Business
Progyny, Inc. Announces First Quarter 2023 Results
Reports Record Quarterly Revenue of $258.4 Million, Reflecting 50% Growth Over the Prior Year PeriodRaises Full Year Revenue and Earnings GuidanceStrong
About this update from Progyny, Inc.
[{"type":"text","content":"Reports Record Quarterly Revenue of $258.4 Million, Reflecting 50% Growth Over the Prior Year PeriodRaises Full Year Revenue and Earnings GuidanceStrong Demand Continues for Family Building Solutions as Affirmed by Healthy Utilization, Early Sales Activity and New Partnerships NEW YORK, May 08, 2023 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY) (“Progyny” or the “Company”), a leading benefits management company specializing in fertility and family building benefits solutions, today announced its financial results for the three-month period ended March 31, 2023 (“the first quarter of 2023”) as compared to the three-month period ended March 31, 2022 (“the first quarter of 2022” or “the prior year period”). “We're pleased with our strong start to 2023, as the ongoing healthy demand for fertility and family building care helped us achieve our highest-ever quarterly revenue, gross profit and Adjusted EBITDA, while our continued focus on cash flow from operations has allowed us to generate our highest-ever first quarter cash flow for that metric,” said Pete Anevski, Chief Executive Officer of Progyny. “A recent report from the World Health Organization has revealed that the prevalence of infertility - which has long been recognized as a disease - continues to increase. Access to effective treatment for any disease is essential, and we believe fertility care should likewise be an essential benefit that's available to everyone, given the profound impact it has on both employers and their employees. “With that critical dynamic as a backdrop, we believe that the 5.4 million covered lives we manage today represent just a fraction of our market opportunity. Although our selling season for 2024 launches is at its earliest stages, we are pleased that our sales and pipeline activity is favorable when compared to the record level of activity that we had a year ago. In addition, we've already had a healthy number of early commitments as well. We believe this positive activity, as well as our recently announced strategic relationships with Evernorth and Children's Hospital Association, further validates both the strong demand in the market, as well as our leading position as the provider of choice for fertility and family building solutions.” “Our first quarter gross profit increased 78% and Adjusted EBITDA nearly doubled when compared to the ...