PHR - Transition Underway, Growth Rebuild Still Ahead; NYC NDR Takeaways

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PHR - Transition Underway, Growth Rebuild Still Ahead; NYC NDR Takeaways

Truist Securities

Equity Research Report June 11, 2026

HEALTHCARE: HCIT Phreesia, Inc. (PHR)

PHR - Transition Underway, Growth Rebuild Still Ahead; NYC NDR Jailendra Singh

212-401-4406 Takeaways

Jailendra.Singh@truist.com

Payton Engdahl We hosted Phreesia's (PHR, Hold) CFO for a day of NDR meetings in NYC. The company’s

212-319-5476 NT growth has been pressured by a combination of intentional subscription trade-offs

Payton.Engdahl@truist.com and unexpected pharma advertising weakness. PHR does not believe the business is

structurally impaired. Instead, PHR argues that the same platform assets, patient

Eduardo Ron interactions, provider access, payments infrastructure, and pharma monetization

212-326-3152 remain intact and may become more valuable as HCP targeting, AccessOne, and AI-

Eduardo.Ron@truist.com enabled workflows scale. We offer our takeaways from the NDR meetings below.

Long-Term Growth Framework. Management was cautious about providing specific LT

Stock Rating HOLD targets, but suggested the path back to growth depends on three things: network

Unchanged solutions recovering from current pharma headwinds, HCP marketing scaling, and

AccessOne contributing incremental growth. PHR still sees Network Solutions as

Price Target $12.00 the fastest growing business in the long-term, followed by payments, then subscription.

Unchanged Management noted that the payments business could become a larger growth driver over

time if PHR successfully sells AccessOne into more of its existing customer base. The

company's near-term priority is to show that the business can grow again and disprove

structural deterioration concerns embedded in PHR's current valuation.

TR to Target 32.6%

Price (Jun.