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Phreesia, Inc., (PHR) a leading provider of patient intake and engagement solutions, announced its financial results for the first quarter of 2023. The company reported a net loss of $37.5 million for the quarter. However, Phreesia achieved a significant milestone with revenue of $83.8 million, demonstrating strong growth and customer demand for its innovative healthcare technology.
During the first quarter of 2023, Phreesia incurred a net loss of $37.5 million, compared to a net loss of $51.2 million in the same period last year. The company has been investing in its growth initiatives, including research and development, sales and marketing, and general administrative expenses. Total expenses for the quarter amounted to $121.7 million.
Phreesia experienced robust revenue growth in the first quarter of 2023. The company generated $83.8 million in revenue, representing a substantial increase compared to $63.4 million in the first quarter of 2022. This growth was driven by strong performance across all segments, including subscription and related services, payment processing fees, and network solutions.
In terms of operating activities, Phreesia reported net cash used of $12.7 million for the first quarter of 2023. The company's cash and cash equivalents stood at $149.8 million as of April 30, 2023, indicating a decrease from $176.7 million at the end of the previous quarter. Phreesia remains focused on effectively managing its cash position to support its ongoing operations and future growth strategies.
Phreesia's stockholders' equity amounted to $263.6 million as of April 30, 2023. The company's common stock, with a par value of $0.01, had 54.8 million shares issued during the quarter. The additional paid-in capital reached $947.4 million, reflecting the ongoing support and confidence of the company's investors.
Despite the net loss reported for the first quarter of 2023, Phreesia remains optimistic about its growth prospects. The company is well-positioned to capitalize on the increasing demand for digital healthcare solutions, as healthcare providers continue to adopt innovative technologies to enhance patient care and improve operational efficiency.
Phreesia will continue to invest in research and development to expand its product offerings and further penetrate the market. The company aims to drive revenue growth and achieve profitability in the long term while delivering value to its customers and shareholders.