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Phreesia Inc. (PHR) Stock Dipped Following Disclosure of Financial Reports for Q2 2021

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Phreesia Inc. (PHR) stock prices were down by 10.90% some time after market trading commenced on September 2nd, 2021. This brought the price per share down to USD$61.87 early on in the trading day.

PHR Stock Reports Strong Q2 2022

Revenue for the second quarter of fiscal 2022 was reported at USD$51 million. This is a 46% year-over-year increase from the USD$35 million in Q2 fiscal 2021. The average number of provider clients was up 19% for the second quarter of fiscal 2022. The fiscal 2022 quarter reported 1,987 average number of provider clients, up from 1,668 in Q2 of fiscal 2021.

Additional Financials

Average revenue per provider client for the second quarter of fiscal 2022 came out to USD$19,720. This is a 14% year-over-year increase from the USD$17,360 reported for Q2 of fiscal 2021. Adjusted EBITDA suffered, with the fiscal 2022 quarter coming in at negative USD$11 million. This is up from the Adjusted EBITDA of positive USD$1.2 million in the prior-year quarter.

PHR Stock’s Liquidity Position

PHR stock reported ending the second quarter of fiscal 2022 with a solid liquidity position. The company reported having cash and cash equivalents in the amount of USD$439.9 million as of July 31st, 2021. This is a USD$221.1 million increase from the liquidity position reported as of January 31st, 2021. This difference is largely attributable to the follow-on offering of the company’s common stock, which generated net proceeds in the amount of USD$245.8 million. This increase was partially offset by cash used for operating activities, capital expenditures, and payments of finance leases and other debt.

Increased Guidance

Based on the strength of the second quarter of fiscal 2022, PHR stock increased its revenue outlook for the rest of fiscal 2022. Previous ranges of USD$191 million to USD$194 million were bumped up to USD$195 million to USD$198 million. The company expects overall cash outflow to increase in fiscal 2022 as compared to fiscal 2021. This will be a result of the ramping up of hiring and infrastructure across the organization.

Future Outlook for PHR Stock

The company reported a promising quarter, as evidenced by the strength of its financial reports for the second quarter of fiscal 2022. PHR stock is poised to capitalize on the opportunities afforded to it as it maintains the momentum it has generated over the quarter. Current and potential investors are hopeful that management will be able to facilitate consistent and organic growth in shareholder value over the long term.

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