Investor

PresentationMarch 2021

This presentation includes express or implied statements that 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. Forward-looking statements involve substantial risks and uncertainties. Forward-looking

statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or

of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words:

“may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we

believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational

or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or

achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.

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, including our revenue, cash flows, costs of

revenue and operating expenses; our anticipated growth; our predictions about our industry; the impact of the COVID-19 pandemic on our business and our

ability to attract, retain and cross-sell to healthcare provider clients. The forward-looking statements contained in this release are also subject to other risks and

uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form

10-K for the fiscal year ended January 31, 2021 that will be filed with the SEC on March 31, 2021. The forward-looking statements in this presentation speak only

as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-

looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the

occurrence of unanticipated events, except as required by law.

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

2

To create a better, more engaging

healthcare experience

OUR MISSION

3

4

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

~1,800 healthcare

provider organizationsis Patient Intake

~$2.0Bpatient payments

processed in FY21

Who we are: Leading provider of comprehensive solutions that

transform the healthcare experience by engaging patients in their care$149Mrevenue in FY21

19% revenue

growth in FY21

What we do: Enable healthcare provider organizations to optimize

operational efficiency, improve profitability and enhance clinical care

~$9B total

addressable market

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 visit

• 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 represent $37B in annual spending

• $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 visible subscription fees charged on a per provider 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

sitio

nH

ow

we

ma

ke

m

on

ey

Staff Use These:

IN THE OFFICE

Phreesia Dashboard

AT HOME, ON THE GO, IN THE OFFICE

Mobile

IN THE OFFICEPhreesiaPad

Arrivals Station

Patients Use These:

IN THE OFFICE

Analytics

OUR END-TO-END PATIENT INTAKE SOLUTION

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Real-time Integration

Electronic Medical Record

Practice Management

System

Practice Data Warehouses

APIsPayment Networks

PayersTelehealth

Vendors

THE PHREESIA PLATFORM

Robust analytic

tools

Commitment to privacy

and security

Reliable and scalable

platform

Real-time integration with

leading PMs and EMRs

Patient Intake Platform

Appointments

Online appointment requests

Referrals

Appointments queue to track requests

Revenue Cycle

Insurance verification

POS payments

Card on file

Payment plans

Online payments

Clinical Support

Clinical screening tools and PROs for 25+

specialties

Behavioral health screenings for primary

care

Patient ActivationRegistration

Social determinants of health screening

Mobile

Intake for Telehealth

Consent management

Payment assurance

8

Patient chat

Branded patient announcements

Patient surveysAutomated self-

scheduling

Flexible APIs

8

Intake Workflows

Zero-Contact Intake

Typical entry-level package

Health campaigns

Life Sciences

Patient Connect

Patient Insights

Advanced Analytics

COVID-19 Screening Module

In its annual “Best in KLAS: Software and Services” report, KLAS named Phreesia the

2021 Best in KLAS for Patient Intake Management, based on survey data from

provider groups on customer experience pillars, such as loyalty, value and more.

This is the third consecutive year that KLAS has named Phreesia as the top patient

intake solution

Phreesia Named the 2021 Best in KLAS

for Patient Intake Management

9Phreesia Confidential & Proprietary Information

OUR CURRENT ADDRESSABLE MARKET

TAM of ~$9B

Source: (1) IQIVIA, Definitive Healthcare and company estimates (2) Kaiser Family Foundation, BLS Data, American Association of Nurse Practitioners, National Commission of Certification of Physician Assistants - assumes ~1,022,000 total physicians; ~237,000 NPs of which ~110,000 are out-of-hospital taking appointments and 36,000 in hospital taking appointments; 106,000 PAs, of which ~42,000 are out-of-hospital taking appointments and 41,000 in hospital taking appointments; (3) CMS, includes out-of-pocket spending for physician, clinical and other professional services; (4) ZS Associates, projected spending in point-of-care marketing in pharma (2014 – 2020)

~50K addressable provider clients1

in United States

Subscription-Based Revenue

$6.3B

$93B addressable out-of-pocket3

in United States

Consumer-Related Transaction

And Payment Processing Fees

$2.3B

Life Sciences

DTC point-of-care

marketing spend4

$850M

10

~1.3M individual providers2:

~1.0M active physicians

~146K nurse practitioners

~83K physician assistants

SCALABLE FROM SMALL BUSINESSES TO LARGE ENTERPRISES

11

Serving over 1,800 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

MULTIPLE GROWTH OPPORTUNITIES

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• 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

• History of generating positive Adj. EBITDA but will prioritize investing in growth above profitability

• Opportunistic approach

• Vital Score in FY19

• Two apps from Geisinger and Merck in FQ3 21

• QueueDr in FQ4 21

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

SCALABLE AND PREDICTABLE SOURCES OF REVENUE

14

• 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

• Includes base package and add-on applications

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

Su

bsc

rip

tio

n

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

34%

46%

REVENUE MODEL DRIVERS FY21 % 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

20%

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

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

Pro

vid

er

1,571

1,711

1,603

1,808

FY 20 FY 21 FQ4 20 FQ4 21

+9%

$6 $10

$27

$32

FQ4 20 FQ4 21

$22 $30

$103

$119

FY 20 FY 21

STRONG OPERATING AND FINANCIAL PERFORMANCE

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TOTAL REVENUE ($M)

FY ended January 31

$125

$149

+19%

ProviderLife Sciences

1 For a reconciliation to the nearest GAAP measure, please see slide 21

$33

$42

$4.8 $3.8

$1.3

($0.1)

FY 20 FY 21 FQ4 20 FQ4 21

ADJ. EBITDA ($M)1

AVG. NUMBER OF

PROVIDER CLIENTS

AVG. PROVIDER

REVENUE PER CLIENT ($K)

$65,486

$69,499

FY 20 FY 21

$16,708

$17,858

FQ4 20 FQ4 21

+27%

+13% +6%

+7%+16%

+21%

Appendix

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DETAILED INCOME STATEMENT

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

$M

Fiscal year ended January 31 Three months ended January 31

FY 2020 FY 2021 Q4 2020 Q4 2021

Revenue:

Subscription and Related Services Revenue $56.4 $69.0 $15.1 $18.8

Payment Processing Revenue 46.5 49.9 11.7 13.4

Total Provider Revenue $102.9 $118.9 $26.8 $32.3

% Growth 20.6%

Life Sciences $21.9 $29.7 $6.0 $9.5

% Growth 57.7%

Total Revenue $124.8 $148.7 $32.8 $41.8

% YoY Growth 25% 19% 24% 27%

Expenses:

Cost of revenues (excl. depreciation and amortization) $16.8 $23.5 $4.2 $7.0

Payment Processing Expense 27.9 28.9 6.9 7.8

Sales and Marketing 32.4 43.0 8.2 13.0

Research and Development 18.6 22.6 4.9 6.4

General and Adminstrative 30.5 40.5 9.6 11.7

Depreciation 8.8 9.8 2.3 2.6

Amortization 5.2 6.1 1.3 1.6

Total Expenses $140.1 $174.3 $37.5 $50.1

Operating loss ($15.3) ($25.7) ($4.7) ($8.3)

Operating Margin (12.3%) (17.3%) (14.2%) (19.8%)

Other Income (Expense) ($1.0) $0.0 (0.3) 0.2

Change in Fair Value of Warrant Liability (3.3) 0.0 0.0 0.0

Change in Fair Value of Contingent Consideration Liabilities 0.0 0.1 0.0 0.1

Interest (Income) Expense (2.4) (1.6) (0.7) (0.4)

Total Other Income (Loss) ($6.8) ($1.6) ($1.0) ($0.1)

(Benefit From) Provision for Taxes (1.8) 0.0 (2.0) (0.3)

Net Income (Loss) ($20.3) ($27.3) ($3.7) ($8.1)

Net Margin % (16.3%) (18.4%) (11.2%) (19.4%)

Memo: Adjusted EBITDA1

$4.8 $3.8 $1.3 ($0.1)

% Margin 3.8% 2.6% 4.1% (0.2%)

ADJUSTED EBITDA RECONCILIATION1

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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 January 31

FY 2020 FY 2021 Q4 2020 Q4 2021Reconciliation to Adjusted EBITDA

Net Income (Loss) ($20.3) ($27.3) ($3.7) ($8.1)

Interest (Income) Expense 2.4 1.6 0.7 0.4

Depreciation and Amortization 13.9 15.9 3.7 4.3

Stock-Based Compensation Expense 6.2 13.5 2.3 3.9

(Benefit From) Provision for Taxes (1.8) 0.0 (2.0) (0.3)

Change in Fair Value of Warrant Liability 3.3 0.0 0.0 0.0

Change in Fair Value Contingent Consideration Liabilities 0.0 0.1 0.0 0.1

Other (Income) Expense 1.0 (0.0) 0.3 (0.2)

Adjusted EBITDA1 $4.8 $3.8 $1.3 ($0.1)

Adjusted EBITDA Margin % 3.8% 2.6% 4.1% (0.2%)

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