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• Square for medical offices.

• OpenTable for doctor's office check-ins.

• TurboTax for healthcare check-ins.

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• Patient Intake Platform: A comprehensive digital platform that streamlines patient registration, check-in, and data collection processes for healthcare providers.
• Payment Processing: Facilitates secure and convenient collection of patient payments, including co-pays, deductibles, and outstanding balances.
• Patient Engagement Solutions: Offers tools like appointment reminders, patient surveys, and digital forms to enhance communication and patient experience.
• Clinical Support Solutions: Provides tools for collecting patient-reported data and integrating it into electronic health records to support clinical workflows.
• Life Sciences Solutions: Enables pharmaceutical companies and clinical research organizations to identify, recruit, and engage patients for clinical trials.

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Phreesia (PHR) primarily sells its healthcare technology solutions to other companies, specifically healthcare provider organizations.

Phreesia's public filings, such as its annual 10-K reports, do not disclose any individual customer or group of affiliated customers that account for 10% or more of its total revenue. This indicates a diverse and broad customer base rather than a reliance on a few "major" named customer companies. As such, no specific customer companies with their symbols can be listed as "major customers."

Therefore, while specific major customer names are not publicly available, Phreesia's customers are drawn from the following categories of healthcare organizations:

• Physician Practices and Medical Groups: These customers range from small independent clinics to large multi-specialty physician organizations. Phreesia's platform helps them streamline patient intake, improve workflows, and manage patient engagement.
• Hospitals and Health Systems: These are integrated networks that include multiple hospitals, outpatient clinics, and other healthcare facilities. Phreesia provides solutions to enhance patient experience and operational efficiency across their networks.
• Other Healthcare Facilities: This broad category encompasses various specialized care providers such as urgent care centers, behavioral health clinics, dental practices, and ambulatory surgery centers, all benefiting from Phreesia's digital patient intake and engagement tools.

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• Amazon.com, Inc. (AMZN)
• Stripe, Inc. (Private Company)
• Fidelity National Information Services, Inc. (FIS)

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Since co-founding Phreesia in 2005, Chaim Indig has helped revolutionize the patient intake experience. Under his leadership, Phreesia has established a broad national footprint and developed strategic partnerships with large healthcare companies. Prior to founding Phreesia, he held key roles at Spotfire and OLAP@Work.

Balaji Gandhi leverages over 25 years of executive experience in overseeing Phreesia's financial operations and investor relations. Prior to joining Phreesia in 2019, he served as Chief Financial Officer of Madaket Inc., a cloud-based healthcare SaaS company. He also held leadership roles at companies including Press Ganey and Fresenius Medical Care, and spent more than a decade as an investment research analyst in the healthcare services market at firms such as Deutsche Bank and Oppenheimer & Co., Inc.

Evan Roberts co-founded Phreesia in 2005 and leads the company's efforts to bring value to its clients, overseeing ongoing operations and procedures. He previously served as Chief Technology Officer and as Vice President, Customer Solutions. Before co-founding Phreesia, Evan was a senior sales engineer at Spotfire, where he helped penetrate new markets and developed innovative applications.

David Linetsky is responsible for cultivating Phreesia's partnerships with life sciences companies, advocacy groups, government agencies, and other organizations. He has worked at Phreesia for more than a decade, holding key leadership roles including Vice President of Analytics and Insights, and Vice President of Finance. Prior to Phreesia, David worked in academia as a researcher and instructor in biotechnology, mathematics, and philosophy.

As Phreesia's General Counsel, Allison Hoffman manages the company's Legal, Compliance, Risk, Privacy, and Security teams, bringing over 25 years of legal and people-management experience. Before Phreesia, she served as Chief Legal and Administrative Officer for Intersection, a digital technology company. She also oversaw the legal and human resources departments for Martha Stewart Living Omnimedia, culminating in oversight of the company's sale.

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1. Cybersecurity Incidents and Data Privacy: Phreesia faces a significant risk from cybersecurity incidents and the need to maintain data privacy and security. The company has experienced such incidents in the past, including one impacting its ConnectOnCall product in 2024. Future incidents could disrupt business operations, harm the company's reputation, lead to economic loss, and expose them to legal penalties and liability, especially given the sensitive nature of the healthcare data they handle.
2. Highly Competitive and Evolving Healthcare Industry: Phreesia operates in a very competitive industry characterized by rapidly changing technology standards, evolving regulatory requirements, and shifting client needs. Increased market saturation and competition from electronic health record (EHR) and practice management (PM) systems could negatively impact Phreesia's business and operating results.
3. Regulatory Compliance with Healthcare and Data Privacy Laws: The company is subject to a complex and extensive framework of healthcare laws, as well as data privacy and security laws and regulations. Non-compliance with these laws could lead to substantial fines, penalties, lawsuits, adverse publicity, and a loss of customer trust, which would materially and adversely affect their business, prospects, financial condition, and results of operations.

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The aggressive expansion and improvement of patient intake, engagement, and payment functionalities within major Electronic Health Record (EHR) platforms.

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Phreesia (PHR) has an addressable market of approximately $24 billion across its main product and service segments in the U.S.. This market size includes the impact of the AccessOne acquisition.

• Subscription-based revenue: approximately $6.3 billion (U.S.).
• Payment solutions: approximately $9.1 billion (U.S.). This figure includes the implied provider financing market attributable to the AccessOne acquisition, which is expected to expand Phreesia's addressable market by roughly $6 billion.
• Network solutions: approximately $8.2 billion (U.S.).

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Phreesia (PHR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in Average Healthcare Services Clients (AHSCs): Phreesia continues to expand its client base, with expectations to reach approximately 4,500 Average Healthcare Services Clients (AHSCs) in fiscal year 2026. This consistent growth in the number of clients directly contributes to overall revenue expansion.
2. Increase in Total Revenue per AHSC through Client Monetization: The company is focused on increasing the revenue generated from each existing client. This involves the cross-selling of newer provider add-on solutions and securing larger initial solution bundles with new clients. Phreesia anticipates total revenue per AHSC to increase in fiscal 2026 compared to fiscal 2025.
3. Expansion of Network Solutions: Phreesia's Network Solutions segment is gaining momentum and is a significant contributor to the acceleration of average revenue per client. This area is specifically highlighted by analysts as a growth driver.
4. Strategic Acquisition of AccessOne: The acquisition of AccessOne is a notable driver, projected to add approximately $35 million in annualized revenue and expand Phreesia's total addressable market by about $6 billion. The transaction is expected to close in the third or early fourth quarter of Phreesia's fiscal year 2026.
5. Launch and Growth of New and AI-driven Products: Phreesia is investing in and rolling out new solutions, including AI-driven products like Voice AI. These new offerings are designed to improve medication adherence and enhance the overall patient and provider experience, beginning to generate revenue and contributing to future growth.

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Share Repurchases

Phreesia has a stock repurchase program in place, but it does not obligate the company to repurchase a specified number or dollar value of shares, and the program may be modified, suspended, or discontinued at any time. As of the available information, there is no indication of significant dollar amounts of share repurchases made over the last 3-5 years.

Share Issuance

• As of March 7, 2025, Phreesia had 58,772,448 shares of common stock outstanding.
• As of March 6, 2024, there were 56,387,472 shares of common stock outstanding.
• As of March 17, 2023, there were 53,355,050 shares of common stock outstanding.

Outbound Investments

• Phreesia announced in September 2025 a definitive agreement to acquire AccessOne Parent Holdings, Inc. for $160 million in cash. The transaction is expected to close in the third or early fourth quarter of Phreesia's fiscal year 2026.
• In 2023, Phreesia acquired Access (likely Access eForms) and MediFind, both for undisclosed amounts.
• In December 2021, Phreesia acquired Insignia Health for $35 million.

Capital Expenditures

• Phreesia projects capital expenditures of $47 million for fiscal year 2026, $57 million for fiscal year 2027, $65 million for fiscal year 2028, $74 million for fiscal year 2029, and $84 million for fiscal year 2030, all estimated at 10% of revenue.
• The company's strategic focus for capital allocation includes investing in scalable, high-value products that drive patient and provider outcomes, with artificial intelligence (AI) being a central area for future product development and operational enhancements.