Business
Progyny, Inc. Announces First Quarter 2020 Results
Company Well-Positioned to Successfully Manage COVID-Related Impacts Reports 72% Increase in First Quarter Revenue to $81.0 MillionReports $12.1 Million in
About this update from Progyny, Inc.
[{"type":"text","content":"Company Well-Positioned to Successfully Manage COVID-Related Impacts Reports 72% Increase in First Quarter Revenue to $81.0 MillionReports $12.1 Million in Quarterly Operating Cash Flow, Adding to its Already Strong Balance Sheet\n NEW YORK, May 12, 2020 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a leading benefits management company specializing in fertility and family building benefits solutions in the United States, today announced its financial results for the three-month period ended March 31, 2020 (“the first quarter of 2020”) as compared to the three-month period ended March 31, 2019 (“the prior year period”). “Due to the COVID-19 pandemic, our members’ access to care was meaningfully disrupted during the first quarter,” said David Schlanger, Chief Executive Officer of Progyny. “We believe this disruption is temporary because fertility is commonly recognized as an essential medical service, including by the American Society for Reproductive Medicine, and the prevalence of infertility means people will still need assistance in order to pursue their dreams of having a family.” “The clinics in our network have implemented, or are currently implementing, safety protocols and other necessary measures in order to be up and running for their full range of treatments over the course of the next several weeks,” continued Mr. Schlanger. “Our members are ready to resume treatment and want to do so in a way that feels safe.” “Though our first quarter results were negatively impacted by the disruption in providing care in March due to COVID-19, we are reporting solid revenue, net income and Adjusted EBITDA growth, as well as substantial operating and free cash flow, due to the strong start we had to the year,” said Pete Anevski, Progyny’s President, Chief Financial and Operating Officer. “We are looking forward to our clinics building back up to their pre-COVID patient volumes.” Impact of COVID-19 on First Quarter ResultsAs the COVID-19 pandemic was unfolding, state and local governments implemented shelter-in-place orders. As a result, our members’ access to care was impacted regionally. On March 17, 2020, the American Society for Reproductive Medicine (“ASRM”) issued guidelines recommending the suspension of new treatment cycles. As a result, the significant majority of our members were unable to complete diagnostics or initi...