Growth ProfilePhreesia trades at a CY25E EV/revenue multiple of 2.7x, which is at a discount to the peer group median multiple, justified by uncertainty surrounding the growth profile of the business beyond FY25.
Market ExpectationsWhile there is an upward bias to 2Q revenue and adj-EBITDA, a corresponding guidance raise is not expected, which could be viewed unfavorably by the market.
Operational PerformanceThe company expects to add roughly 100 AHSCs in 2Q, marking the lowest number of AHSC adds sequentially since 2QFY'22.