Phreesia acquires AccessOne for $163M, achieves first profit, but 40% of assets on legacy systems

Filed March 31, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 13, 2025 · ~2 min read

Key Changes

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  Completed $163M AccessOne acquisition (Nov 2025), adding patient financing and expanding TAM from $10B to $24B. Took on $110M bridge loan, refinanced post-period into $275M credit facility. AccessOne represents 40% of total assets but excluded from internal controls assessment during integration.

  Business / Notes / Controls view on EDGAR →
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  Achieved first profitable year: $2.3M net income vs. $58.5M loss in FY2025, driven by 14% revenue growth to $481M, Adjusted EBITDA tripling to $102M, and $11M income tax benefit. Free cash flow jumped from $8M to $54M.

  MD&A / Notes verify on EDGAR →
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  Client acquisition slowed sharply: AHSC growth decelerated from 17% to 7% (311 net adds vs. 602 prior year). Management cites brand-specific dynamics and regulatory policy impacts in network solutions, though asserts no structural demand shift.

  MD&A verify on EDGAR →