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Side-by-side financial comparison of Phreesia, Inc. (PHR) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Phreesia, Inc. is the larger business by last-quarter revenue ($120.3M vs $92.9M, roughly 1.3× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 3.5%, a 21.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 12.7%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $12.2M).
Phreesia, Inc. is a software as a service company that offers healthcare organizations a set of applications to automate and manage patient intake.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
PHR vs VCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.3M | $92.9M |
| Net Profit | $4.3M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 3.1% | 24.1% |
| Net Margin | 3.5% | 25.0% |
| Revenue YoY | 12.7% | 23.3% |
| Net Profit YoY | 129.7% | 17.3% |
| EPS (diluted) | $0.07 | $0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $120.3M | $92.9M | ||
| Q3 25 | $117.3M | $67.5M | ||
| Q2 25 | $115.9M | $63.2M | ||
| Q1 25 | — | $52.6M | ||
| Q4 24 | — | $75.4M | ||
| Q3 24 | — | $57.9M | ||
| Q2 24 | — | $52.7M | ||
| Q1 24 | — | $51.3M |
| Q4 25 | $4.3M | $23.2M | ||
| Q3 25 | $654.0K | $5.1M | ||
| Q2 25 | $-3.9M | $-553.0K | ||
| Q1 25 | — | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | — | $-901.0K | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | — | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 3.1% | 24.1% | ||
| Q3 25 | -1.3% | 5.1% | ||
| Q2 25 | -2.8% | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | -4.3% | ||
| Q2 24 | — | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | 3.5% | 25.0% | ||
| Q3 25 | 0.6% | 7.5% | ||
| Q2 25 | -3.4% | -0.9% | ||
| Q1 25 | — | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | — | -1.6% | ||
| Q2 24 | — | -8.9% | ||
| Q1 24 | — | -7.5% |
| Q4 25 | $0.07 | $0.46 | ||
| Q3 25 | $0.01 | $0.10 | ||
| Q2 25 | $-0.07 | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $106.4M | $137.5M |
| Total DebtLower is stronger | $3.4M | — |
| Stockholders' EquityBook value | $320.3M | $354.6M |
| Total Assets | $423.5M | $488.0M |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.4M | $137.5M | ||
| Q3 25 | $98.3M | $135.4M | ||
| Q2 25 | $90.9M | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $3.4M | — | ||
| Q3 25 | $4.6M | — | ||
| Q2 25 | $6.2M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $320.3M | $354.6M | ||
| Q3 25 | $298.0M | $321.9M | ||
| Q2 25 | $282.2M | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | — | $292.0M | ||
| Q3 24 | — | $257.5M | ||
| Q2 24 | — | $243.0M | ||
| Q1 24 | — | $233.9M |
| Q4 25 | $423.5M | $488.0M | ||
| Q3 25 | $408.6M | $453.3M | ||
| Q2 25 | $400.4M | $435.6M | ||
| Q1 25 | — | $424.6M | ||
| Q4 24 | — | $432.7M | ||
| Q3 24 | — | $390.4M | ||
| Q2 24 | — | $376.8M | ||
| Q1 24 | — | $356.7M |
| Q4 25 | 0.01× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.02× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $15.5M | $15.0M |
| Free Cash FlowOCF − Capex | $12.2M | $12.8M |
| FCF MarginFCF / Revenue | 10.1% | 13.8% |
| Capex IntensityCapex / Revenue | 2.7% | 2.4% |
| Cash ConversionOCF / Net Profit | 3.62× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.5M | $15.0M | ||
| Q3 25 | $14.8M | $22.1M | ||
| Q2 25 | $14.8M | $8.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | — | $22.2M | ||
| Q3 24 | — | $10.2M | ||
| Q2 24 | — | $18.5M | ||
| Q1 24 | — | $7.2M |
| Q4 25 | $12.2M | $12.8M | ||
| Q3 25 | $13.1M | $19.5M | ||
| Q2 25 | $11.3M | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | 10.1% | 13.8% | ||
| Q3 25 | 11.1% | 28.8% | ||
| Q2 25 | 9.8% | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | 2.7% | 2.4% | ||
| Q3 25 | 1.5% | 3.9% | ||
| Q2 25 | 3.0% | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | 3.62× | 0.65× | ||
| Q3 25 | 22.68× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHR
| Subscription And Services | $55.5M | 46% |
| Network Solutions | $37.4M | 31% |
| Payment Processing Fees | $27.4M | 23% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
