Phreesia Reports Q2 2023 Net Loss of $36.8 Million
Phreesia Records $85.8 Million in Revenue for Q2 2023
Phreesia, Inc.(PHR), a leading healthcare technology company, has released its financial results for the second quarter of 2023, highlighting both its revenue and net loss. The company's consolidated balance sheets, statements of operations, and cash flows provide insights into its financial performance.
Revenue Growth and Net Loss
Phreesia reported total revenues of $85.8 million for the three months ending July 31, 2023, representing a substantial increase compared to $67.9 million for the same period in 2022. This growth is primarily attributed to higher subscription and related services, payment processing fees, and network solutions revenue.
However, the company also reported a net loss of $36.8 million for the second quarter of 2023. This net loss is narrower than the $46.7 million loss reported for the same quarter in the previous year but remains a significant financial challenge for Phreesia.
Balance Sheet Snapshot
The consolidated balance sheets as of July 31, 2023, reveal key aspects of Phreesia's financial health:
- Current Assets: The company held $127.7 million in cash and cash equivalents, indicating a decrease from $176.7 million at the beginning of the year.
- Total Current Assets: Phreesia's total current assets stood at $219.2 million as of July 31, 2023, compared to $262.4 million on January 31, 2023.
- Liabilities: The company reported total liabilities of $93.4 million, showing an increase from $82.2 million at the beginning of the year.
Cash Flow and Financing Activities
Phreesia's cash flow statement for the six months ending July 31, 2023, highlights various financial activities:
- Operating Activities: The company experienced a net cash outflow of $23.0 million in operating activities. This outflow is attributed to the net loss, offset by adjustments such as depreciation and amortization, stock-based compensation, and changes in operating assets and liabilities.
- Investing Activities: Phreesia invested $15.8 million in acquiring capital assets, including internal-use software and property and equipment.
- Financing Activities: The company's financing activities resulted in a net cash outflow of $10.2 million. This includes proceeds from the issuance of common stock, treasury stock transactions, and finance lease payments.
These financial results reflect Phreesia's efforts to drive revenue growth while managing its operational costs and investments in technology. The company continues to work towards its goal of revolutionizing healthcare through innovative technology solutions despite the reported net loss.
Phreesia's leadership remains focused on delivering value to its customers and stakeholders while closely monitoring its financial performance in a dynamic healthcare industry.
