Business
Progyny, Inc. Announces First Quarter 2021 Results
Reports Record First Quarter Revenue of $122.1 Million, Reflecting 51% GrowthIssues Revenue Guidance of $126.0 to $131.0 Million for the Second Quarter of
About this update from Progyny, Inc.
[{"type":"text","content":"Reports Record First Quarter Revenue of $122.1 Million, Reflecting 51% GrowthIssues Revenue Guidance of $126.0 to $131.0 Million for the Second Quarter of 2021, Reflecting Growth of 95% to 103%Continues to Demonstrate Leverage in Operating Model Through Increased Profitability NEW YORK, May 06, 2021 (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, 2021 (“the first quarter of 2021”) as compared to the three-month period ended March 31, 2020 (“the first quarter of 2020” or “the prior year period”). “Progyny had a solid first quarter, with record revenue reflecting strong utilization as well as the continued expansion of our client base and covered lives,” said David Schlanger, Chief Executive Officer of Progyny. “With the increasing emphasis companies are placing on their diversity, equity and inclusion initiatives, fertility has become one of the more impactful ways for employers to demonstrate their focus in these areas. We believe Progyny is exceptionally well-positioned to benefit from this ongoing macro-trend, given that we not only generate industry-leading outcomes, but we also provide personalized, culturally-competent care that addresses the historic inequities that have existed.” “In the first quarter, our profitability and margins continued to expand, reflecting both the operational efficiencies we have realized as we continue to scale the business, as well as favorable comparisons to the prior year period, which reflected a modest impact from COVID-19 at that time,” said Mark Livingston, Progyny’s Chief Financial Officer. First Quarter Highlights: (unaudited; in thousands, except per share amounts)1Q 20211Q 2020Revenue$122,133 $81,024 Gross Profit$28,907 $16,602 Gross Margin 23.7% 20.5% Net Income$15,166 $3,629 Net Income per Diluted Share1$0.15 $0.04 Adjusted EBITDA2$17,263 $6,693 Adjusted EBITDA Margin2 14.1% 8.3% Net income per diluted share reflects weighted-average shares outstanding as adjusted for potential dilutive securities, including options and warrants to purchase common stock, as well as restricted stock units.Adjusted EBITDA and Adjusted EBITDA margin are financial measures that are not required by, o...