Investor Presentation...use online reviews as first step in physician search •Payment model shift...

Investor

PresentationOctober 2019

Statements we make in this presentation may include statements which are not historical facts and are considered forward-looking within the meaning of

Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,”

“believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” “could,” “appears,” “shall,” “target,” “contemplated,”

“predicts,” “potential,” “continue” and variations and negatives of such words or similar expressions. We intend these forward-looking statements to be

covered by the safe harbor prov isions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange

Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current v iews

about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have

made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking

statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved.

Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors

that are beyond our control including, without limitation, statements about our future financial performance and ability to achieve profitability, including our

revenue, costs of revenue and operating expenses; our anticipated growth and growth strategies and our ability to effectively manage that growth; the

sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to maintain the security and availability of our platform; our

predictions about our industry (including total addressable market) and market trends for healthcare technology solutions; our ability to attract, retain and

cross-sell to healthcare provider clients; our ability to maintain renewal rates for healthcare provider clients; our ability to maintain, protect and enhance our

intellectual property; our ability to comply with modified or new laws and regulations applying to our business; the increased expenses associated with being a

public company; and our outstanding debt under our credit facility, as well as those set forth in the prospectus for our recent offering of our shares of common

stock that was filed with the SEC on July 19, 2019 and our other filings with the U.S. Securities and Exchange Commission, including “Risk Factors” sections

contained therein.

We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. This

presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data

about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

This presentation may include certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most

directly comparable GAAP measures, which is available in the Appendix.

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

22019 Phreesia Confidential Information

3

How we do it: Software-as-a-Service (SaaS) platform to manage the

patient intake process and an integrated patient payments solution for

secure processing of patient payments

~1,600 healthcare

provider organizationsis Patient Intake

$1.4Bpatient payments

processed in FY19

Who we are: Leading provider of comprehensive solutions that

transform the healthcare experience by engaging patients in their care$100Mrevenue in FY19

25%+ revenue

growth in FY19

What we do: Enable healthcare provider organizations to optimize

operational efficiency, improve profitability and enhance clinical care

~$7B total

addressable market


Leadership in large, underpenetrated and growing market with strong tailwinds

Proven ability to innovate and meet the evolving needs of our clients

INVESTMENT HIGHLIGHTS

4

Leading SaaS platform for patient intake and experience with integrated patient payments

Attractive, highly scalable financial model

Significant and measurable return on investment

Founder-led and deeply experienced management team with strong culture

Multiple growth opportunities


ATTRACTIVE INDUSTRY TAILWINDS

5

Wasteful

Spending

Increasing Patient

ResponsibilityIncreasing

Consumerism

Shift to Value-Based

Care Models

• $586B out-of-

pocket spend by 2027

• HDHPs represent 46% of health plan market2

• Provider organizations collect only half of

patient balances after initial v isit

• Demand for higher

quality care, cost transparency,

shared decision making and convenience

• 70%+ of patients use online reviewsas first step in

physician search

• Payment model

shift to incentivize value and quality

• Requires high levels

of documentation, robust data,

sophisticated payment-attribution capabilities and

substantive patient engagement

Focus on

Personalized Healthcare Solutions

• Need to directly

reach patients when making care decisions

• Current marketing strategies not as

effective as targeted outreach

• 1.2M intake staff

• $3.6T U.S. healthcare spend1

• $1.1T U.S.

healthcare waste1

• ~$300B admin-

related waste1

1 In 20182 As of the first half of 2018


OUR VALUE PROPOSITION AND HOW WE MAKE MONEY

6

Providers

• Simplified operations & enhanced

staff efficiency

• Improved cash flow and profitability

• Enhanced clinical quality

• Improved patient experience

• Highly v isible subscription fees

charged on a per prov ider per month basis (PMPM)

• Based on number and type of

applications elected

Patients

• Improved patient experience

• High patient usage

• Flexible payment options

• Engagement in care

• Re-occurring payment processing

fees

• Based on level of patient payment volume processed through

Phreesia Platform

Life Sciences Companies

• Targeted, direct digital marketing

• Improved brand conversion and adherence

• Feedback from patient voice

• Fees from the sale of digital

marketing solutions to life sciences companies

• Based on guaranteed number of

engagements with target audiences

Va

lue

pro

po

siti

on

Ho

w w

e m

ak

e

mo

ne

y


Staff Use These:

IN THE OFFICE

Phreesia Dashboard

AT HOME, ON THE GO,

IN THE OFFICEMobile

IN THE OFFICE

PhreesiaPadArrivals Station

Patients Use These:

IN THE OFFICE

Analytics

OUR END-TO-END PATIENT INTAKE SOLUTION

7

Real-time Integration

Electronic

Medical Record

Practice

Management System

Practice Data

WarehousesAPIs

Payment

NetworksPayers


LEADING SaaS PLATFORM FOR PATIENT INTAKE AND EXPERIENCE


Registration

Mobile and in-office

registration

Specialty-specific

workflows

Consent management

Registration Dashboard

Appointments

Online appointments

Referrals

Appointments queue

to track requests

Appointment reminders

Revenue Cycle

Insurance verification

POS payments

Online payments

Card on file with

Payment Assurance

Cost Estimation

Payment plans

Life Sciences

Patient Connect

Patient Insights

Advanced Analytics

Patient Activation

Post-visit patient surveys

Preventive-screening

outreach for Medicare

Social determinants of

health

Service-promotion

messaging

Branded patient

announcements

Research

Clinical Support

Care Pathways

Behavioral health

screenings for primary care

Healthy Child for

pediatrics

Women’s Wellness

Included in base package

Automated self-

scheduling

OUR CURRENT AMBULATORY-BASED ADDRESSABLE MARKET

TAM of ~$7B

Source: (1) Kaiser Family Foundation, BLS Data, American Association of Nurse Practitioners, National Commission of Certification of Physician Assistants - assumes ~1,005,000 total physicians , with ~75% in non-acute care setting and 100% taking appointments; ~165,000 NPs, with ~85% in non-acute care setting and ~55% taking appointments; 90,000 PAs, with ~60% in non-acute care setting and ~65% taking appointments; (2) CMS, includes out-of-pocket spending for physician, clinical and other professional services; (3) ZS Associates, projected spending in point-of-care marketing in pharma (2014 – 2020)

~890K addressable providers1

in United States

Subscription-Based Revenue

$4.3B

$91B addressable out-of-pocket2

in United States

Consumer-Related Transaction

And Payment Processing Fees

$2.2B

Life Sciences

DTC point-of-care

marketing spend3

$750M

9

Current addressable market does not include acute care


~780K active physicians

~77K nurse practitioners

~35K physician assistants

SCALABLE FROM SMALL BUSINESSES TO LARGE ENTERPRISES

10

Serving ~1,600 healthcare provider organizations

25+ medical specialties of varying sizes

Serving 13 of the top 20 global pharma companies

Providers Life Sciences

Physician groups Health systems Pharma manufacturers

~40 life sciences brands

• Top 3 global pharma company

• Top 3 global biotech company

• Top 5 diabetes pharma manufacturer

• Top 5 oncology pharma manufacturer


z

2019 Category Leader for Patient Intake Management, based on survey data from

provider groups on areas such as integration, implementation support and overall customer

satisfaction

Utilization ranked as the highest among its competitors across functionality

Broadest adoption of KLAS patient intake functionalities in 2018, with most extensive integration capabilities and high client satisfaction

Phreesia is the Top-Ranked Patient Intake Management Solution

11

Note: KLAS Research is a HCIT data and insights research company

MULTIPLE GROWTH OPPORTUNITIES

12

• Direct sales model

• Acute care market in

early innings

• Focus on larger

providers

• Additional providers within existing clients

• New sites

• New providers

within existing sites

• Proven ability to continuously

innovate

• Appointments,

Cost Estimation

and Mobile

• Upsell new

applications

• New applications and new and larger

clients highly scalable on existing

platform

• Adj. EBITDA positive in FY19

• Focus on growing partnerships (i.e. PM,

EHR, Life Sciences, R1)

• Vital Score

acquisition completed in FY19

Land new clients

Grow footprint within existing

clients

Cross-sell new applications to

existing clients

Margin expansion

through scale

Partnerships and M&A


Financial Overview

13

FINANCIAL PERFORMANCE HIGHLIGHTS

14

• Large and growing addressable market of ~$7B

• Expansion from additional prov iders from both existing and new Clients

• Additional revenue from product innovations sold to existing clients

• Strong v isibility into revenue at the beginning of the fiscal period based on contracted business

• 80%+ revenue from recurring monthly subscriptions and re-occurring payment processing fees

• Contracts typically 1-year in length, with ~90% of prov ider client contracts renewing each year

• Strong financial discipline with focus on profitable growth

• Platform created for significant scale

• Low marginal cost to support new prov iders

• Stable recurring revenue and contribution margin from consistent Cohorts, net of churn

Growth Opportunities

Highly Visible Revenue

Attractive Economics


SCALABLE AND PREDICTABLE SOURCES OF REVENUE

15

• Fees earned as % of processed patient payments

• 80%+ volume: Credit / debit transactions processed on

Phreesia payment facilitator model

• Remaining volume: Cash, check and credit gateway

transactions to other payment processors

• ~95% subscription fees and ~5% related services

• Includes base package and add-on applications

• Majority of fees charged per provider per month (PPPM)

Su

bsc

rip

tion

an

d r

ela

ted

serv

ice

s1

Pa

ym

en

t

pro

ce

ssin

g

fee

s

• Increase in payment volume from

patients of existing and new providers /

clients

• Increase in patient financial responsibility

• New provider clients

• Expansion within existing clients

• New products and applications

37%

44%

REVENUE MODEL DRIVERS FY19 % REV

• Sale of targeted digital marketing solutions to patients

• Contract duration typically 12 months

• Guaranteed # of engagements with target audience

• Fees charged per brand engagementLife

Sc

ien

ce

s • New life sciences clients

• Expansion within existing clients

• Purposeful controlled growth

• Investment in new data and analytics

products represent upside potential

19%

1 In addition to subscription revenue, Phreesia generates certain fees from provider clients for professional services associatedwith implementation, travel and expense reimbursements, shipping and handling, sale of hardware (PhreesiaPads and Arrivals Stations), on-site support and t raining

Strong visibility into revenue at the beginning of the fiscal period based on contracted business

Pro

vid

er


1,416

1,490

1,450

1,549

FY 18 FY 19 FQ2 19 FQ2 20

+5%

$5 $4

$19 $24

FQ2 19 FQ2 20

$19 $19

$61

$81

FY 18 FY 19

STRONG OPERATING AND FINANCIAL PERFORMANCE

16

TOTAL REVENUE ($M)

FY ended January 31

FQ ended April 30

$80

$100

+25%

ProviderLife Sciences

1 For a reconciliation to the nearest GAAP measure, please see slide 35

$24

$28

($4)

$4

$1

($0)

FY 18 FY 19 FQ2 19 FQ2 20

ADJ. EBITDA ($M)1

AVG. NUMBER OF PROVIDER CLIENTS

AVG. ANNUAL PROVIDERREVENUE PER CLIENT ($K)

$43,163

$54,231

FY 18 FY 19

100% organic revenue growth to date

$13,265

$15,649

FQ2 19 FQ2 19


+19%

+7% +26%

+18%

+32%

+26%

Appendix

17

DETAILED INCOME STATEMENT

181 For a reconciliation to the nearest GAAP measure, please see slide 18


$M

Fiscal year ended January 31, Three months ended July 31,

FY 2018 FY 2019 Q2 2019 Q2 2020

Revenue:

Subscription and Related Services Revenue $32.4 $43.9 $10.5 $14.0

Payment Processing Revenue 28.7 36.9 9.2 11.7

Total Provider Revenue $61.1 $80.8 $19.6 $25.7

Life Sciences $18.7 $19.1 $5.1 $5.1

Total Revenue $79.8 $99.9 $24.8 $30.8

% Growth 25.1% 24.4%

Expenses:

Cost of revenues (excluding depreciation and amortization) $12.6 $15.1 $3.6 $4.2

Interchange costs 17.2 21.9 5.3 7.1

Sales and Marketing 24.8 26.4 6.5 8.1

Research and Development 11.4 14.3 3.2 4.7

General and Adminstrative 18.8 20.1 4.7 7.4

Depreciation 6.8 7.6 1.8 2.1

Amortization 2.8 4.0 1.0 1.3

Total Expenses $94.4 $109.4 $26.0 $35.0

Operating loss ($14.6) ($9.5) ($1.3) ($4.1)

Operating Margin (18.2%) (9.5%) (5.0%) (13.4%)

Other Income (Expense) $0.6 ($0.0) $0.1 $0.3

Change in Fair Value of Warrant Liability (0.6) (2.1) (0.6) (2.9)

Interest Income (Expense) (3.6) (3.5) (0.9) (0.7)

Total Other Income (Loss) ($3.6) ($5.6) ($1.3) ($3.3)

Provision for Taxes 0.0 0.0 0.0 (0.1)

Net Income (Loss) ($18.2) ($15.1) ($2.6) ($7.5)

Net Margin % (22.8%) (15.1%) (10.4%) (24.3%)

Memo: Adjusted EBITDA1

($4.1) $3.5 $1.7 $0.7

% Margin (5.1%) 3.6% 7.0% 2.4%

ADJUSTED EBITDA RECONCILIATION1

19

1 Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity


$M

Fiscal year ended January 31, Three months ended July 31,

FY 2018 FY 2019 Q2 2019 Q2 2020Reconciliation to Adjusted EBITDA

Net Income (Loss) ($18.2) ($15.1) ($2.6) ($7.5)

Interest (Income) Expense. Net 3.6 3.5 0.9 0.7

Depreciation and Amortization 9.6 11.6 2.7 3.4

Provision for Taxes 0.0 0.0 0.0 0.1

Stock-Based Compensation Expense 0.8 1.4 0.3 1.5

Change in Fair Value of Warrant Liability 0.6 2.1 0.6 2.9

Other (Income) Expense, Net (0.6) 0.0 (0.1) (0.3)

Adjusted EBITDA1 ($4.1) $3.5 $1.7 $0.7

Adjusted EBITDA Margin % (5.1%) 3.6% 7.0% 2.4%

Investor Presentation...use online reviews as first step in physician search •Payment model shift...

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