Phreesia, Inc. — Form 10-Q
Filed September 3, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 52/100
What the filing says
Phreesia acquired 100% of AccessOne Parent Holdings for $163.7M total consideration (closed Nov 12, 2025), funded by $106.9M net Bridge Loan proceeds from Goldman Sachs and cash on hand. Bridge Loan ($110M principal, SOFR+400bps) was repaid early on March 13, 2026 and replaced with Capital One revolving credit facility. Pro forma combined FY2026 revenue $515.7M (Phreesia $480.6M + AccessOne $35.1M); pro forma net loss $(2.0)M vs. Phreesia standalone $2.3M profit.
Why this rating
Material acquisition (11% of market cap) adds payment solutions revenue but generates pro forma combined loss; early debt repayment and refinancing reduces near-term risk. Moderate business change.
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