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 ...

Progyny, Inc. (NASDAQ:PGNY) Q4 2020 Earnings Conference Call February 24, 2021 4:45 PM ET Company Participants James Hart - Vice President of Investor Relations David Schlanger - Chief Executive Officer Pete Anevski - Chief Operating Officer Mark Livingston - Chief Financial Officer Conference Call Participants Ralph Giacobbe - Citi Michael Cherny - Bank of America Glen Santangelo - Guggenheim Operator Good afternoon ladies and gentlemen and welcome to the Progyny's Fourth Quarter 2020 Earnings Call. At thi ...

Financial Data and Key Metrics Changes - Progyny reported record performance with quarterly revenue of $98.9 million, a 62% increase from $61.2 million in Q3 2019, marking the highest quarterly revenue ever [24] - Adjusted EBITDA nearly doubled to $10.6 million, with an adjusted EBITDA margin of 10.7%, reflecting a 170 basis point increase from the prior year [30] - Net income improved to $5.4 million from a loss of $8.2 million in the prior year, with net income attributable to common stockholders at $0.05 per diluted share compared to a loss of $1.10 per share in the previous year [32][33] Business Line Data and Key Metrics Changes - Medical revenue increased by 46% to $73.1 million, driven by the growth in clients and covered lives [24] - Pharmacy revenue more than doubled to $25.8 million from $11.2 million, with approximately 70% of clients now utilizing Progyny Rx, up from 60% a year ago [25] - The number of ART cycles performed increased by 44% year-over-year, totaling 5,407 cycles in the quarter [23] Market Data and Key Metrics Changes - The company expects to enter 2021 with approximately 180 clients and 2.7 million members, representing increases of 36% and 29% respectively from Q1 2020 [9] - The average covered lives increased by approximately 100,000 members during the quarter, reflecting the resilience of the client base amid the pandemic [13] - The client base is diverse, representing over 20 different industries, with limited exposure to sectors severely affected by COVID-19 [13] Company Strategy and Development Direction - Progyny plans to continue investing in its business and exploring opportunities to leverage its assets and expertise, aiming to expand its addressable market and add new services [15] - The company is focused on enhancing corporate governance and plans to add two new board members to diversify perspectives [16] - The management team has been strengthened with the promotion of Mark Livingston to Chief Financial Officer, indicating a commitment to leadership depth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through ongoing COVID-19 disruptions, citing a strong balance sheet and positive cash flow [35] - The company anticipates a strong selling season for 2021, with commitments from 45 new clients representing approximately 400,000 new covered lives [38] - Management noted that the pandemic has not diminished the desire for fertility treatments, and employers increasingly recognize the need for fertility coverage to attract talent [48] Other Important Information - The company reported a gross profit of $20.8 million, a 69% increase from the prior year, with a gross margin of 21.1% [26] - Cash and marketable securities totaled $105 million, reflecting an increase of $13.6 million from the previous quarter [34] - The guidance for Q4 2020 projects revenue between $95.4 million to $100.4 million, indicating growth of 47% to 54% [36] Q&A Session Summary Question: Dynamics of covered lives and smaller employers - Management explained that the lower average number of lives per client was due to larger employers being more hesitant to make changes during the pandemic, while smaller employers were able to make decisions [56] Question: Expectations for 2022 selling season - Management expressed optimism for a significantly better selling season in 2022, with many prospects returning to engage in discussions [62][64] Question: Margin expansion sustainability - Management indicated that the margin improvements are sustainable due to better relationships with pharmacy partners and increased prescription volumes [73] Question: Revenue guidance for 2021 - Management clarified that the $525 million revenue guidance for 2021 is a minimum, with expectations for potential upside based on higher utilization and upselling opportunities [70] Question: Adoption of Progyny Rx - Management confirmed that 70% of current clients utilize Progyny Rx, with new clients showing an 83% adoption rate during the selling season [100] Question: New clients and benefits - Management noted that existing clients are adding more benefits, with no clients reducing their coverage despite economic pressures [111]

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, 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 c ...

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, 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 charte ...

Progyny, Inc. (NASDAQ:PGNY) Q2 2020 Earnings Conference Call August 5, 2020 4:45 PM ET Company Participants James Hart - Vice President, Investor Relations David Schlanger - Chief Executive Officer Pete Anevski - President, Chief Financial Officer and Chief Operating Officer Conference Call Participants Anne Samuel - JP Morgan Stephan Tanal - SVB Leerink Sarah James - Piper Sandler Glen Santangelo - Guggenheim Michael Cherny - Bank of America Ralph Giacobbe - Citi Operator Good day and welcome to the Progyn ...

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, 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 chart ...

Progyny, Inc. (NASDAQ:PGNY) Q1 2020 Earnings Conference Call May 12, 2020 4:45 PM ET Company Participants James Hart - Vice President, Investor Relations David Schlanger - Chief Executive Officer Pete Anevski - President, Chief Financial Officer and Chief Operating Officer Conference Call Participants Sarah James - Piper Sandler Anne Samuel - JP Morgan Michael Cherny - Bank of America Ralph Jacoby - Citi Operator Good afternoon, and welcome to the Progyny Inc. First Quarter 2020 Earnings Conference Call. Al ...