Business
Progyny, Inc. Announces Fourth Quarter 2022 Results
Reports Full Year Revenue of $786.9 Million, Reflecting 57% GrowthReports Record Quarterly Revenue and Operating Cash Flow of $214.3 Million and $51.5
About this update from Progyny, Inc.
[{"type":"text","content":"Reports Full Year Revenue of $786.9 Million, Reflecting 57% GrowthReports Record Quarterly Revenue and Operating Cash Flow of $214.3 Million and $51.5 Million, RespectivelyIssues Financial Guidance for 2023, Anticipates Crossing $1 Billion Revenue Milestone NEW YORK, Feb. 27, 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- and twelve-month periods ended December 31, 2022 (“the fourth quarter of 2022” and \"the full year\", respectively) as compared to the three- and twelve-month periods ended December 31, 2021 (“the fourth quarter of 2021” and “the prior year period”, respectively). “2022 was another strong year for Progyny, highlighted by record levels of revenue, gross profit and operating cash flow, as utilization remained both healthy and consistent with our expectations throughout the year. In addition, our selling season produced our largest number of new clients, as well as the expansion into multiple new and attractive industries,” said Pete Anevski, Chief Executive Officer of Progyny. “We now have the most diverse client base in our history, one that spans more than 40 different industries and reflects that family building solutions have become an essential benefit across all types of employers. In just the past two years, we've more than doubled our clients, members, and revenue, demonstrating the superiority of Progyny's offerings and the resulting high demand for our solutions in the market. We achieved this while simultaneously expanding our margins, profitability and cash flow, which reveals the inherent operating leverage in our model. “As we look into 2023, the early activity we've seen from prospective clients thus far, including those opportunities that carried over from last year's selling season as well as some early wins, continues to be extremely positive. Accordingly, we believe we're well-positioned to maintain our record momentum from the 2022 selling season.” “In the fourth quarter, revenue grew 68% over the prior year period, gross margin expanded by 110 basis points, and we generated a record $51.5 million in operating cash flow. On a full year basis, we more than tripled our cash flow from operations as compare...