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Phreesia Adapts To New Operating Environment But Visibility Awaits

May 07, 2020 3:30 PM ETPhreesia, Inc. (PHR)ORCL, CTSH, EXLS, MDRX


  • Phreesia went public in July 2019, raising $167 million in gross proceeds in an IPO.
  • The firm provides patient intake and communications software to healthcare organizations in the U.S.
  • PHR has adapted nimbly to customer needs as a result of the Covid19 pandemic.
  • My bias on the stock Neutral until we learn more about the net effects of the new operating environment.
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Quick Take

Phreesia (NYSE:PHR) went public in July 2019 and raised $167 million in gross proceeds from a U.S. IPO.

The firm provides healthcare IT software to streamline patient processing and communications for healthcare organizations.

PHR has responded nimbly to customer needs but its sales cycles have likely been negatively impacted by the Covid19 pandemic’s effects on its client decision processes and its own operations.

My bias on the stock is Neutral until we gain more visibility into the firm’s forward operating expectations given a sharply changed operating environment.


New York-based Phreesia was founded in 2005 to provide healthcare organizations with patient onboarding and engagement software communication solutions.

Management is headed by Director and CEO Chaim Indig, who has been with the firm since the company’s inception and was previously Manager of Spotfire.

Phreesia has developed a suite of end-to-end solutions to manage patient intake processes with an integrated payments solution for secure processing of patient payments, and a channel for life sciences companies to engage patients using targeted and direct communication.

Below is a brief overview video of the company’s offerings:

Source: Phreesia

Various features of the Phreesia platform include initial patient contact, registration, appointment scheduling, payments as well as post-appointment patient surveys.

The Phreesia platform is available for mobile devices, through a web-based dashboard for use by providers, self-service intake tablets named PhreesiaPads, and in-person kiosks.

For the year ended January 31, 2019, Phreesia facilitated over 54 million patient visits at about 50,000 individual healthcare providers, in 1,600 healthcare organizations across all 50 US states.

Additionally, management says that PHR’s platform is highly customizable and scalable to any size healthcare organization while integrating within a provider client’s workflows and leading Practice Management and Electronic Health Record systems.

Market & Competition

According to a 2018 market research report

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This article was written by

Donovan Jones profile picture

Donovan Jones is a research specialist with 15 years of experience identifying opportunities for IPOs and software companies.

He also leads the investing group

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