#1Phreesia Investor Presentation June 2022#2DISCLAIMER 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 of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. These statements include, but are not limited to, statements regarding: Phreesia's future financial and operational performance, including our revenue and Adjusted EBITDA; Phreesia's outlook for fiscal year 2023 and fiscal year 2025 targets; our business strategy and operating plans; industry trends and predictions; and our anticipated growth and operating leverage. 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, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to develop and release new products and services, and develop and release successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry; the impact of the COVID-19 pandemic on our business and economic conditions; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions; and other general market, political, economic and business conditions (including as a result of the warfare and/or political and economic instability in Ukraine). The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those listed or described in our filings with the Securities and Exchange Commission ("SEC"), including in our most recently filed Annual Report on Form 10-K and quarterly reports on Form 10-Q and our other SEC filings. 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. In addition to the Company's GAAP financial information, this presentation includes certain non-GAAP financial measures. The non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. Other companies, including companies in our industry, may calculate non- GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the Appendix and in the Company's most recent Annual Report on form 10-K and Quarterly Report on Form 10-Q on file with the SEC and our other filings with the SEC, and not to rely on any single financial measure to evaluate our business. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about the Company's industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither the Company nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of the Company's future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the Company's market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. Phreesia#3Phreesia OUR MISSION Phreesia To create a better, more engaging healthcare experience#4Phreesia is Patient Intake Who we are: Leading provider of comprehensive solutions that transform the healthcare experience by engaging patients in their care What we do: Enable healthcare provider organizations to optimize operational efficiency, improve profitability and enhance clinical care 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 Refer to slide 15 for definition of average healthcare services clients 2 As of April 30, 2022 3 Refer to slide 16 for definition of patient payment volume Phreesia $ s BEST IN KLAS PATIENT INTAKE MANAGEMENT 2022 >2,500 healthcare services clients ¹.2 >$2.9B patient payments processed latest twelve months2.3 $228M total revenue for latest twelve months² 40% total revenue growth latest 12 months² Best in KLAS Patient Intake Management 2019, 2020, 2021, 2022 4#5● ● Staffing challenges 1.2M intake staff represent $37B in annual spending¹ $4.1T U.S. healthcare spend² ● • ~$1.1T U.S. healthcare waste² . -$300B admin- related waste³ Phreesia =$ ● ATTRACTIVE INDUSTRY TAILWINDS Increasing patient responsibility $586B out-of- pocket spend by 2027² HDHPS represent 46% of health plan market4 • Patient payments are hard to collect and reduce cash flow to providers 1 Bureau of Labor Statistics and Kaiser Family Foundation 2 Centers for Medicare & Medicaid Services, National Health Expenditure Accounts 3 JAMA, Waste in the US Health Care System, October 7, 2019 4 National Center For Health Statistics (+) Accelerated digitization Consumer demand for information with speed, efficiency and accuracy Healthcare organizations jettisoning manual and time- consuming administrative tasks Changing care models • Providers incentivized to measure and achieve outcomes ● Requires high levels. of documentation, and substantive patient engagement Patient-centered care ● • Need to directly reach patients when making care decisions ● Current engagement strategies not as effective as targeted outreach LO 5#6Value proposition How we make money Phreesia ● ● + OUR VALUE PROPOSITION AND HOW WE MAKE MONEY Healthcare Services Orgs Simplified operations and enhanced staff efficiency Improved cash flow and profitability Enhanced clinical quality Improved patient experience Highly visible subscription fees most commonly charged on a per provider per month (PPPM) basis Based on number and type of applications elected ● ● Patients Improved patient experience High patient usage Flexible payment options Engagement in care Reoccurring payment processing fees • Based on level of patient payment volume processed through Phreesia platform ● Targeted, direct digital marketing Improved brand conversion and adherence • Feedback from patient voice X Life Sciences Companies ● ● • Fees from the sale of digital marketing solutions to life sciences companies • Based on guaranteed number of engagements with target audiences#7Used over 100M times in the past Electronic Health Record Welcome, Mary Health & Wellress dink Phreesia Having Than himsey Sal (SEVA D.Jenn Eigish Here's what we reed to da today res check-in AT HOME, ON THE GO, IN THE OFFICE Mobile 1 As of September 30, 2021 Practice Management System OUR END-TO-END PATIENT INTAKE SOLUTION Previne (m sh H MIX www. were s 32 XXXNS ww year¹ www.y IN THE OFFICE Phreesia Pad Arrivals Station Practice Data Warehouses Used by tens of thousands of staff¹ Real-time integration Telehealth Vendors IN THE OFFICE Phreesia Dashboard ↓↑ Payers collection by bechenzo. MEN JIM MARK - Ara Exton Tex-Lang Vortra Duga Bagy ↓↑ Payment Networks - Caff Card T IN THE OFFICE Analytics APIs 7#8Phreesia Innovative software to improve efficiency, cash flow and the patient experience & ooo oooo ooo ACCESS Appointment reminders Integrated patient scheduling Automated appointment rescheduling Referral management Patient text messaging Real-time integration with leading PMs and EHRS and payers THE PHREESIA PLATFORM REGISTRATION Mobile and in-office intake modalities Registration for virtual visits Specialty-specific workflows Consent management مههه Robust analytic tools REVENUE CYCLE Point-of-service payments Insurance verification Payment plans Online payments Card on file and payment assurance Reliable and scalable platform CLINICAL SUPPORT COVID-19 support modules Self-service patient-reported outcomes Behavioral health screenings Social determinants of health screenings Patient education and engagement Commitment to privacy and security 8#9Providers Spine Nevada THE IOWA CLINIC Phreesia USED BY ALL TYPES OF HEALTHCARE PROVIDER AND LIFE SCIENCES ORGANIZATIONS Independent Physician Groups CAREMOUNT' Chesapeake UROLOGY MEDICAL Crystal Run Healthcare SENT ALLERGY ASSOCIATES, LLI ENTANDALLERGY.COM ¹ Refer to slide 15 for definition of average healthcare services clients Hospitals and Health Systems Ascension Medical Group BayCare Serving more than 2,500 healthcare services clients¹ Life Sciences ● Pharma Manufacturers More than 70 brands Eight of the top 10 global pharma companies DHU 34#10Land new clients Direct sales model Focus on all provider settings Acute care market in early innings Phreesia ● • Additional providers within existing clients Expand new locations Increase usage ● MULTIPLE GROWTH OPPORTUNITIES Grow footprint within existing clients ¹ For a reconciliation to the nearest GAAP measure, please see slide 22 q Cross-sell new applications to existing clients • Proven ability to continuously innovate ● Appointments, Cost Estimation and Mobile • Upsell new applications an Increasing investments to drive growth New product and expanding footprint ● • Adj. EBITDA positive from FY 19 through FY21¹ • Accelerated spending in FY22 • Opportunistic approach ● Partnerships and M&A ● Vital Score in FY 19 Two apps from Geisinger and Merck in FQ3 21 QueueDr in FQ4 21 ● • Insignia Health in FQ4 22 10#11Subscription-based revenue -50K addressable healthcare services clients¹ in United States ~1.3M individual providers:² -1.0M active physicians ~146K nurse practitioners ~83K physician assistants $6.3B OUR CURRENT ADDRESSABLE MARKET Consumer-related transaction and payment processing fees $93B addressable out-of-pocket³ in United States $2.3B TAM of -$9B Life Sciences DTC point-of-care marketing spend4 $850M 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) Phreesia 11#12Financial Overview#13Provider Subscription and related services¹ Payment processing fees Life Sciences SCALABLE AND PREDICTABLE SOURCES OF REVENUE REVENUE MODEL • Includes base package and add-on applications • Majority of fees charged per provider per month (PPPM) 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 ● Sale of targeted digital marketing solutions to patients Contract duration typically 12 months • Guaranteed # of engagements with target audience • Fees charged per brand engagement New healthcare services clients • Expansion within existing clients. • New products and applications DRIVERS ● Increase in payment volume from patients of existing and new providers/clients • Increase in patient financial responsibility ● New life sciences clients • Expansion within existing clients. • Purposeful controlled growth • Investment in new data and analytics products represent upside potential FY22 % REV 45% 31% 25% Strong visibility into revenue at the beginning of the fiscal period based on contracted business In addition to subscription revenue, Phreesia generates certain fees from healthcare services clients for professional services associated with implementation, travel and expense reimbursements, shipping and handling, sale of hardware (Phreesia Pads and Arrivals Kiosks), on-site support and training. Phreesia 13#14Quarterly Revenue¹ (FY2019-FY2023²) $24M $10M $9M $5M Q1'19 Phreesia Subscription and Related Services Payment Processing Fees Life Sciences $25M $10M $9M $5M Q2'19 $25M $11M $9M $5M FY 2019 MORE THAN DOUBLED QUARTERLY REVENUE SINCE FISCAL 2019 $26M $13M $9M $5M ¹ Revenue may not add up due to rounding 2 Fiscal year ended January 31; FY2023 only includes Q1'23 $28M $13M $12M Q3'19 Q4'19 Q1'20 $4M $31M $14M $12M $5M Q2'20 $33M $15M $12M $7M $33M FY 2020 $15M $12M $6M Q3'20 Q4'20 2.7x $33M $16M $12M $6M Q1'21 $35M $17M $12M $6M Q2'21 $38M $17M $13M $8M $42M FY 2021 $19M $13M $10M Q3'21 Q4'21 $48M $22M $17M $10M Q1'22 $51M $23M $16M $12M $56M $24M $16M $15M $58M FY 2022 $26M $16M $15M Q2'22 Q3'22 Q4'22 $63M $29M $19M $15M Q1'23 FY 2023 14#15Average Number of Healthcare Services Clients (FY2019-FY2023¹) 1,450 $6.9K Q1'19 Phreesia ACCELERATING HEALTHCARE SERVICES CLIENT AND SUBSCRIPTION MARKET SHARE Avg. Subscription and Related Services Revenue per Healthcare Services Client 2 Avg. Number of Healthcare Services Clients ³ 1,463 $7.1K 1,503 $7.3K 1,543 FY 2019 $8.1K 1,549 $8.2K 1,558 $9.0K 1,573 $9.3K 1,603 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 FY 2020 $9.4K 1,632 $9.6K 1,668 $10.3K 1,737 $10.1K 1,808 FY 2021 $10.4K 1,902 $11.5K Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 1,987 $11.5K 2,097 $11.6K FY 2022 2,311 $11.4K Q2'22 Q3'22 Q4'22 2,526 $11.5K Q1'23 FY 2023 1 Fiscal year ended January 31; FY2023 only includes Q1'23 2 We define average subscription and related services revenue per healthcare services client as the total subscription and related services revenue (excluding payment processing revenue) generated from healthcare services clients in a given period divided by the average number of healthcare services clients that generate revenue each month during that same period. 3 We define average number of healthcare services clients as the average number of healthcare services client organizations that generate revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. 15#16Patient Payment Volume (FY2019-FY2023¹) 84% $360 3.06% Q1'19 Take Rate Percentage² Patient Payment Volume (in millions)³ Payment Facilitator Volume Percentage4 83% $358 3.09% Q2'19 82% CONSISTENT PAYMENT VOLUME AND TRANSACTION-LEVEL ECONOMICS $358 3.09% Q3'19 83% $370 3.08% Q4'19 83% $461 3.02% Q1'20 83% $464 3.04% Q2'20 82% $463 3.04% Q3'20 FY 2020 82% $477 3.01% Q4'20 84% $454 3.08% Q1'21 82% $466 3.11% Q2'21 $524 80% 3.09% Q3'21 FY 2021 $552 79% 3.08% Q4'21 $701 78% 3.04% Q1'22 $696 78% 3.00% Q2'22 $682 79% 2.99% Q3'22 FY 2022 $689 79% 2.96% Q4'22 $837 80% FY 2019 ¹ Fiscal year ended January 31; FY2023 only includes Q1'23. 2 Take rate percentage is defined as: payment processing fees / (patient payment volume x payment facilitator volume percentage). 3 Patient payment volume: We believe that patient payment volume is an indicator of both the underlying health of our healthcare services clients' businesses and the continuing shift of healthcare costs to patients. We measure patient payment volume as the total dollar volume of transactions between our healthcare services clients and their patients who utilize our payment platform, including via credit and debit cards that we process as a payment facilitator, as well as through cash and check payments, and credit and debit transactions for which Phreesia acts as a gateway to other payment processors. 4 Payment facilitator volume percentage is defined as the volume of credit and debit card patient payment volume that we process as a payment facilitator as a percentage of total patient payment volume. Payment facilitator volume is a major driver of our payment processing revenue. Phreesia 2.89% Q1'23 FY 2023 16#17Total Revenue ($M) Healthcare Services Life Sciences $48.3 $38.5 $9.8 Q1 FY22 +31% $58.0 $42.6 $15.4 Q4 FY22 $63.4 +26% $48.5 +51% $14.9 Q1 FY23 Avg. Number of Healthcare Services Clients¹ 1,902 FISCAL FIRST QUARTER 2023 RESULTS Q1 FY22 +33% 2,311 Q4 FY22 2,526 Q1 FY23 Avg. Revenue Per Healthcare Services Client² $20,222 Q1 FY22 -5% $18,430 Q4 FY22 $19,193 Q1 FY23 $0.1 Adj. EBITDA³ (SM) Q1 FY22 -$30.5 Q4 FY22 -$30.6 Q1 FY23 ! We define healthcare services clients as the average number of healthcare services client organizations that generate revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. We believe growth in the number of healthcare services clients is a key indicator of the performance of our business and depends, in part, on our ability to successfully develop and market our Platform to healthcare services client organizations that are not yet clients. While growth in the number of healthcare services clients is an important indicator of expected revenue growth, it also informs our management of the areas of our business that will require further investment to support expected future healthcare services client growth. For example, as the number of healthcare services clients increases, we may need to add to our customer support team and invest to maintain effectiveness and performance of our Platform and software for our healthcare services clients and their patients. 2 We define average revenue per healthcare services client as the total subscription and related services and payment processing revenue generated from healthcare services clients in a given period divided by the average number of healthcare services clients that generate revenue each month during that same period. We are focused on Phreesia continually delivering value to our healthcare services clients and believe that our ability to increase average revenue per healthcare services client is an indicator of the long-term value of the Phreesia platform. 3 For reconciliation to the nearest GAAP measure, please see slide 22. 17#18Total Revenue ($M) Healthcare Services Life Sciences $124.8 $102.9 $21.9 FY2020 $148.7 $118.9 $29.7 FY2021 +43% $213.2 +35% $160.7 +77% $52.5 FY2022 Avg. Number of Healthcare Services Clients¹ 1,571 FISCAL YEAR 2022 RESULTS FY2020 1,711 FY2021 +21% 2,074 FY2022 Avg. Revenue Per Healthcare Services Client² $65,486 FY2020 +11% $69,499 FY2021 $77,478 FY2022 $4.8 FY2020 Adj. EBITDA³ (SM) $3.8 FY2021 -$59.0 FY2022 ! We define healthcare services clients as the average number of healthcare services client organizations that generate revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. We believe growth in the number of healthcare services clients is a key indicator of the performance of our business and depends, in part, on our ability to successfully develop and market our Platform to healthcare services client organizations that are not yet clients. While growth in the number of healthcare services clients is an important indicator of expected revenue growth, it also informs our management of the areas of our business that will require further investment to support expected future healthcare services client growth. For example, as the number of healthcare services clients increases, we may need to add to our customer support team and invest to maintain effectiveness and performance of our Platform and software for our healthcare services clients and their patients. 2 We define average revenue per healthcare services client as the total subscription and related services and payment processing revenue generated from healthcare services clients in a given period divided by the average number of healthcare services clients that generate revenue each month during that same period. We are focused on Phreesia continually delivering value to our healthcare services clients and believe that our ability to increase average revenue per healthcare services client is an indicator of the long-term value of the Phreesia platform. 3 For a reconciliation to the nearest GAAP measure, please see slide 22. 18#19FY2023 Q1 Results $63.4M Total Revenue +31% y/y -$30.6M Adj. EBITDA FISCAL YEAR 2023 OUTLOOK AND FISCAL YEAR 2025 TARGET FY2023 Outlook¹ $271M to $275M Total Revenue +27-29% y/y -$126M to -$122M Adj. EBITDA3 FY2025 Target² $500.0M Annualized4 Revenue 1 Outlook issued on March 30, 2022 and reaffirmed on June 2, 2022. 2 Targets issued on March 30, 2022 and reaffirmed on June 2, 2022. 3 We have not reconciled the Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non- GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). Outlook issued on June 2, 2022. 4 For our target revenue, annualized is defined as multiplying the highest quarterly revenue in fiscal year 2025 by four. Phreesia 19#20Financial Appendix#21Phreesia $ and shares in Millions Revenue: Subscription and related services Payment processing fees Total healthcare services revenues % Growth Life Sciences % Growth Total revenues % YoY Growth Expenses: Cost of revenue (excl. depreciation and amortization) Payment processing expense Sales and Marketing Research and development General administrative DETAILED INCOME STATEMENT¹ Depreciation Amortization Total expenses Operating loss Other (expense) income, net Interest (expense) income, net Total other (expense) income, net Provision for income taxes Net Loss Weighted average shares outstanding, basic and diluted Net loss per share, basic and diluted Fiscal year ended Jan 31 2021 $69.0 49.9 $118.9 $29.7 $148.7 19% $23.5 28.9 43.0 22.6 40.5 9.8 6.1 $174.3 ($25.7) $0.0 (1.6) ($1.6) 0.0 ($27.3) 39.5 ($0.69) ¹ Subtotals may not foot due to rounding 2022 $95.5 65.2 $160.7 $52.5 $213.2 43% $42.7 38.7 106.4 52.3 68.7 15.0 6.3 $330.1 ($116.8) ($0.1) (1.1) ($1.2) 0.2 ($118.2) 49.9 ($2.37) Fiscal quarter ended April 30 2021 2022 $21.8 16.6 $38.5 $9.8 $48.3 45% $8.5 9.7 15.0 8.1 12.7 3.3 1.7 $58.9 ($10.7) 0.1 (0.2) ($0.2) 0.1 ($11.0) 45.4 ($0.24) $29.1 19.4 $48.5 $14.9 $63.4 31% $14.4 12.2 40.0 20.6 20.9 4.3 1.6 $113.9 ($50.6) (0.0) (0.4) ($0.4) 0.2 ($51.2) 51.9 ($0.99) 21#22$M Net Loss Interest expense (income), net Provision for income taxes Depreciation and amortization Stock-based compensation expense ADJUSTED EBITDA RECONCILIATION¹ Change in fair value contingent consideration liabilities Other expense (income), net Adjusted EBITDA¹ Phreesia Fiscal year ended Jan 31 2021 ($27.3) 1.6 0.0 15.9 13.5 0.1 (0.0) $3.8 2022 ($118.2) 1.1 0.2 21.3 36.2 0.3 0.1 ($59.0) Fiscal quarter ended April 30 2021 ($11.0) 0.2 0.1 4.9 5.8 0.0 (0.1) $0.1 2022 ($51.2) 0.4 0.2 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. 5.9 14.2 0.0 0.0 ($30.6) 22