Phreesia Inc (NYSE: PHR) stock fell over 5.7% on December 10th, 2019 (As of 11:18 am GMT-5; Source: Google finance) as the company posted moderate clients growth for the third quarter of FY 20. The average number of provider clients was 1,573 in the third quarter compared to 1,503 in the same period in the prior year, which is an increase of 5%.
The average provider revenue per provider client was $16,637 in the third quarter 2020 compared to $13,308 in the same period in the prior year, which is an increase of 25%. Adjusted EBITDA had increased to $3 million in the quarter compared to $0.4 million in the same period in the prior year. The company has generated the cash on the balance sheet as of October 31st of $91.4 million, which is down $8.7 million from July 31, 2019.
PHR in the third quarter of FY 20 has reported the adjusted loss per share of 7 cents, while reported the adjusted revenue of $32.8 million in the third quarter of FY 20.
Phreesia expects full-year revenue to be in the range of $122 million to $122.5 million, versus the consensus of $118.9 million. The company expect the Adjusted EBITDA to be positive in fiscal 2020.
On the other hand, Lafayette General Health, which is a non-profit regional health system serving south-central Louisiana, and Phreesia, have announced that they have partnered to offer Lafayette General Health’s patients a more modern, convenient and engaging experience. Lafayette General Health went live with Phreesia’s automated patient intake platform in five of its clinics. After three weeks of success, the organization had rolled out Phreesia across nearly all of the Lafayette General Medical Doctors (LGMD) sites. Lafayette General Health is leveraging Phreesia’s now-generally available bidirectional, discrete integration with Cerner Millennium to capture the demographic and payment information from patients during intake. The organization will also offer a PhreesiaPad to patients who prefer a tablet check-in option.
Meanwhile, the company has the appointment of Randy Rasmussen as Chief Accounting Officer, reporting to Tom Altier, Phreesia’s Chief Financial Officer, effective from November 1, 2019. Rasmussen is expected to bring 25 years of finance and accounting experience to Phreesia, including multiple leadership roles at public companies of various sizes and stages of growth and evolution.