NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a transformative fertility, family building, and women’s health benefits solution, will report its financial results for the quarterly period ended September 30, 2024 after the close of the market on Tuesday, November 12, 2024. The company will host a conference call at 4:45 P.M. Eastern Time (1:45 P.M. Pacific Time) and issue a press release regarding its financial results prior to the start of the call. Interested participants in th ...

SAN FRANCISCO, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Fertility benefits provider Progyny, Inc. (NASDAQ: PGNY) is under intense scrutiny following the unexpected announcement of a major client’s departure. Shareholder rights firm Hagens Berman has launched a probe into the company's disclosures regarding its client retention rates. The firm urges Progyny investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact ...

I last covered Progyny (NASDAQ: PGNY ) in June, recommending a buy after they reported Q1'24 and the market punished the shares with a 15% decline. After reporting Q2'24 on the 6th of August, the shares declined another 19%. To top it off, management I'm in the last year of my law PhD on the topic of corporate wrongdoing. My main focus in equity research is following up on companies that have been targeted by activist short sellers. I have found these interesting because:i) they are typically undercovered - ...

NEW YORK, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Progyny, Inc. ("Progyny" or "the Company") (NASDAQ: PGNY). Investors who purchased Progyny securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/PGNY. Investigation Details On September 18, 2024, Progyny disclosed in a filing with the U.S. Securities and Exchange Commission ...

SAN FRANCISCO, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Progyny, Inc. (NASDAQ: PGNY) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys. On September 18, 2024, after the market closed, Progyny announced that it "was recently notified by a significant client (the 'Client') that the Client has elected to exercise a 90-day option to terminate its services agreement with the ...

One of Progyny's big clients is bailing on the fertility solutions provider. Shares of Progyny (PGNY -29.86%) were crashing 30.1% lower as of 11:22 a.m. ET on Thursday. The steep decline came after the fertility benefits provider disclosed in a regulatory filing that it was losing an unnamed major client. Progyny said that the client "confirmed they had no issues of concern over the course of its multiyear relationship with the Company, including member satisfaction or quality of service or outcomes." It al ...

DjelicS/E+ via Getty Images Progyny's (NASDAQ:PGNY) Q2 results were less than stellar, as the stock sold off significantly after lowering their full-year revenue guidance. Currently, Progyny is down over 40% YTD and down nearly 30% since my last article. I believe the company's long-tern thesis is still on track, and I'll diseuss the data presented from the company's recent Investor Day, which may calm some anxious Progyny shareholders I haven't given up on the company yet, but I'm downgrading my rating to ...

Progyny's second-quarter earnings weren't what the market wanted, but there's no reason to panic just yet. Shares of leading fertility benefits specialist Progyny (PGNY -20.51%) dropped 19% as of 1 p.m. EDT on Wednesday, according to data provided by S&P Global Market Intelligence. While Progyny beat analysts' expectations for $0.40 in adjusted earnings per share (EPS) by $0.03, its revenue of $304 million was ever-so-slightly below the consensus of $305 for the second quarter. However, what really seemed t ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________ FORM 10-Q ____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ | --- | ...

Financial Data and Key Metrics - Q2 2024 revenue grew 9% YoY to $304.1 million, marking the first quarter to exceed $300 million in revenue [17] - Medical revenue increased 12% YoY to $194 million, while pharmacy revenue grew 4% YoY to $110 million [20] - Adjusted EBITDA grew 15% YoY to $54.5 million, with an adjusted EBITDA margin of 17.9%, up 90 basis points YoY [23] - Net income was $16.5 million, or $0.17 per diluted share, compared to $15 million, or $0.15 per diluted share in Q2 2023 [23] - Operating cash flow was $56.7 million, down from $76 million in Q2 2023 due to higher cash taxes and favorable working capital items in the prior year [24] - The company repurchased 5.6 million shares for approximately $160 million in Q2, reducing shares outstanding by 6% since the start of the year [25] Business Line Performance - ART cycles performed in Q2 increased 5% YoY to 15,600, with a female utilization rate of 0.47%, down from 0.50% in Q2 2023 but up sequentially from 0.46% in Q1 2024 [21] - The company expects ART cycles per unique female utilizer to remain flat or increase slightly in Q3, deviating from historical seasonal patterns [7][8] - Revenue per utilizing member is expected to be 7% lower than previously anticipated due to fewer ART cycles per utilizer [8] Market and Client Data - As of June 30, the company had 463 clients with at least 1,000 lives, representing 6.4 million covered lives, a 20% YoY increase [18] - The company expects to end 2024 with 6.5 million to 6.6 million covered lives, slightly below previous expectations due to a net reduction of approximately 100,000 lives in Q2 [19][56] - Early commitments for the 2025 selling season are pacing ahead of last year, with a high take rate for Progyny Rx and new products like menopause and maternity support [13][14] Strategy and Industry Competition - The company is focused on expanding market share through new client acquisition, maintaining high retention rates, and developing new channel partnerships [11][16] - Recent partnerships include Meritene Health, a subsidiary of Aetna, and the acquisition of April, a Berlin-based fertility benefits platform, to expand global offerings [16][17] - The company continues to differentiate itself in the market through comprehensive fertility solutions and cost containment for clients [22] Management Commentary on Operating Environment and Outlook - Management adjusted full-year revenue guidance lower by approximately 5% at the midpoint, citing lower-than-expected ART cycles per female utilizer and a net reduction in covered lives [6][9] - The company expects Q3 revenue of $290 million to $303 million and full-year revenue of $1.165 billion to $1.2 billion, reflecting 9% growth at the midpoint [26] - Management emphasized transparency in providing guidance and remains confident in the long-term strength of the business despite near-term variability [10][28] Other Important Information - The company announced an additional $100 million share repurchase program, bringing the total authorization to $260 million [25] - An Investor Day is scheduled for August 12 in New York City, featuring client panels and discussions on market opportunities [28] Q&A Session Summary Question: What is driving the volatility in ART cycles and utilization? [30][31] - Management noted that the deviation from historical patterns in ART cycles per female utilizer is not due to a decline in demand but rather a slower rate of growth than expected [32] - Factors such as higher clinical success rates, different treatment paths, or member preferences could be contributing to the trend [8] Question: How is the company thinking about the impact of economic conditions on covered lives? [33][34] - Management stated that the net reduction in covered lives in Q2 was due to normal client reporting activity and not indicative of broader economic trends [34] Question: What is the comfort level with the revised revenue guidance? [37] - Management expressed confidence in the low end of the guidance range but acknowledged the difficulty in predicting unknown variables [37] Question: How is the 2025 selling season progressing? [43] - Early commitments are pacing ahead of last year, with strong demand for new products and high retention rates among existing clients [43] Question: Are there any state-by-state trends impacting revenue? [49][75] - Management noted no significant state-by-state variances impacting revenue trends [75] Question: How are conversations with benefits consultants evolving? [77][78] - Management highlighted positive trends in conversations with benefits consultants, with increased focus on diversity, equity, and inclusion (DEI) initiatives [78] Question: What is driving the increase in revenue per ART cycle? [73][81] - The increase is attributed to higher utilization of non-ART services by members, which impacts the overall revenue per ART cycle calculation [81]