LLR Partners-backed Phreesia files for $125 million IPO

Tom Paine

New York-based Phreesia, which uses a tabloid device to collect information from intake patients, eliminating the waste and lost information caused by hated paper forms, filed last week for an IPO pigeonholed at $125 million.

Philadelphia-based LLR Partner led a $30 million PE round in 2014. Phreesia has raised $92.6 million to date.

I’ll give a limited user endorsement because I’ve used the product in real life, not in a lab situation. For me, filling out the usual first-time patient info form is usually a nightmare because my handwriting is not very fine. Phreesia makes the process a breeze, and handles payment also. Since I used it a couple of years back, I believe Phreesia added connectivity, which greatly increases its potential for other applications.

I say a limited endorsement because I know there are competitors out there and I don’t know how they stack up versus Phreesia..

For the Fiscal Years 2018 and 2019, Phreesia revenue was $79.8 million and $99.9 million, against net losses of $18.2 million and  $15.1 million.

LLR has a 23.85% pre-IPO stake.

It’s product is long overdue.

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