Phreesia Inc (PHR) Stock Forecast & Price Target

Phreesia Inc. has demonstrated a solid financial performance, with total revenue per Advanced Healthcare Services Client (AHSC) rising by 5.6% year-over-year to $26,622, driven by client expansion across its integrated solution areas. The company reported an impressive growth in patient payment volumes, amounting to $1.181 billion in the third quarter of FY26, reflecting a 9.3% year-over-year increase, which is indicative of both new and existing client expansions. Furthermore, Phreesia has raised its FY26 adjusted EBITDA guidance to a range of $99 million to $101 million, reflecting a substantial 172% year-over-year growth at the midpoint and placing it ahead of consensus estimates, signaling strong operational performance and confidence in future growth.

Phreesia Inc. reported mixed financial results for 3Q26, with revenue of $120.3 million slightly missing estimates despite a year-over-year decrease in operating expenses of 4.0% to $93.2 million. Additionally, the company recorded a decline in its take rate, falling from 2.8% to 2.7%, which raises concerns about revenue generation efficiency. The potential risk of another COVID-19 surge could further negatively impact patient visit volumes, posing a threat to Phreesia's topline results and overall growth trajectory.