NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a transformative fertility, family building, and women's health benefits solution, today announced that Pete Anevski, Progyny's Chief Executive Officer, will participate in a fireside chat at the Jefferies Global Healthcare Conference on Wednesday, June 5, 2024, at 9:00 A.M. Eastern Time. A live audiocast and replay will be available from the Events and Presentations section of Progyny's website at http://investors.progyny.com. About ...

NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a transformative fertility, family building, and women's health benefits solution, today announced that Pete Anevski, Progyny's Chief Executive Officer, will participate in a fireside chat at the Jefferies Global Healthcare Conference on Wednesday, June 5, 2024, at 9:00 A.M. Eastern Time. A live audiocast and replay will be available from the Events and Presentations section of Progyny's website at http://investors.progyny.com. About ...

Investment action I recommended a buy rating for Progyny, Inc. (NASDAQ:PGNY) when I wrote about it in mid-March this year, as I continued to view the long-term growth outlook as attractive. Based on my current outlook and analysis, I recommend a buy rating. My key update to my thesis is that I don't think the weakness in 1Q24 revenue is indicative of a structural long-term impairment to growth. Historical US ART cycles suggest a solid long-term growth trend, and any downturn is typically met with a strong r ...

Core Viewpoint - Progyny, Inc. has announced a new share repurchase program to buy back up to $100 million of its common stock, following a previous program announced on February 29, 2024, which will be funded through available cash balances [1]. Company Overview - Progyny is a transformative solution for fertility, family building, and women's health benefits, trusted by leading employers, health plans, and benefit purchasers [3]. - The company aims to create a world where everyone can achieve their family and health aspirations, demonstrating that comprehensive and inclusive solutions benefit employers, patients, and physicians [3]. Benefits and Services - Progyny's benefits solution includes concierge support, coaching, education, and digital tools, providing access to a premier network of fertility and women's health specialists who utilize the latest science and technologies [4]. - The company focuses on driving optimal clinical outcomes while reducing healthcare costs [4]. Recognition and Awards - Progyny has received multiple accolades for its leadership and growth, including recognition from CNBC Disruptor 50, Modern Healthcare's Best Places to Work in Healthcare, Forbes' Best Employers, Financial Times, Inc. 5000, Inc. Power Partners, and Crain's Fast 50 for NYC [5].

NEW YORK, May 22, 2024 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a transformative fertility, family building, and women's health benefits solution, announced today that its Board of Directors has approved a share repurchase program to repurchase up to $100 million of its common stock. This follows the program that was previously announced on February 29, 2024. The program will be funded through available cash balances. Shares may be repurchased through open market repurchases, including through plan ...

Progyny (NASDAQ:PGNY) is a transformative fertility, family building and women's health benefits solution, trusted by the nation's leading employers, health plans and benefit purchasers. We envision a world where everyone can realize their dreams of family and ideal health. Our outcomes prove that comprehensive, inclusive and intentionally designed solutions simultaneously benefit employers, patients and physicians. Our benefits solution empowers patients with concierge support, coaching, education, and dig ...

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 March 31, 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 ___________________ Commiss ...

Progyny, Inc. (NASDAQ:PGNY) Q1 2024 Earnings Conference Call May 9, 2024 4:45 PM ET Company Participants James Hart – Investor Relations Pete Anevski – Chief Executive Officer Mark Livingston – Chief Financial Officer Michael Sturmer – President Conference Call Participants Anne Samuel – JPMorgan Michael Cherny – Leerink Glen Santangelo – Jefferies Jailendra Singh – Truist Sarah James – Cantor Fitzgerald Scott Schoenhaus – KeyBanc Stephanie Davis – Barclays Richard Close – Canaccord Genuity David Larson – B ...

Fertility Benefits and Market Opportunity - Progyny currently has contracts to provide coverage to approximately 6.4 million employees and their partners (covered lives)[29] - Progyny's client base has grown to over 450 employers, each with at least 1,000 covered lives, since launching its fertility benefits solution in 2016[29] - Infertility affects one in five heterosexual women aged 15 to 49 years with no prior births in the United States, according to the CDC[34] - The market for fertility treatments in the United States is estimated to grow, with only 2% of babies born using ART compared to 10% in Denmark and over 8% in Japan[48] - The company's current member base of 6.4 million covered lives represents a mid-single digit percent of the total market opportunity of approximately 106 million potential covered lives[49] - 37% of the company's current clients had no prior fertility coverage before adopting its services, and 90% enhanced their coverage when switching[50] - The expansion of the fertility market depends on trends such as delayed family planning, increased single motherhood by choice, and destigmatization of infertility[153] - The company's Smart Cycle plan design offers 20 different treatment bundles, allowing members to choose the most suitable fertility treatment based on their needs[53] - The company's fertility benefits solution includes personalized concierge-style support, with members interacting with a dedicated PCA an average of 15 times during their treatment journey[55] - The company's Smart Cycle plan design has demonstrated superior clinical outcomes, including higher pregnancy and live birth rates, and lower miscarriage and multiple birth rates[54] - The company's network includes over 950 fertility specialists at 650 clinic locations, with 44 of the top 50 fertility practice groups by volume in the U.S. based on 2021 CDC data[57] - The company has over 450 clients under contract and targets a total addressable market of approximately 8,000 potential employer clients in the U.S.[71] - The company's revenue model benefits from organic growth as clients and their employee bases grow, increasing fertility treatment utilization[72] - The in-network average live birth rate per attempted retrieval for Progyny members is 44.4%, compared to the 37.4% average for all patients at the same clinics[73] - Progyny members typically undergo 2.2 retrievals for a live birth, compared to the national average of 3.5 retrievals[73] - The company serves over 450 employers in the U.S., representing approximately 6.4 million covered lives[75] - Clients span more than 40 industries, including technology, healthcare, financial services, and manufacturing[76] - Majority of clients have renewed their benefits management contracts since 2016, with multi-year or auto-renewing contracts[77] - In the 2023 sales cycle, substantially all new clients elected for Progyny Rx, multiple Smart Cycles, and/or egg-freezing[78] - The company added over 85 new clients in 2023, with a majority of current clients switching from existing fertility coverage to Progyny[83] - The company’s solutions are structured as a pre-tax benefit program, differentiating from post-tax reimbursement programs[82] - The company's fertility benefits solution includes Smart Cycles, a network of fertility specialists, and comprehensive care management services[401] - Revenue is primarily generated through the fertility benefits solution, which includes Smart Cycles and comprehensive care management services[411] Financial Performance and Metrics - Revenue increased by $301.7 million, or 38%, to $1,088.6 million in 2023 compared to $786.9 million in 2022, driven by growth in fertility benefits and Progyny Rx solutions[332] - Cost of services rose by $230.2 million, or 37%, to $849.8 million in 2023, primarily due to higher medical treatment and pharmacy prescription costs[333] - Gross profit increased by $71.5 million, or 43%, to $238.8 million in 2023, with gross margin improving 60 basis points to 21.9%[334][335] - Net income grew by $31.7 million, or 104%, to $62.0 million in 2023 compared to $30.4 million in 2022[327] - Adjusted EBITDA increased by $61.4 million, or 49%, to $187.1 million in 2023, representing 17.2% of revenue[327][331] - Other income, net surged by $7.4 million, or 673%, to $8.5 million in 2023, driven by higher investment and interest income[338] - Fertility benefits solution revenue grew by $166.2 million, or 33%, in 2023, driven by increased clients and covered lives[332] - Progyny Rx solution revenue increased by $135.5 million, or 49%, in 2023, supported by new and existing clients adopting the benefit[332] - Stock-based compensation expense rose by $21.9 million, or 22%, to $122.6 million in 2023[327] - Sales and marketing expenses increased by $13.8 million (30%) in 2023, driven by higher personnel-related costs and stock-based compensation[336] - General and administrative expenses rose by $18.8 million (19%) in 2023, primarily due to increased personnel costs and bad debt expense[337] - The company recorded a provision for income taxes of $8.7 million in 2023, compared to a benefit of $5.9 million in 2022, due to higher operating profit and reduced tax benefits[340] - Revenue for the year ended December 31, 2023, was $1,088.6 million, a 38.4% increase from $786.9 million in 2022[389] - Gross profit for 2023 was $238.8 million, up 42.7% from $167.3 million in 2022[389] - Net income for 2023 was $62.0 million, a 104.3% increase from $30.4 million in 2022[389] - Operating expenses for 2023 were $176.6 million, a 22.7% increase from $144.0 million in 2022[389] - Net income for the year ended December 31, 2023, was $62.0 million, compared to $30.4 million in 2022[392] - Total comprehensive income for 2023 was $64.4 million, up from $30.9 million in 2022[392] - Net cash provided by operating activities in 2023 was $188.8 million, a significant increase from $80.4 million in 2022[398] - Purchase of marketable securities in 2023 amounted to $429.7 million, compared to $163.3 million in 2022[398] - Stock-based compensation expense for 2023 was $122.6 million, up from $100.7 million in 2022[398] - Net income for 2023 was $62.037 million, up from $30.358 million in 2022[395] - Total equity at December 31, 2023, was $553.429 million, compared to $376.968 million in 2022[395] Pharmacy Benefits and Progyny Rx - Progyny's integrated pharmacy benefits solution, Progyny Rx, also has an NPS of +80 as of December 31, 2023[29] - Progyny's pharmacy benefits services costs include fees for prescription drugs dispensed and clinical services provided by specialty pharmacy partners[317] - Progyny receives rebates on certain medications purchased by its specialty pharmacies, which are recorded as a reduction to cost of services when prescriptions are dispensed[318] - Progyny Rx reduces medication dispensing and delivery time to two days, ensuring no missed treatment cycles, and offers 7-day clinical education and support[58] - Progyny Rx delivers unit cost savings by reducing unnecessary medication quantities dispensed, benefiting clients financially[66] - 91% of clients under contract are utilizing the Progyny Rx solution, with 98% of clients signed in fiscal year 2023 adopting it[73] - Progyny Rx, the pharmacy benefits solution, was launched on January 1, 2018, as an add-on service to its fertility benefits solution[402] Clinical Outcomes and Provider Network - Provider clinics within Progyny's network produce outcomes that surpass their own reported practice averages when treating Progyny members[33] - The company's in-network providers achieve superior clinical outcomes, including a 1.9% IVF multiples rate compared to the national average of 6.2%[67] - The company collects data on treatment adherence and clinical outcomes, including single embryo transfer rates (93.9%), pregnancy rates (62.8%), and live birth rates (52.9%)[59][67] - The company's Medical Advisory Board oversees clinical issues, evaluates new treatments, and ensures comprehensive benefits design[60] Operational and Strategic Considerations - Progyny's gross profit and gross margin are affected by factors such as geographic location of treatments, pricing with clients, provider clinics, labs, specialty pharmacies, and pharmaceutical companies[319] - Progyny's sales and marketing expenses are expected to increase in absolute dollars as the company continues to invest and grow its business[321] - The company expanded its offerings to include additional supported benefits for conception, maternity, postpartum care, and menopause[32] - The company's business experiences seasonality, with higher revenue in the second half of the year due to benefits plan start dates and member utilization patterns[157] - The business experiences moderate seasonality, with higher revenue in the second half of the year due to January 1 benefits plan start dates and increased treatment utilization[102] - The company's growth depends on maintaining relationships with third parties, including channel partners, vendors, and insurance carriers, which could impact revenue growth if not managed effectively[173] - The company's ability to maintain an efficient pharmacy distribution network is critical for timely delivery of fertility prescriptions, and disruptions could harm business operations[175] - The company's success relies on retaining high-quality fertility specialists and healthcare providers, with potential risks from contract terminations or unfavorable renegotiations[168] - The company's market opportunity estimates are based on the assumption that employers will find its fertility benefits platform attractive, which may not hold true if assumptions prove inaccurate[152] - The company's brand recognition and client trust are critical for expanding its client base, and failure to maintain these could harm business operations[160] - The company's ability to attract and retain qualified personnel, especially in sales and client success roles, is essential for executing its growth plan[162] - The company's culture is a key contributor to its success, and failure to preserve it could negatively impact recruitment and retention of personnel[164] - Specialty pharmacies may face supply chain issues or regulatory delays, potentially impacting fertility prescription availability and distribution, leading to higher medical costs or negative revenue impacts[176] - The company maintains TPA and PBM licenses in certain jurisdictions, requiring compliance with state regulations and solvency requirements[91] - The company's contracts typically have a stated term of three years with termination options after the first year[410] - Contracts include variable consideration sources: a per employee per month (PEPM) administration fee and a fixed rate per Smart Cycle[413] - Clients are invoiced monthly for the PEPM administration fee, with payment terms typically between 30 to 60 days[417] Financial Position and Liquidity - As of December 31, 2023, the company had $97.3 million in cash and cash equivalents and $273.8 million in marketable securities[341] - The company expects existing cash and cash equivalents, along with cash flow from operations, to support working capital and capital expenditure needs for at least the next 12 months[342] - Cash and cash equivalents at December 31, 2023, were $97.3 million, and marketable securities were $273.8 million[372] - Total current assets increased to $640.4 million in 2023 from $433.9 million in 2022[387] - Accrued receivables as of December 31, 2023, were $45.8 million, while accrued claims payable were $30.3 million[384] - Unbilled receivables as of December 31, 2023, were $45.1 million, compared to $42.9 million in 2022[428] - Total liabilities increased to $203.2 million in 2023 from $166.0 million in 2022[387] - Accounts receivable, net of allowances, stood at $241.9 million at the end of 2023, slightly up from $240.1 million in 2022[387] Employee and Organizational Metrics - The company had 566 employees as of December 31, 2023, with 563 being full-time[104] - The company's DEI initiatives include recruiting outreach, internal resource groups, mentoring programs, and career development ladders[105] Market Risk and Exposure - The company's market risk exposure is primarily due to fluctuations in interest rates[370]

Progyny, Inc. (NASDAQ:PGNY) Q4 2023 Earnings Conference Call February 27, 2024 4:45 PM ET Company Participants James Hart - Investor Relations Peter Anevski - Chief Executive Officer Michael Sturmer - President Mark Livingston - Chief Financial Officer Conference Call Participants Anne Samuel - JPMorgan Michael Cherny - Leerink Partners Glen Santangelo - Jefferies Allen Lutz - Bank of America Scott Schoenhaus - KeyBanc Sarah James - Cantor Fitzgerald Jailendra Singh - Truist Securities Stephanie Davis - Bar ...