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    Matt Shah

    Research Analyst at Needham & Company

    Matt Shah serves as an equity research analyst at Needham & Company, specializing in coverage of technology and growth sectors with particular focus on software and internet companies. He provides research and investment analysis on firms ranging from emerging tech startups to established public companies, delivering thoughtful recommendations shaped by rigorous sector expertise and market analysis. Shah began his career in financial services with roles at other leading research firms before joining Needham & Company, where he has contributed to the firm's technology research group. He maintains professional credentials in line with industry standards, including relevant FINRA registrations and securities licenses.

    Matt Shah's questions to Phreesia (PHR) leadership

    Matt Shah's questions to Phreesia (PHR) leadership • Q2 2025

    Question

    Matt Shah, on for Ryan MacDonald, asked if the slower provider adds expected in the second half of fiscal 2025 signal a new seasonality or a strategic shift to larger clients. He also inquired about the PAM renewal process and its revenue potential.

    Answer

    Executive Balaji Gandhi clarified that the full-year guidance for AHSCs is an intentional move away from a quarterly cadence and does not reflect seasonality. Regarding the Patient Activation Measure (PAM), he highlighted its unique, publicly documented attributes and confirmed that its inclusion in new CMS models presents future revenue opportunities.

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