Phreesia issued a press release on May 30, 2024, announcing financial results for the first quarter of its fiscal year 2025. Among other items, Phreesia update its “revenue outlook for fiscal year 2025 to a range of $416 million to $426 million from a previous range of $424 million to $434 million.” Phreesia advised that “[t]he updated revenue range incorporates the accelerated wind-down of a clearinghouse client relationship” and that “[t]he revenue range provided for fiscal 2025 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2025.” Following this news, Phreesia’s stock price dropped over 7% on May 31, 2024.