Phreesia Inc Q2 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jailendra Singh - Truist Securities - Analyst : Congrats on AccessOne deal, but I want to ask about the Phreesia voice AI product you guys launched during the quarter. It seems like a pretty exciting product for both patients and providers. But can you help us better understand how this product will drive opportunities in Network Solutions business because that's where you are increasing the TAM pretty substantially, just given all the incumbent players in SCP Pharma marketing? Just explain to us like what gives you confidence in terms of getting some traction in that market.

Question: Jeffrey Garro - Stephens Inc - Analyst : Maybe we'll stick with voice AI. And want to ask where this product sits between a call center-type answering service and a nurse triage line and related. Sounds like it can handle some clinical questions, but do you think it can handle more clinical questions in time? Thanks.

Question: Richard Close - Canaccord Genuity Corp - Analyst : Congratulations on the quarter and the acquisition. Just on the new products, voice AI, the AI referrals, and the auto network tags, I'm just curious, are all three on this no risk, no cost model right now here initially? And then how long do you think that will be until some of these new products, new functionality can begin to be a positive driver to the revenue per AHSC? Just curious.

Question: Jessica Tassan - Piper Jaffray Inc - Analyst : Thanks so much for taking the question, and congrats on the deal. On the AccessOne, just the payment extensions to patients. Can you help us understand who bears risk for those dollars as you wait to collect? Thanks.

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Maybe on AccessOne, how should we think about the mix of revenue between sort of just pure interest being collected from payment plans relative to, say, fees charged for the 0% interest rate plan they're offering? And then as we think about the cross-sell opportunity once the acquisition is integrated here, do you think there is a near-term opportunity to sort of cross-sell AccessOne into your core base or move more of your core subscription offerings, core product offerings up into the health system base that AccessOne is already serving? Thanks.

Question: Daniel Grosslight - Citibank Cameroon SA - Analyst : I want to go back to some of your new product development, specifically your AI initiatives. If I look back a few quarters ago, most of your AI initiatives were internal in nature, improving operating leverage, et cetera. Now you're actually shipping monetizable external-facing AI products. So as you make that shift from internal facing to external product shipping. How are you thinking about the balance between investing in AI for internal improvement versus external product development? What does the product roadmap look like in the future? It sounds like you're most excited about voice AI, but I'm sure there's many more products you guys are having in the pipeline. And then finally, how do you intend to price these new products, similar to the non-AI products? Or will they be priced at a premium?

Question: Gene Mannheimer - Freedom Capital Markets - Analyst : Thank you, and congrats guys on the good numbers this quarter. Just revisiting AccessOne, I know you say you're somewhat limited in what you can talk about. But historically, can you talk about the growth rate of the company in the last couple of years and whether you think that you can accelerate it as part of the free portfolio?

Question: Richard Close - Canaccord Genuity Corp - Analyst : Balaji, I wanted to go back to Jailendra's question on network solutions TAM because I guess I just don't understand why voice AI specifically drives such a large increase in TAM of like $6 billion. So is there any way you can provide some examples or maybe more thoughts on the TAM growth?

Question: Jeffrey Garro - Stephens Inc - Analyst : I want to make sure we hit network solutions and an updated discussion on visibility the rest of the year and progress to date on the upsell season for pharma advertising. Thanks.

Question: Gene Mannheimer - Freedom Capital Markets - Analyst : I just wanted to ask if you can share what is the customer overlap, say, between Phreesia's intake solutions and AccessOne's customers?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : I think I take a second crack at one here too as well. Maybe just to talk about the AI competitive landscape. Chaim, did you say in one of your earlier responses that you are monetizing AI solutions at the moment? And if so, I'd just be curious, now that we're seeing larger platform vendors like REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 9:00PM, PHR.N - Q2 2026 Phreesia Inc Earnings Call Epic starting to release some of their AI functionality, Doximity taking various AI functionality and sort of building it in and offering it for free, can you just talk about sort of what the evolution here is within your customer base on willingness to pay for AI functionality and sort of what the runway is here for monetization of those features? Thanks.

Question: Richard Close - Canaccord Genuity Corp - Analyst : On the R&D leverage (inaudible) Yeah. All right. So you cited repurposing tools to revenue-generating activities. Can you go into any more detail what exactly that was? And can that continue going forward?