Shares of Phreesia, Inc. (PHR) tumbled 8.68% in after-hours trading on Thursday following the release of its second-quarter fiscal 2026 results and the announcement of a significant acquisition. The healthcare software company's stock price movement reflects investor concerns despite reporting revenue slightly above expectations.

Phreesia reported Q2 revenue of $117.255 million, marginally surpassing the IBES estimate of $116.5 million. The company also posted a net income of $654 thousand for the quarter. However, these figures failed to impress investors, as the stock was trading down 10.41% at $27.96 in extended trading following the announcement.

In a surprising move, Phreesia also revealed plans to acquire AccessOne, a patient financing company, for $160 million. This strategic acquisition aims to expand Phreesia's suite of payment solutions, but it may have raised concerns among investors about the company's financial strategy and future performance. Adding to the market's cautious reaction, Phreesia announced it would maintain its revenue outlook for fiscal 2026, which some analysts might interpret as a conservative stance in light of the acquisition. The company stated it expects to update its fiscal 2026 financial outlook following the close of the transaction, leaving investors in a wait-and-see position.