Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39100 Progyny, Inc. (Exact name of registrant as specified in its charter) ...

Progyny, Inc. (NASDAQ:PGNY) Q4 2021 Results Conference Call February 28, 2022 4:45 PM ET Company Participants James Hart - IR Pete Anevski - CEO Michael Sturmer - President Mark Livingston - CFO Conference Call Participants Anne Samuel - JPMorgan Michael Cherny - Bank of America Glen Santangelo - Jefferies Stephanie Davis - SVB Leerink Sarah James - Barclays Stephanie Davis - SVB Leerink Dev Weerasuriya - Berenberg Operator Good afternoon, ladies and gentlemen, and welcome to the Progyny Inc. Fourth Quarter ...

1 P R O P R I ET A R Y & C O N F I D E N T I A L | N O T F O R D I S T R I B U T I O N January 2022 J.P. Morgan 2022 Virtual Healthcare Conference 2 Safe Harbor Statement Forward-Looking Statements This presentation includes forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to management. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39100 Progyny, Inc. (Exact name of registrant as specified in its c ...

Financial Data and Key Metrics Changes - The company reported a solid third quarter with a 24% revenue growth, reaching $122.3 million, and a gross margin expansion of 220 basis points [8][34] - Adjusted EBITDA increased by 64% year-over-year to $16.5 million, with an adjusted EBITDA margin of 13.5%, reflecting a 330 basis point increase from the previous year [40] - Net income for the third quarter was $16.8 million, or $0.17 per share, compared to $4.8 million, or $0.05 per share, in the same period last year [41] Business Line Data and Key Metrics Changes - Medical revenue grew 17% to $85.3 million, while pharmacy revenue increased by 43% to $37 million [34] - The number of ART cycles performed during the third quarter was 6,892, approximately 27% higher than the previous year [36] - Female utilization rate was 0.46%, slightly up from 0.44% a year ago, indicating stable engagement with services [37] Market Data and Key Metrics Changes - The company expects to enter 2022 with 265 clients under contract, representing an estimated 4 million covered lives, nearly a 50% increase in members from the beginning of 2021 [11][50] - The client base continues to diversify, with new clients spanning over 20 different industries, including financial services, healthcare, and manufacturing [24][81] Company Strategy and Development Direction - The company aims to expand its addressable markets and explore new product development opportunities, indicating a focus on growth and market penetration [63] - The leadership transition is seen as a natural progression, with the new CEO and President expected to drive continued growth and strategic initiatives [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing market opportunities and the company's competitive position, highlighting a strong client retention rate of nearly 100% [10][28] - The company anticipates fourth quarter revenue between $133.9 million to $140.9 million, representing growth of 34% to 41% year-over-year, and expects approximately 50% revenue growth in 2022 [43][51] Other Important Information - The company has no debt and reported total working capital of approximately $150 million, with $114 million in cash and marketable securities [42] - The transition in leadership is expected to enhance focus on corporate strategy and development, allowing the outgoing CEO to dedicate more time to strategic initiatives [18][19] Q&A Session Summary Question: Can you provide color on the utilization embedded in the 50% revenue guidance for next year? - Management indicated that the guidance assumes current utilization levels continue, but clarity will come once the year starts [53] Question: How much of the 50% growth next year is from same store growth? - Most of the growth is expected from new lives added, with a smaller portion from upsells, but further clarity will be provided at year-end [55] Question: Can you clarify the fourth quarter net income guidance? - Management acknowledged a need to review the guidance for potential discrepancies and will provide updates if necessary [57] Question: What are the characteristics of the new clients being added? - The average size of new clients is consistent with historical averages, and they span across various industries, indicating a broad market appeal [81] Question: Is there a shift in the timing of new client adds? - Most new clients are still expected to go live on January 1, with a few smaller clients launching earlier, maintaining the traditional timeline [74]

Financial Data and Key Metrics Changes - Revenue in Q2 2021 nearly doubled to $128.7 million, reflecting a 99% increase compared to the same quarter last year [12][28] - Adjusted EBITDA increased nearly fivefold to $18.5 million, with an adjusted EBITDA margin of 14.4%, up 850 basis points from the previous year [12][33] - Net income was $18.7 million, or $0.19 per share, compared to a net loss of $1.1 million, or $0.01 per share, in the year-ago period [33] Business Line Data and Key Metrics Changes - Medical revenue grew to $92.3 million, while pharmacy revenue increased to $36.4 million, both doubling from the second quarter last year [29] - ART cycles performed in Q2 reached a record 7,340, more than double the number from the same period last year [12][30] - Average members for the quarter grew over 30% to 2.8 million, compared to 2.1 million in the same quarter last year [12][29] Market Data and Key Metrics Changes - The company had 182 clients as of June 30, 2021, representing an average of 2.8 million covered lives, reflecting a 31% growth in lives over the last year [29] - The female utilization rate increased to 0.47% from 0.32% a year ago, although the previous year's rate was impacted by the pandemic [30] Company Strategy and Development Direction - The company aims to expand market share through new client acquisition, retain existing clients, and deepen relationships through upsells [18] - The management believes that the current competitive position is the strongest ever, with a robust market opportunity and positive macro factors supporting growth [10][39] - The company is focused on achieving exceptional client retention and expanding service offerings for 2022 [9][39] Management's Comments on Operating Environment and Future Outlook - Management noted a slight reduction in expected utilization for Q3 due to a drop in appointment scheduling, which they believe is a short-term anomaly [11][12] - The company expects Q3 revenue to be between $121 million to $130 million, reflecting a growth of 22% to 31% over the prior year [35] - For the full year, revenue guidance has been adjusted to $510 million to $530 million, indicating growth of 48% to 54% over the prior year [36] Other Important Information - The company has maintained a high level of member satisfaction, reflected in an industry-leading NPS score [16] - The management highlighted the importance of proven outcomes in fertility treatment, which significantly outperform national averages [14] Q&A Session Summary Question: Can you provide more color on utilization and its recovery? - Management indicated that utilization is rebounding but has not fully recovered yet, with expectations for improvement in the back half of the year [44][45] Question: Are you seeing more clients without fertility benefits looking to add them? - The company noted that about two-thirds of new clients have had some level of benefit in the past, with a significant number still lacking coverage [46] Question: What is the reason for the drop in revenue per ART cycle? - The drop is attributed to a change in the mix of services provided, rather than a fundamental change in pricing [50][52] Question: What are the expectations for same-store member growth next year? - Management expects to see normalized levels of same-store growth, similar to previous years [53] Question: How does the current utilization disruption impact future revenue guidance? - The guidance reflects a slight reduction in expected utilization, with the company projecting a 2% to 5.5% decrease for the full year [55] Question: Can you provide insights on geographic market performance? - The company observed inconsistent performance across markets, with some areas seeing a drop in scheduling while others are improving [66] Question: How often do you see abrupt changes in scheduling? - Abrupt changes in scheduling are rare outside of COVID, and the recent drop is viewed as a short-term anomaly [69]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39100 Progyny, Inc. (Exact name of registrant as specified in its charte ...

Progyny, Inc. (NASDAQ:PGNY) Q1 2021 Earnings Conference Call May 6, 2021 4:45 PM ET Company Participants James Hart - Vice President, Investor Relations David Schlanger - CEO Mark Livingston - CFO Pete Anevski - President and COO Conference Call Participants Stephanie Davis - SVB Leerink Anne Samuel - JP Morgan Ralph Giacobbe - Citi Operator Good afternoon, ladies and gentlemen and welcome to the Progyny Incorporated First Quarter 2021 Earnings Call. At this time, all participants have been placed on a list ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39100 Progyny, Inc. (Exact name of registrant as specified in its chart ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39100 Progyny, Inc. (Exact name of registrant as specified in its charter) D ...