program through April 30, 2029 and increased the facility limit from $200 million to $300 million, expanding our capacity to bring AccessOne’s financing capabilities to more healthcare services clients. The Amendment also amended certain covenants, allowing us to offer upfront receivables funding to a greater portion of our provider network — including non-investment grade organizations like community hospitals and specialty practices that are central to our growth strategy for AccessOne.

In connection with the Amendment, Phreesia, AccessOne Holdings, Inc. (“AccessOne Holdings”) and PNC Bank entered into an Amended and Restated Performance Guaranty (the “Guaranty”), pursuant to which Phreesia became a joint and several co-guarantor of AccessOne MedCard’s obligations under certain transaction documents. The Guaranty expressly provides that it is not a guarantee of the collection of any pool receivables and that Phreesia and AccessOne Holdings are not responsible for any non-payment or delay in the payment of any pool receivables solely due to the insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the related obligor or provider.

For more information regarding the Amendment and the Guaranty, please see our Current Report on Form 8-K filed with the SEC on May 4, 2026.

Fiscal 2027 Outlook

We are maintaining our revenue outlook for fiscal 2027. We expect revenue to be in the range of $510 million to $520 million. As we noted last quarter, network solutions clients are committing lower spend levels for the second half of fiscal 2027 than we had anticipated last December. Certain clients are committing fewer dollars due to brand-specific dynamics including the impact of regulatory policies. Though we do not believe these developments are signaling a structural shift in demand for Phreesia's solutions, there is now more variability in our internal network solutions revenue forecasting, particularly in the second half of each fiscal year. Our visibility into revenue across the other parts of our business is generally consistent with our views in March 2026. The revenue range provided for fiscal 2027 assumes approximately $37 million of contribution from AccessOne and no additional revenue from potential future acquisitions completed between now and January 31, 2027.

We are maintaining our Adjusted EBITDA outlook for fiscal 2027. We expect Adjusted EBITDA to be in the range of $125 million to $135 million. In addition to our continued belief in the operating leverage embedded in our model, we have more recently identified opportunities to reduce our reliance on manual processes across Phreesia through the adoption of artificial intelligence. In May 2026, subsequent to quarter end, we implemented a restructuring plan intended to reduce operating expenses and better align our cost structure with our current business priorities. The plan is expected to result in meaningful annualized run-rate expense savings, which were reflected in our Adjusted EBITDA outlook provided on March 30, 2026.

We are maintaining our expectation for AHSC growth in the mid-single-digit percent range, and we are maintaining our outlook for total revenue per AHSC to grow in the low-single-digit percent range, respectively, in fiscal 2027.

We believe our cash, cash equivalents, restricted cash and cash generated in our normal operations will be sufficient to reach our fiscal 2027 outlook and meet our obligations. As of April 30, 2026 we had $84.2 million in borrowings outstanding under the New Capital One Credit Facility.

Non-GAAP3 Financial Measures

3 GAAP is defined as generally accepted accounting principles in the United States.

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). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see “Non-GAAP Financial Measures” below.

Available Information

We intend to use our Company website (including our Investor Relations website) as well as our Facebook, X, LinkedIn and Instagram accounts as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

Forward Looking Statements

This press release includes express or implied statements that are not historical facts and are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. 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. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, Adjusted EBITDA and cash flows; our expectations regarding demand for our solutions and visibility into future revenue; our expectations regarding our restructuring plan, reductions in operating expenses and resulting expense savings; the expected results of the AccessOne Acquisition discussed herein, including anticipated additional revenue, Adjusted EBITDA and AHSCs; our ability to finance our plans to achieve our fiscal 2027 outlook with our current cash balance, cash generated in the normal course of business; our outlook for fiscal 2027, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and total revenue per AHSC; our growth strategies for the AccessOne business; our ability to offer the AccessOne solution to additional clients and access to capital; our expectations regarding opportunities to reduce reliance on manual processes across the Company through the adoption of artificial intelligence; and expectations regarding our restructuring plan, reductions in operating expenses and annualized run-rate expense savings. 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, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the ability to integrate operations or realize any operational or corporate synergies and other benefits from the AccessOne Acquisition; the competitive environment in which we operate; our ability to comply with the covenants in our New Capital One Credit Facility and the Securitization Program; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; difficulties in integrating our acquisitions and investments; artificial intelligence that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data, increasing our regulatory and compliance burden and increasing competition; and other general, market, political, economic and business conditions (including from the U.S. federal government, tariff and trade issues, and the warfare and/or political and economic instability in Ukraine, the Middle East or elsewhere). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those listed or 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 April 30, 2026 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.

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, with the exception of our Adjusted EBITDA outlook for the reasons described above.

Conference Call Information

We will hold a conference call on Wednesday, May 27, 2026 at 5:00 p.m. Eastern Time to review our fiscal 2027 first quarter financial results. To participate in our live conference call and webcast, please dial (833) 461-5787 (or (626) 884-3620 for international participants) using conference code number 953036497 or visit the “Events & Presentations” section of our Investor Relations website at 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.

About Phreesia

Phreesia is a trusted leader in patient activation, giving healthcare providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled more than 180 million patient visits in 2025—1 in 6 visits across the U.S. This scale allows Phreesia to make meaningful impact across the healthcare ecosystem. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives operational efficiency and improves healthcare outcomes. To learn more, visit phreesia.com.

Investor Relations Contact:

Balaji Gandhi

Phreesia, Inc.

investors@phreesia.com

(929) 506-4950

Media Contact:

Nicole Gist

Phreesia, Inc.

nicole.gist@phreesia.com
(407) 760-6274

Phreesia, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)


	April 30, 2026		January 31, 2026
	(Unaudited)
Assets
Current:
Cash, cash equivalents and restricted cash (including restricted cash of $— and $1,691 as of April 30, 2026 and January 31, 2026, respectively)	$	74,706	$	73,830
Settlement assets	32,720		32,999
Accounts receivable, net of allowance for doubtful accounts of $1,467 and $1,523 as of April 30, 2026 and January 31, 2026, respectively	89,607		97,453
Cardholder receivables	29,740		38,330
Deferred purchase price receivables	23,247		18,003
Accrued interest and fees receivables	711		840
Deferred contract acquisition costs	401		410
Prepaid expenses and other current assets	16,129		17,978
Total current assets	267,261		279,843
Property and equipment, net of accumulated depreciation and amortization of $90,385 and $94,193 as of April 30, 2026 and January 31, 2026, respectively	20,568		20,332
Capitalized internal-use software, net of accumulated amortization of $73,362 and $69,390 as of April 30, 2026 and January 31, 2026, respectively	54,624		54,270
Operating lease right-of-use assets	1,769		2,002
Deferred contract acquisition costs	231		338
Intangible assets, net of accumulated amortization of $16,099 and $13,489 as of April 30, 2026 and January 31, 2026, respectively	77,151		79,761
Goodwill	169,513		170,064
Deferred tax assets	1,593		1,593
Other assets (includes $1,691 and $— of long-term restricted cash as of April 30, 2026 and January 31, 2026, respectively)	7,283		2,442
Long-term cardholder receivables	59,494		47,723
Long-term deferred purchase price receivables	6,654		5,422
Total Assets	$	666,141	$	663,790
Liabilities and Stockholders’ Equity
Current:
Settlement obligations	$	32,720	$	32,999
Current portion of debt and finance lease liabilities	5,301		7,971
Current portion of operating lease liabilities	1,062		1,254
Accounts payable	11,891		11,477
Accrued expenses	30,521		41,257
Due to healthcare providers	30,331		38,056
Deferred revenue	39,561		49,522
Other current liabilities	722		705
Total current liabilities	152,109		183,241
Long-term debt and finance lease liabilities	85,303		92,117
Operating lease liabilities, non-current	891		1,107
Long-term due to healthcare providers	60,826		45,329
Long-term deferred revenue	3,223		244
Long-term deferred tax liabilities	4,624		4,498
Other long-term liabilities	75		47
Total Liabilities	307,051		326,583
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, undesignated, $0.01 par value—20,000,000 shares authorized as of both April 30, 2026 and January 31, 2026; no shares issued or outstanding as of both April 30, 2026 and January 31, 2026	—		—
Common stock, $0.01 par value—500,000,000 shares authorized as of both April 30, 2026 and January 31, 2026; 63,249,229 and 62,020,186 shares issued as of April 30, 2026 and January 31, 2026, respectively	632		620
Additional paid-in capital	1,201,871		1,181,679
Accumulated deficit	(796,227)		(799,190)
Accumulated other comprehensive loss	(571)		(382)
Treasury stock, at cost, 1,474,884 and 1,355,169 shares as of April 30, 2026 and January 31, 2026, respectively	(46,615)		(45,520)
Total Stockholders’ Equity	359,090		337,207
Total Liabilities and Stockholders’ Equity	$	666,141	$	663,790

Phreesia, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)


	Three months ended April 30,
	2026		2025
Revenue:
Subscription and related services	$	52,721	$	54,355
Payment solutions(1)	41,941		29,925
Network solutions	36,273		31,656
Total revenues	130,935		115,936
Expenses:
Cost of revenue (excluding depreciation and amortization)	17,659		16,637
Payment solutions expense(1)	25,675		21,428
Sales and marketing	24,209		26,043
Research and development	28,328		31,829
General and administrative	18,361		16,408
Depreciation	3,371		2,986
Amortization	6,583		3,892
Total expenses	124,186		119,223
Operating income (loss)	6,749		(3,287)
Other (expense) income, net	(7)		338
Loss on extinguishment of debt	(17)		—
Interest expense	(2,299)		(435)
Interest income	297		205
Total other (expense) income, net	(2,026)		108
Income (loss) before income tax expense	4,723		(3,179)
Income tax expense	(1,760)		(735)
Net income (loss)	$	2,963	$	(3,914)
Net income (loss) per share attributable to common stockholders:
Basic	$	0.05	$	(0.07)
Diluted	$	0.05	$	(0.07)
Weighted-average common shares outstanding:
Basic	60,944,962		58,920,782
Diluted	62,040,865		58,920,782
(1) Beginning with the fourth quarter of the fiscal year ended January 31, 2026, the revenue line previously labeled “Payment processing fees” was relabeled “Payment solutions” to reflect the expanded scope of our payments offerings following the AccessOne Acquisition, which closed on November 12, 2025. “Payment solutions” includes all revenue previously presented as “Payment processing fees” and all revenue from the operations acquired in the AccessOne Acquisition. Additionally, “Payment processing expense” was relabeled “Payment solutions expense” and includes all expenses previously presented as “Payment processing expense” and direct costs of revenue related to the operations acquired in the AccessOne Acquisition. Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts.

Phreesia, Inc.

Unaudited Consolidated Statements of Comprehensive Income (Loss)

(in thousands)


	Three months ended April 30,
	2026		2025
Net income (loss)	$	2,963	$	(3,914)
Other comprehensive (loss) income:
Net change in unrealized gains on cash flow hedges	(81)		407
Change in foreign currency translation adjustments	(108)		28
Other comprehensive (loss) income	(189)		435
Comprehensive income (loss)	$	2,774	$	(3,479)

Phreesia, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Three months ended April 30,
	2026		2025
Operating activities:
Net income (loss)	$	2,963	$	(3,914)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,954		6,878
Stock-based compensation expense	13,554		17,225
Amortization of deferred financing costs	434		62
Loss on extinguishment of debt	17		—
Cost of Phreesia hardware purchased by customers	188		436
Deferred contract acquisition costs amortization	116		110
Non-cash operating lease expense	233		215
Deferred taxes	677		85

Changes in operating assets and liabilities:
Accounts receivable	7,731		(1,490)
Cash received for sale of receivables	7,711		—
Accrued interest receivable	129		—
Prepaid expenses and other assets	828		(256)

Accounts payable	159		(1,739)
Accrued expenses and other liabilities	(6,985)		(891)
Payment of due to provider for receivables sold to securitization	(5,060)		—
Lease liabilities	(410)		(252)
Deferred revenue	(8,317)		(1,619)
Net cash provided by operating activities	23,922		14,850
Investing activities:
Collections of cardholder receivables held for investment and deferred purchase price	12,352		—
Capitalized internal-use software	(3,240)		(3,888)
Purchases of property and equipment	(4,310)		(3,504)
Net cash provided by (used in) investing activities	4,802		(7,392)
Financing activities:
Proceeds from issuance of common stock upon exercise of stock options	131		128
Treasury stock to satisfy tax withholdings on stock compensation awards	(1,095)		—
Proceeds from employee stock purchase plan	522		768
Finance lease payments	(1,680)		(1,376)
Principal payments on financing agreements	(355)		(320)
Debt issuance costs and loan facility fee payments	(2,259)		(38)
Financing payments of acquisition-related liabilities	—		—
Debt extinguishment costs	(42)		—
Proceeds from debt instruments	92,240		—
Principal payments on debt instruments	(98,000)		—
Payments due to provider for unfunded receivables	(15,555)		—
Net cash used in financing activities	(26,093)		(838)


Effect of exchange rate changes on cash, cash equivalents and restricted cash	(64)		31
Net increase in cash, cash equivalents and restricted cash	2,567		6,651
Cash, cash equivalents and restricted cash – beginning of period	73,830		84,220
Cash, cash equivalents and restricted cash – end of period	$	76,397	$	90,871

Supplemental information of non-cash investing and financing information:
Non-cash activity related to credit card receivables and deferred purchase price	$	27,717	$	—
Exchange of right of use asset for property and equipment	$	57	$	—
Purchase of property and equipment and capitalized software included in accounts payable and accrued liabilities	$	2,304	$	1,117
Capitalized stock-based compensation	$	342	$	332
Issuance of stock to settle liabilities for stock-based compensation	$	8,053	$	6,508
Cash paid for:
Interest	$	3,848	$	324
Income taxes	$	1,181	$	551

Reconciliation of cash, cash equivalents and restricted cash shown in statements of cash flows
Cash, cash equivalents and restricted cash per balance sheets	$	74,706	$	90,871
Restricted cash included in other long-term assets	1,691		—
Total cash, cash equivalents and restricted cash shown in statements of cash flows	$	76,397	$	90,871

Non-GAAP Financial Measures

This press release and statements made during the above-referenced webcast may include certain non-GAAP financial measures as defined by SEC rules.

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 calculate Adjusted EBITDA as net income (loss) before interest expense, interest income, income tax expense, depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, other expense (income), net and certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as acquisition- and restructuring-related costs. The calculation of Adjusted EBITDA was updated beginning in the three months ended October 31, 2025 to include an adjustment for acquisition-related costs, which consist primarily of legal, advisory and other professional fees and integration costs related to acquisitions. Management believes adjusting for these acquisition-related costs provides investors with a more consistent period-to-period comparison of our core operating performance and trends. For periods prior to the three and nine months ended October 31, 2025, the calculation of Adjusted EBITDA did not adjust for acquisition-related costs, and prior periods have not been retroactively adjusted.

We have provided below a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release and our Quarterly Report on Form 10-Q to be filed after this press release 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.

We have not reconciled our Adjusted EBITDA outlook to GAAP net income (loss) because we do not provide an outlook for GAAP net income (loss) due to the uncertainty and potential variability of other expense (income), net and income tax expense which are reconciling items between Adjusted EBITDA and GAAP net income (loss). Because we 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 should not be considered in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:

•Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

•Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) the potentially dilutive impact of non-cash stock-based compensation; (3) tax payments that may represent a reduction in cash available to us; (4) loss on extinguishment of debt; (5) interest expense; (6) interest income; (7) other expense (income), net; or (8) certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as acquisition- and restructuring-related costs; and

•Other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.

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 income (loss), and our GAAP financial results.

The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods indicated:

Phreesia, Inc.

Adjusted EBITDA


	Three months ended April 30,
(in thousands, unaudited)	2026		2025
Net income (loss)	$	2,963	$	(3,914)
Interest expense	2,299		435
Interest income	(297)		(205)
Income tax expense	1,760		735
Depreciation and amortization	9,954		6,878
Stock-based compensation expense	13,554		17,225
Loss on extinguishment of debt	17		—
Other expense (income), net	7		(338)
Other items affecting comparability(1)	217		—
Adjusted EBITDA	$	30,474	$	20,816
(1) For the three months ended April 30, 2026, consisted of legal, advisory and other professional fees and integration costs related to the AccessOne Acquisition.

We calculate free cash flow as net cash provided by operating activities less capitalized internal-use software development costs and purchases of property and equipment.

Additionally, free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investments, partnerships and acquisitions, and strengthening our financial position.

The following table presents a reconciliation of free cash flow from net cash provided by operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated:

Phreesia, Inc.

Free cash flow


	Three months ended April 30,
(in thousands, unaudited)	2026		2025
Net cash provided by operating activities	$	23,922	$	14,850
Less:
Capitalized internal-use software	(3,240)		(3,888)
Purchases of property and equipment	(4,310)		(3,504)
Free cash flow	$	16,372	$	7,458

Phreesia, Inc.

Supplementary Information

(Unaudited)


	Three months ended April 30,
(in thousands)	2026		2025
GAAP operating expenses
General and administrative	$	18,361	$	16,408
Sales and marketing	24,209		26,043
Research and development	28,328		31,829
Cost of revenue (excluding depreciation and amortization)	17,659		16,637
	$	88,557	$	90,917
Stock compensation included in GAAP operating expenses
General and administrative	$	5,489	$	6,573
Sales and marketing	3,902		5,174
Research and development	3,565		4,393
Cost of revenue (excluding depreciation and amortization)	598		1,085
	$	13,554	$	17,225
Acquisition-related costs included in GAAP operating expenses
General and administrative	$	217	$	—

Phreesia, Inc.
Key Metrics
(Unaudited)


	Three months ended April 30,
	2026		2025
Average number of healthcare services clients ("AHSCs")	4,708		4,411
Total revenue per AHSC	$	27,811	$	26,283

The definitions of our key metrics are presented below.

•AHSCs. We define AHSCs as the average number of clients that generate subscription and related services or payment solutions revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. We believe growth in AHSCs is a key indicator of the performance of our business and depends, in part, on our ability to successfully develop and market our solutions to healthcare services organizations that are not yet clients. We believe growth in AHSCs provides useful information to investors as an important indicator of expected revenue growth. In addition, growth in AHSCs informs our management of the areas of our business that will require further investment to support expected future AHSC growth. For example, as AHSCs increase, we may need to add to our customer support team and invest to maintain effectiveness and performance of our solutions for our healthcare services clients and their patients.

•Total revenue per AHSC. We define total revenue per AHSC as total revenue in a given period divided by the number of AHSCs during that same period. Our healthcare services clients directly generate subscription and related services and payment solutions revenue. Additionally, our relationships with healthcare services clients who subscribe to our solutions give us the opportunity to engage with life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations who deliver direct communication to patients through our solutions. As a result, we believe that our ability to increase total revenue per AHSC provides useful information to investors as an indicator of the long-term value of our solutions.

Phreesia, Inc.

Additional Information

(Unaudited)


	Three months ended
	April 30, 2026			January 31, 2026(1)
Total managed payments (in billions)	$	1.786		$	1.560
Payment solutions revenue rate	2.3		%	2.3		%
(1) The AccessOne Acquisition was completed on November 12, 2025. Reflects inclusion of the business operations of AccessOne from November 12, 2025 to January 31, 2026 and therefore the payment solutions revenue rate for the three months ended January 31, 2026 is not indicative of AccessOne’s full-quarter performance.

We are introducing new metrics: total managed payments and payment solutions revenue rate. We believe these new metrics will enable investors to better evaluate the performance of our payment solutions business following the AccessOne Acquisition during the fourth quarter of fiscal 2026, which introduced new revenue-generating activities. These metrics replace patient payment volume and payment facilitator volume percentage, which reflected only the legacy Phreesia payment processing business4. Total managed payments reflects both the transactional activity we facilitate and the financing solutions we provide to healthcare organizations and patients. These metrics provide a clear and consistent framework for understanding how payment activity translates into revenue, enabling investors to more effectively assess the growth, performance and overall value of our payment solutions business.

•Total managed payments. We define total managed payments as the sum of (i) our legacy patient payment volume, measured as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors; and (ii) the average month-end outstanding balance of our managed portfolio of cardholder receivables, calculated as the average of the month-end balances during the applicable period. We believe total managed payments are a useful indicator of the scale and health of our payments ecosystem, reflecting both the volume of transactions we facilitate and the size of the receivables portfolio we service. Total managed payments are one of the primary drivers of our total payments revenue.

•Payment solutions revenue rate. We define our payment solutions revenue rate as total payment solutions revenue divided by total managed payments for a given period. This rate reflects the combined monetization of both our payment processing and patient financing activities in a single, unified rate. We believe this metric provides a useful lens into the efficiency and stability of our revenue model over time, enabling investors to better understand how changes in volume and portfolio size translate into revenue and to more easily evaluate the underlying performance and scalability of our payment solutions business. Because total managed payments includes both transaction volume and average receivables balances, payment solutions revenue rate should not be interpreted as a processing take rate, interest yield or margin.

4 For periods prior to the three months ended April 30, 2026, we presented (i) patient payment volume (measured as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors) and (ii) payment facilitator volume percentage (defined as the volume of credit and debit card patient payments that we process as a payment facilitator as a percentage of total patient payment volume).

Quarterly Stakeholder Letter FIRST QUARTER | FISCAL YEAR 2027

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 1 Dear Phreesia stakeholders, Phreesia had a solid first quarter to build on in fiscal 2027. We entered the new fiscal year with an experienced team, a strong financial profile and continued momentum across several key initiatives, including positioning AccessOne for future growth, the successful launch of our healthcare provider (HCP) marketing offerings and the infusion of AI into the Phreesia operating model. In the first fiscal quarter, we continued to execute on our growth strategy for AccessOne. We successfully renewed and expanded AccessOne’s securitization facility with PNC Bank, which increased the size of the facility to $300 million and extended the term by approximately three years. It also increased the percentage of the facility that we can deploy to non-investment grade healthcare services clients. We believe this expanded access to capital will enable us to pursue the opportunities we are seeing within our Phreesia base as well as net-new opportunities. Following the quarter’s end, we restructured our Engineering and Product organizations, which included the elimination of approximately 100 internal positions and about the same number of contractors. We are deeply grateful to those impacted for their contributions to Phreesia over the years. This was a difficult but deliberate decision that reflects how AI is changing the way we build and deploy software, as well as our broader focus on efficiency, agility and continuous improvement. The restructuring is built around smaller, high-impact teams with AI embedded in daily workflows, and the expected savings have already been reflected in our fiscal 2027 outlook. We believe this structure makes us faster, more focused and better positioned to deliver on the significant growth opportunities ahead. Our people remain at the center of our success. I’m proud to share that Tara Sheehy, Senior Director of Client Experience for Phreesia Network Solutions, was recently named to the MM+M Women to Watch class of 2026. This program recognizes healthcare marketing leaders for their achievements across brand marketing, technology, health equity and efforts to improve patient outcomes, and this is the fourth year a Phreesian has been recognized. On behalf of the entire leadership team, thank you for your interest in Phreesia. We look forward to updating you further throughout the year ahead. MAY 27, 2026 Chaim Indig Chief Executive Officer and Co-Founder

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 2 Fiscal 2027 First Quarter Highlights1 Revenue Total revenue increased 13% year-over-year to $130.9 million in the first fiscal quarter. Year-over-year growth was led by payment solutions2 at 40%, primarily reflecting a full quarter contribution from the AccessOne Acquisition compared to no contribution in the first quarter of the prior fiscal year, followed by network solutions at 15%³. Subscription and related services revenue for the first quarter of fiscal 2027 declined 3% compared to the first quarter of the prior fiscal year. As we noted last year, approximately 2% of fiscal 2026 first quarter subscription and related services revenue growth was attributable to non-recurring revenue, affecting the year-over-year comparability with the current period. As we have noted in recent quarters, we expect subscription growth to be slower than payment solutions and network solutions growth, reflecting a deliberate move on our part to moderate subscription pricing to optimize client retention and adoption, and to optimize downstream revenue from payment solutions and network solutions. Payment solutions revenue, which includes our legacy payment processing revenue and financing fees revenue associated with AccessOne, increased 40% compared to the first quarter of the prior fiscal year, consisting of 33% from AccessOne and 7% from legacy Phreesia solutions. Network solutions revenue increased 15% in the first quarter of fiscal 2027 compared to the first quarter of the prior fiscal year. 1 The fiscal quarter that ended April 30, 2026 should be considered “unaudited.” 2 Beginning with the fourth quarter of the fiscal year ended January 31, 2026, the revenue line previously labeled “Payment processing fees” was relabeled “Payment solutions” to reflect the expanded scope of our payments offerings following the acquisition (the “AccessOne Acquisition”) of AccessOne Parent Holdings, Inc. and its subsidiaries (collectively, “AccessOne”), which closed on November 12, 2025. “Payment solutions” includes all revenue previously presented as “Payment processing fees” and all revenue from the operations acquired in the AccessOne Acquisition. Additionally, “Payment processing expense” was relabeled “Payment solutions expense” and includes all expenses previously presented as “Payment processing expense” and direct costs of revenue related to the operations acquired in the AccessOne Acquisition. Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts. 3 References to network solutions, subscription and related services, payment solutions and total revenue throughout this letter refer to revenue categories in our consolidated statements of operations: network solutions, subscription and related services, payment solutions and total revenue, respectively.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 3 Payment Solutions Statistics We are introducing new metrics: total managed payments and payment solutions revenue rate. We believe these new metrics will enable investors to better evaluate the performance of our payment solutions business following the AccessOne Acquisition during the fourth quarter of fiscal 2026, which introduced new revenue-generating activities. These metrics replace patient payment volume and payment facilitator volume percentage, which reflected only the legacy Phreesia payment processing business⁴. Total managed payments reflects both the transactional activity we facilitate and the financing solutions we provide to healthcare organizations and patients. These metrics provide a clear and consistent framework for understanding how payment activity translates into revenue, enabling investors to more effectively assess the growth, performance and overall value of our payment solutions business. Quarterly Revenue1 ($M, Q2 FY2025 - Q1 FY20272) 1 Revenue totals may not sum due to rounding. 2 Fiscal year ended January 31. 4 For periods prior to the three months ended April 30, 2026, we presented: 1) patient payment volume (measured as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors); and 2) payment facilitator volume percentage (defined as the volume of credit and debit card patient payments that we process as a payment facilitator as a percentage of total patient payment volume).

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 4 Total managed payments. We define total managed payments as the sum of (i) our legacy patient payment volume, measured as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors; and (ii) the average month- end outstanding balance of our managed portfolio of cardholder receivables, calculated as the average of the month-end balances during the applicable period. We believe total managed payments are a useful indicator of the scale and health of our payments ecosystem, reflecting both the volume of transactions we facilitate and the size of the receivables portfolio we service. Total managed payments are one of the primary drivers of our total payments revenue. Payment solutions revenue rate. We define our payment solutions revenue rate as total payment solutions revenue divided by total managed payments for a given period. This rate reflects the combined monetization of both our payment processing and patient financing activities in a single, unified rate. We believe this metric provides a useful lens into the efficiency and stability of our revenue model over time, enabling investors to better understand how changes in volume and portfolio size translate into revenue and to more easily evaluate the underlying performance and scalability of our payment solutions business. Because total managed payments includes both transaction volume and average receivables balances, payment solutions revenue rate should not be interpreted as a processing take rate, interest yield or margin. In the first quarter of fiscal 2027, our total managed payments were $1.786 billion and our payment solutions revenue rate was 2.3%. The following chart shows total managed payments and payment solutions revenue rate for the fiscal first quarter of 2027 and the fiscal fourth quarter of 20265. 5 The AccessOne Acquisition was completed on November 12, 2025. Reflects inclusion of the business operations of AccessOne from November 12, 2025 to January 31, 2026 and therefore the payment solutions revenue rate for the three months ended January 31, 2026 is not indicative of AccessOne’s full-quarter performance.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 5 Payment Solutions Statistics ($B, Q4 FY2026 - Q1 FY20271) 1 Fiscal year ended January 31. 2 We define total managed payments as the sum of: 1) our legacy patient payment volume, measured as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors; and 2) the average month-end outstanding balance of our managed portfolio of cardholder receivables, calculated as the average of the month-end balances during the applicable period. 3 We define our payment solutions revenue rate as total payment solutions revenue divided by total managed payments for a given period. This rate reflects the combined monetization of both our payment processing and patient financing activities in a single, unified rate. 4 The AccessOne Acquisition was completed on November 12, 2025. Reflects inclusion of the business operations of AccessOne from November 12, 2025 to January 31, 2026 and therefore the payment solutions revenue rate for the three months ended January 31, 2026 is not indicative of AccessOne’s full-quarter performance.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 6 6 We define AHSCs as the average number of clients that generate subscription and related services or payment solutions revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. 7 We define total revenue per AHSC as total revenue in a given period divided by the number of AHSCs during that same period. Healthcare Services Clients Average Healthcare Services Clients In the first quarter of fiscal 2027, we supported 4,708 Average Healthcare Services Clients (AHSCs)6, an increase of 50 AHSCs (or 1%) over the fourth quarter of fiscal 2026 and an increase of 297 AHSCs (or 7%) year-over-year. Total Revenue Per AHSC In the first quarter of fiscal 2027, total revenue per AHSC7 was $27,811, up 6% year-over-year. Revenue growth is driven by two factors: 1) the growth of our network of healthcare services clients; and 2) our ability to drive more value for our existing clients through products across our platform that are designed to address three foundational challenges in healthcare delivery: access to care, affordability of care and health outcomes. We generate three types of revenue from these products: subscription and related services, payment solutions and network solutions revenue. We believe that having multiple methods of monetizing our network is a key factor behind our historical revenue growth. Total Revenue Per AHSC¹ (Q2 FY2025 - Q1 FY20272) 1 Calculations for each period are presented as total revenue for that period divided by the number of AHSCs during the same period. Total revenue per AHSC may not add up to annual results due to rounding. 2 Fiscal year ended January 31.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 7 Phreesia Solutions Our broad capabilities bring value to patients, providers and life sciences companies in unique ways. Streamline Registration In-office and telehealth workflows ID and insurance card capture Demographics Document / eSignature management Bedside / informed consent Analytics and data reporting Patient satisfaction surveys Online reviews Simplify Patient Access Secure two-way messaging Appointment reminders Auto-fill cancellations Auto-rebook no-shows / bumps VoiceAI answering service (scheduling, payments, refill prescriptions) After-hours call triaging (VoiceAI) Drive Growth MediFind provider directory and appointment booking Automated referral outreach Appointment self-scheduling Online appointment requests Marketing campaigns for premium services Broadcast messaging Improve Outcomes Patient Activation Measure (PAM®) Patient recall for delayed or missed care Patient-reported outcomes and clinical screening tools Social determinants of health screenings Targeted outreach for preventive care Automated vaccine workflows Accelerate Cash Flow Funded A/R programs Payment reminders Pre-visit / time-of-service payment capture Card-on-file Simplify the Payments Journey Automated E&B verification Transparent statements Flexible payment plans Digital and mobile payments (incl. Apple Pay* and GooglePay) Access Access Access Affordability Affordability Patient Outcome *Apple Pay is a trademark of Apple Inc.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 8 Access Specialty Clinical Integrations Our continued investment in clinical integrations is expanding our ability to support oncology and other complex specialty workflows. These providers often require more detailed clinical data and coordination, and our recent enhancements are designed to better fit how they operate day to day. The range of clinical data the Phreesia platform can bring into the specialty intake experience includes: This gives healthcare organizations access to more complete information at the point of care and also simplifies the patient experience, with relevant details automatically filled in for patients during check-in. We’re seeing encouraging traction from these improvements, including continued growth with existing oncology clients and increased interest from new specialty groups. As we continue to build these capabilities and extend them across more of our patient engagement workflows, we expect to support broader adoption in specialty care and unlock additional value from the clinical data within our platform. MediFind Receives Digital Medicine Society Seal This quarter, MediFind became the first doctor directory to receive the DiMe Seal, developed by the Digital Medicine Society (DiMe), an independent nonprofit advancing the safe and effective use of digital health. DiMe evaluates platforms based on core principles such as clinical evidence, privacy and security and usability, and the DiMe seal helps individuals make informed choices and identify which digital health tools meet a higher standard of trust. Although many people turn to digital tools as a first step when looking for care, reliable health information isn’t always easy to find online8. MediFind uses advanced analytics to help consumers with data-driven, evidence-based information, making the provider search process more efficient and impactful. Medication requests Conditions/ problems Allergy intolerance Immunizations Procedures Practitioner ! 8 Pew Research Center, Health Online 2013, One in three American adults have gone online to figure out a medical condition.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 9 Frameworks like the DiMe Seal help make that process easier by highlighting platforms that meet higher standards for transparency and reliability. The credibility of a doctor directory is particularly important for those with serious, chronic and rare diseases who may not know where to start when it comes to finding the right specialist for their condition. Specialists who are familiar with the latest research and developments related to a patient’s rare disease can help get that patient on a treatment plan that would give them their best chance for successful outcomes. Affordability & Cash Flow Phreesia Named to Becker’s 2026 List of “RCM Companies to Know” Phreesia was recently named to Becker’s Hospital Review’s 2026 list of “Revenue Cycle Management Companies to Know,” an annual program recognizing companies that play a critical role in helping healthcare organizations manage the growing complexity of revenue cycle operations, including patient access, intake, billing and reimbursement. The 2026 list highlights organizations driving innovation and performance across the revenue cycle. Phreesia helps providers digitize intake and manage payment workflows before, during and after patient visits, improving collections and reducing manual administrative work. The platform brings payment processing into a single, central location, supporting everything from insurance verification and copay calculation to card-on-file and post-visit payments. Our payment solutions, including Phreesia Bill Pay, help providers get paid faster, improve visibility into payment activity and reduce the cost to collect. Health Outcomes Phreesia and Sesame Workshop Win Point of Care Excellence Award for Best Unbranded Campaign Phreesia and Sesame Workshop, the global nonprofit behind Sesame Street, recently received the Point of Care Marketing Association’s Point of Care Excellence Award for their pediatric health and wellness campaign. The award recognizes outstanding campaigns, strategies and individuals advancing patient and healthcare provider engagement through innovative point-of-care marketing. “We’re honored to receive the DiMe Seal as a testament to the trustworthiness of MediFind,” said David Linetsky, President of Phreesia Network Solutions. “This is a meaningful milestone in our commitment to make it easier for people to find care.”

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 10 The two organizations announced a five-year collaboration in August 2025, and in October launched a six-part campaign to engage millions of parents and caregivers with educational and entertaining messages to help keep their children healthy. Drawing from Sesame Street’s legacy library of health and wellness content, Phreesia and Sesame Workshop’s educational campaign combines the rigor of evidence-based health recommendations and the whimsy of Sesame Street’s iconic and delightful characters like Elmo and Cookie Monster. Early results show the campaign’s ability to drive awareness among parents and caregivers of young children about health and wellness topics like emotional wellbeing, hygiene and staying active. Phreesia survey data from the first month of the campaign show that parents and caregivers who engaged with the campaign when they checked in for pediatric appointments were highly receptive to the educational messaging: 64% indicated they found the Sesame Street content very helpful 91%, an overwhelming majority, said the information was easy to understand Each organization brings unique strengths to the collaboration. Phreesia’s expertise lies in delivering personalized health content at the point of care, when health is top of mind and parents and caregivers have the capacity to act in a way that is beneficial to their child’s health. Sesame Workshop’s health and wellness content is developed by experts, researchers, educators and academics, and builds on their decades-long legacy of reaching families through the art of storytelling. ProviderConnect Momentum We are already seeing positive early momentum for ProviderConnect, our new HCP marketing solution that was introduced last quarter. Post-launch performance has been encouraging, with strong engagement from life sciences partners and growing demand from clients looking for more targeted and measurable ways to reach providers. In a recent case study focused on patients with type 2 diabetes, ProviderConnect demonstrated its ability to use our scheduling signals and data to engage providers treating relevant patients in the near term. Over a two-month period, the campaign delivered a 23.7% incremental lift in new- to-brand prescriptions versus a matched control group. These results highlight the impact of reaching providers based on real patient context and timing. We are pleased with ProviderConnect’s early results and continue to invest in the product as we seek to expand its adoption across our network solutions client base.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 11 Revenue Growth and Operating Leverage As depicted in the following charts, revenue growth has been complemented by significant operating leverage for several quarters leading up to the first quarter of fiscal 2027. Our expense ratios have generally improved throughout the last two fiscal years, as revenue growth outpaces expense growth. See the “Non-GAAP Financial Measures” section of this letter for a reconciliation of net (loss) income to Adjusted EBITDA. Total Revenue ($M, Q2 FY2025 - Q1 FY20271) 1 Fiscal year ended January 31.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 12 1 Amounts may not add up to annual results due to rounding. 2 Fiscal year ended January 31. 3 Adjusted EBITDA is a non-GAAP measure. We calculate Adjusted EBITDA as net (loss) income before interest expense, interest income, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, other expense (income), net and certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as acquisition- and restructuring-related costs. The calculation of Adjusted EBITDA was updated beginning in Q3 of fiscal 2026 to include an adjustment for acquisition-related costs. Prior periods have not been retroactively adjusted. See “Non-GAAP Financial Measures” for more information and a reconciliation of Adjusted EBITDA to the closest GAAP measure. Net (Loss) Income and Adjusted EBITDA¹ ($M, Q2 FY2025 - Q1 FY20272) Cost of Revenue Cost of revenue (excluding depreciation and amortization) increased $1.0 million to $17.7 million for the three months ended April 30, 2026, as compared to $16.6 million for the three months ended April 30, 2025. The increase resulted primarily from a $1.5 million increase in other third-party costs, as well as additional cost of revenue (excluding depreciation and amortization) recognized for AccessOne, partially offset by a $0.4 million decrease in labor costs. Stock compensation incurred related to cost of revenue was $0.6 million and $1.1 million for the three months ended April 30, 2026 and 2025, respectively.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 13 Payment Solutions Expense9 Payment solutions expense increased $4.2 million to $25.7 million for the three months ended April 30, 2026, as compared to $21.4 million for the three months ended April 30, 2025. The increase resulted primarily from the increase in payment processing fees revenue and patient payments processed through our solutions, each driven by an increase in patient visits over the prior year, as well as additional payment solutions expense recognized for AccessOne. Our payment solutions expense as a percentage of payment solutions revenue was 61% in the first quarter of fiscal 2027, compared to 60% and 72% in the fourth quarter of fiscal 2026 and the first quarter of fiscal 2026, respectively. Sales & Marketing Sales and marketing expense decreased $1.8 million to $24.2 million for the three months ended April 30, 2026, as compared to $26.0 million for the three months ended April 30, 2025. The decrease resulted primarily from a $2.3 million decrease in labor costs, partially offset by a $0.5 million increase in other third-party sales and marketing costs. Stock compensation incurred related to sales and marketing expense was $3.9 million and $5.2 million for the three months ended April 30, 2026 and 2025, respectively. Research & Development Research and development expense decreased $3.5 million to $28.3 million for the three months ended April 30, 2026, as compared to $31.8 million for the three months ended April 30, 2025. The decrease resulted primarily from a $3.2 million decrease in labor costs and a $0.8 million decrease in other third-party research and development costs, partially offset by a $0.4 million increase in software costs. Stock compensation incurred related to research and development expense was $3.6 million and $4.4 million for the three months ended April 30, 2026 and 2025, respectively. General & Administrative General and administrative expense increased $2.0 million to $18.4 million for the three months ended April 30, 2026, as compared to $16.4 million for the three months ended April 30, 2025. The increase primarily resulted from a $3.4 million increase in other third-party costs, partially offset by a $1.7 million decrease in labor costs. Stock compensation incurred related to general and administrative expense was $5.5 million and $6.6 million for the three months ended April 30, 2026 and 2025, respectively. 9 Beginning with the fourth quarter of the fiscal year ended January 31, 2026, “Payment processing expense” was relabeled “Payment solutions expense” and includes all expenses previously presented as “Payment processing expense” and direct costs of revenue related to the operations acquired in the AccessOne Acquisition. Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 14 Operating Expense Trends ($M, Q2 FY2025 - Q1 FY20271) 1 Fiscal year ended January 31. 2 Subscription & network solutions cost as a percentage of revenue equals cost of revenue (excluding depreciation and amortization), divided by the sum of subscription and related services revenues and network solutions revenues, each per our unaudited consolidated statements of operations for the periods presented. 3 Payment solutions expense as a percentage of revenue equals payment solutions expense divided by payment solutions revenues, each per our unaudited consolidated statements of operations for the periods presented.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 15 Balance Sheet and Liquidity As of April 30, 2026 and January 31, 2026, we had cash, cash equivalents and restricted cash of $76.4 million and $73.8 million, respectively. Cash, cash equivalents and restricted cash consist of money market funds and cash on deposit at various financial institutions. As of April 30, 2026, cash, cash equivalents and restricted cash included $1.7 million of long-term restricted cash classified within other long-term assets. New Capital One Credit Facility and Refinancing On March 13, 2026, we completed a refinancing pursuant to which we terminated without penalty and repaid all outstanding indebtedness and obligations under the Bridge Loan (as defined below) with $92.2 million of borrowings from a new 5-year $275 million senior secured revolving credit facility (the “New Capital One Credit Facility”) maturing on March 13, 2031. The Bridge Loan, a 364-day, $110 million secured term loan entered into on November 12, 2025 (the “Bridge Loan”), was used to fund a portion of the consideration for the AccessOne Acquisition. The New Capital One Credit Facility also replaced our previous credit facility with Capital One, which had no outstanding borrowings and was terminated on the same date. The unused borrowing capacity on the New Capital One Credit Facility is available to the Company for working capital, capital expenditures, permitted acquisitions and general corporate purposes. With the refinancing of our debt complete, we intend to prioritize allocation of capital to areas that we believe can enhance long-term shareholder value. These priorities may include the paydown of our long- term debt, investment to support revenue growth acceleration and share repurchases, as appropriate. For more information regarding the New Capital One Credit Facility and the termination of the Bridge Loan and the Previous Capital One Credit Facility, please see our Current Report on Form 8-K filed with the SEC on March 16, 2026. AccessOne Securitization Program Expansion On April 30, 2026, we entered into an amendment (the “Amendment”) to the agreement governing AccessOne’s securitization facility with PNC Bank (the “Securitization Program”). The Securitization Program supports AccessOne’s ability to offer patients flexible payment plans while providing up-front cash to healthcare providers for eligible patient receivables. The Amendment extended the term of the Securitization Program through April 30, 2029 and increased the facility limit from $200 million to $300 million, expanding our capacity to bring AccessOne’s financing capabilities to more healthcare services clients. The Amendment also amended certain covenants, allowing us to offer upfront receivables funding to a greater portion of our provider network — including non-investment grade organizations like community hospitals and specialty practices that are central to our growth strategy for AccessOne. In connection with the Amendment, Phreesia, AccessOne Holdings, Inc. (“AccessOne Holdings”) and PNC Bank entered into an Amended and Restated Performance Guaranty (the “Guaranty”), pursuant to which Phreesia became a joint and several co-guarantor of AccessOne MedCard’s obligations under certain transaction documents. The Guaranty expressly provides that it is not a guarantee of the collection of any pool receivables and that Phreesia and AccessOne Holdings are not responsible

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 16 for any non-payment or delay in the payment of any pool receivables solely due to the insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the related obligor or provider. For more information regarding the Amendment and the Guaranty, please see our Current Report on Form 8-K filed with the SEC on May 4, 2026. Cash Flow In the first quarter of fiscal 2027, net cash provided by operating activities10 was $23.9 million, an improvement of $9.0 million year- over-year, as compared to $14.9 million in the first quarter of fiscal 2026. In the first quarter of fiscal 2027, we generated free cash flow11 of $16.4 million, an improvement of $8.9 million year-over-year, as compared to $7.5 million in the first quarter of fiscal 2026. In the first quarter of fiscal 2027, the year- over-year improvements in operating cash flow and free cash flow were driven primarily by changes in working capital and operating cash flows provided by AccessOne. The year- over-year improvement in operating cash flow and free cash flow are expected to fluctuate, driven by the timing of invoicing and payments. These variations are reflected in changes in working capital, alongside the timing of capital expenditures. The following charts summarize how growth in our net cash provided by operating activities, or operating cash flow, has driven growth in free cash flow. See the “Non-GAAP Financial Measures” section of this letter for a reconciliation of net cash provided by operating activities to free cash flow. 10 References to net cash provided by operating activities and free cash flow throughout this letter are related to our cash flow categories in our consolidated statements of cash flows and free cash flow reconciliation within Part I - Item 1 and 2 of our Quarterly Report on Form 10-Q. 11 Free cash flow is a non-GAAP measure. We calculate free cash flow as net cash provided by operating activities less capitalized internal-use software development costs and purchases of property and equipment. See the “Non-GAAP Financial Measures” section for a reconciliation of free cash flow to the closest GAAP measure.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 17 Free Cash Flow ($M, Q2 FY2025 - Q1 FY20271) 1 Fiscal year ended January 31. Operating Cash Flow ($M, Q2 FY2025 - Q1 FY20271) 1 Fiscal year ended January 31.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 18 The following table summarizes our operating, investing and financing cash flows: $M Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net cash provided by operating activities $11.1 $5.8 $16.3 $14.9 $14.8 $15.5 $33.7 $23.9 Net cash (used in) provided by investing activities $(7.4) $(4.2) $(7.1) $(7.4) $(5.2) $(6.7) $(142.6) $4.8 Net cash (used in) provided by financing activities $(1.4) $(1.7) $(6.6) $(0.8) $(2.1) $(0.7) $76.5 $(26.1) Business and Financial Outlook We are maintaining our revenue outlook for fiscal 2027. We expect revenue to be in the range of $510 million to $520 million. As we noted last quarter, network solutions clients are committing lower spend levels for the second half of fiscal 2027 than we had anticipated last December. Certain clients are committing fewer dollars due to brand-specific dynamics including the impact of regulatory policies. Though we do not believe these developments are signaling a structural shift in demand for Phreesia's solutions, there is now more variability in our internal network solutions revenue forecasting, particularly in the second half of each fiscal year. Our visibility into revenue across the other parts of our business is generally consistent with our views in March 2026. The revenue range provided for fiscal 2027 assumes approximately $37 million of contribution from AccessOne and no additional revenue from potential future acquisitions completed between now and January 31, 2027. We are maintaining our Adjusted EBITDA outlook for fiscal 2027. We expect Adjusted EBITDA to be in the range of $125 million to $135 million. In addition to our continued belief in the operating leverage embedded in our model, we have more recently identified opportunities to reduce our reliance on manual processes across Phreesia through the adoption of artificial intelligence. In May 2026, subsequent to quarter end, we implemented a restructuring plan intended to reduce operating expenses and better align our cost structure with our current business priorities. The plan is expected to result in meaningful annualized run-rate expense savings, which were reflected in our Adjusted EBITDA outlook provided on March 30, 2026. We are maintaining our expectation for AHSC growth in the mid-single-digit percentage range, and we are maintaining our outlook for total revenue per AHSC to grow in the low-single-digit percentage range for fiscal 2027.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 19 Non-GAAP Financial Measures This stakeholder letter and statements made during the webcast referenced below may include certain non-GAAP financial measures as defined by SEC rules. 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 calculate Adjusted EBITDA as net income or loss before interest expense, interest income, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, other expense (income), net and certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as acquisition- and restructuring-related costs. The calculation of Adjusted EBITDA was updated beginning in the three months ended October 31, 2025 to include an adjustment for acquisition-related costs, which consist primarily of legal, advisory and other professional fees and integration costs related to acquisitions. Management believes adjusting for these About Phreesia Phreesia is a trusted leader in patient activation, giving healthcare providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled more than 180 million patient visits in 2025 — 1 in 6 visits across the U.S. This scale allows Phreesia to make meaningful impact across the healthcare ecosystem. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives operational efficiency and improves healthcare outcomes. To learn more, visit phreesia.com. Media contact: Nicole Gist nicole.gist@phreesia.com Investor contact: Balaji Gandhi investors@phreesia.com

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 20 acquisition-related costs provides investors with a more consistent period-to-period comparison of our core operating performance and trends. For periods prior to the three months ended October 31, 2025, the calculation of Adjusted EBITDA did not adjust for acquisition-related costs, and prior periods have not been retroactively adjusted. We have provided below a reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable GAAP financial measure. We have also presented Adjusted EBITDA in the press release accompanying this letter and in our Quarterly Report on Form 10-Q to be filed after this letter 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. We have not reconciled our Adjusted EBITDA outlook to GAAP net (loss) income because we do not provide an outlook for GAAP net (loss) income due to the uncertainty and potential variability of other expense (income), net, income tax expense (benefit), which are reconciling items between Adjusted EBITDA and GAAP net (loss) income. Because we 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 (loss) income. Our use of Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows: • Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; • Adjusted EBITDA does not reflect: 1) changes in, or cash requirements for, our working capital needs; 2) the potentially dilutive impact of non-cash stock-based compensation; 3) tax payments that may represent a reduction in cash available to us; 4) loss on extinguishment of debt; 5) interest expense; 6) interest income; 7) other expense (income), net; or 8) certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as acquisition- and restructuring-related costs; and • Other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure. 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) income and our GAAP financial results.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 21 $M Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net (loss) income $(18.0) $(14.4) $(6.4) $(3.9) $0.7 $4.3 $1.3 $3.0 Interest expense 0.6 0.6 0.6 0.4 0.4 0.3 5.8 2.3 Interest income (0.7) (0.6) (0.6) (0.2) (1.0) (0.7) (0.3) (0.3) Income tax expense (benefit) 0.8 0.4 1.0 0.7 (1.2) 0.9 (11.6) 1.8 Depreciation and amortization 7.3 7.1 6.8 6.9 7.4 7.5 9.7 10.0 Stock-based compensation expense 16.4 16.5 17.2 17.2 16.2 16.0 18.0 13.6 Loss on extinguishment of debt – – – – – – 0.5 – Other expense (income), net 0.1 0.1 (2.2) (0.3) (0.3) (1.0) (1.3) – Other items affecting comparability1 – – – – – 2.0 7.3 0.2 Adjusted EBITDA2,3 $6.5 $9.8 $16.4 $20.8 $22.1 $29.1 $29.4 $30.5 We calculate free cash flow as net cash provided by operating activities less capitalized internal- use software development costs and purchases of property and equipment. Additionally, free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investments, partnerships and acquisitions, and strengthening our financial position. The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated: 1 For the three months ended October 31, 2025, January 31, 2026 and April 30, 2026, other items affecting comparability consisted of legal, advisory and other professional fees and integration costs related to the AccessOne Acquisition. 2 We calculate Adjusted EBITDA as net (loss) income before interest expense, interest income, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, other expense (income), net and certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as acquisition- and restructuring-related costs. The calculation of Adjusted EBITDA was updated beginning in Q3 of fiscal 2026 to include an adjustment for acquisition-related costs. Prior periods have not been retroactively adjusted. 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. 3 May not foot due to rounding.

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 22 $M Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net cash provided by operating activities $11.1 $5.8 $16.3 $14.9 $14.8 $15.5 $33.7 $23.9 Less: Capitalized internal-use software (3.0) (3.6) (4.3) (3.9) (3.4) (3.4) (2.6) (3.2) Purchases of property and equipment (4.4) (0.6) (2.8) (3.5) (1.8) (3.3) (2.6) (4.3) Free Cash Flow1,2 $3.7 $1.6 $9.2 $7.5 $9.6 $8.8 $28.5 $16.4 1 We calculate free cash flow as net cash provided by operating activities less capitalized internal-use software development costs and purchases of property and equipment. Additionally, free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investments, partnerships and acquisitions, and strengthening our financial position. 2 May not foot due to rounding. Forward-Looking Statements This stakeholder letter includes express or implied statements that are not historical facts and are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, Adjusted EBITDA and cash flows; our expectations regarding demand for our solutions and visibility into future revenue; our expectations regarding our restructuring plan, reductions in operating expenses and resulting expense savings; the expected results of the AccessOne Acquisition discussed herein, including anticipated additional revenue, Adjusted EBITDA and AHSCs; our estimated addressable market; our outlook for fiscal 2027, including with respect to revenue, Adjusted EBITDA and our expectations on AHSCs, total revenue per AHSC, and our plans to achieve our revenue and Adjusted EBITDA targets in fiscal 2027; our ability to continue generating positive net income and free cash flow; our expectations regarding growth in subscription and related services revenue over the long term; our ability to finance our plans to achieve our fiscal 2027 outlook with our current cash balance along with cash generated in the normal course of business; our business

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 23 strategy and operating plans; industry trends and predictions; our anticipated growth and operating leverage; the factors that drive our revenue growth; our expectations regarding new solutions and solutions under development and the use of artificial intelligence in our solutions; our growth strategies for the AccessOne business; our ability to offer the AccessOne solution to additional clients; our expectations regarding the growth of our network of clients and partners and adoption of our solutions; and our expectations regarding opportunities to reduce reliance on manual processes across the Company through the adoption of artificial intelligence; and expectations regarding our restructuring plan, reductions in operating expenses and annualized run-rate expense savings. 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, risks associated with: the ability to integrate operations or realize any operational or corporate synergies and other benefits from the AccessOne Acquisition; our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to comply with the covenants in the New Capital One Credit Facility and the Securitization Program; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; difficulties in integrating our acquisitions and investments; artificial intelligence that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data, increasing our regulatory and compliance burden and increasing competition; and other general, market, political, economic and business conditions (including from the U.S. federal government, tariff and trade issues, and the warfare and/or political and economic instability in Ukraine, the Middle East or elsewhere). The forward-looking statements contained in this letter are also subject to other risks and uncertainties, including those listed or 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 April 30, 2026 that will be filed with the SEC after this letter. The forward-looking statements

QUARTERLY STAKEHOLDER LETTER | FIRST QUARTER 2027 | 24 in this letter 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 letter to reflect events or circumstances after the date of this letter or to reflect new information or the occurrence of unanticipated events, except as required by law. This letter also includes statistical data, estimates and forecasts that are based on industry publications or other publicly available information, as well as other information based on our internal sources. This information may be based on many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in these industry publications and other publicly available information. Conference Call Information We will hold a conference call on Wednesday, May 27, 2026 at 5:00 PM ET to review our fiscal 2027 first quarter financial results. To participate in our live conference call and webcast, please dial (833) 461-5787 (or (626) 884-3620 for international participants) using conference code number 953036497 or visit the “Events & Presentations” section of our Investor Relations website at 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.

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