Business
Progyny, Inc. Announces Fourth Quarter and Full Year 2019 Results
Reports 118% Increase in 2019 Revenue to $229.7 Million Issues Revenue Guidance of $395.0 to $415.0 Million for 2020, Reflecting Growth of 72% to 81%Issues
About this update from Progyny, Inc.
[{"type":"text","content":"Reports 118% Increase in 2019 Revenue to $229.7 Million Issues Revenue Guidance of $395.0 to $415.0 Million for 2020, Reflecting Growth of 72% to 81%Issues Revenue Guidance of $89.0 to $94.0 Million for the First Quarter of 2020\n NEW YORK, March 05, 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- and twelve-month periods ended December 31, 2019 (“the fourth quarter of 2019” and “the full year”, respectively) as compared to the three- and twelve-month periods ended December 31, 2018 (“the fourth quarter of 2018” and “the prior year”, respectively). “We had a strong fourth quarter, concluding a record year for Progyny,” said David Schlanger, Chief Executive Officer of Progyny. “In 2019, our selling season produced the greatest number of new clients and covered lives in our history, demonstrating that awareness of infertility as a medical condition is growing, and that employers are looking for leading benefits solutions that both provide the appropriate coverage and generate the best clinical outcomes.” “Our revenue grew 118% in 2019, making this the third consecutive year in which we have more than doubled our revenue from the previous year,” said Pete Anevski, Progyny’s President, Chief Financial and Operating Officer. “We achieved this while also expanding our gross margin and our income from continuing operations to the highest levels they’ve ever been.” Fourth Quarter and Full Year 2019 Highlights: (unaudited; in thousands, except per share amounts)4Q 2019 4Q 2018 FY 2019 FY 2018 Revenue$65,122 $29,187 $229,683 $105,400 Gross Profit$11,769 $5,415 $45,505 $19,434 Gross Margin18.1% 18.6% 19.8% 18.4% Net Loss from Continuing Operations$(4,400)$(1,577)$(8,569)$(5,116) Net Loss per Share Attributable to Common Stockholders$(0.07)$(0.31)$(0.41)$(1.00)Net Income (as adjusted)1$1,357 $9,607 Net Earnings per share (as adjusted)1$0.01 $0.11 Adjusted EBITDA2$3,882 $479 $18,342 $1,428 Adjusted EBITDA Margin26.0% 1.6% 8.0% 1.4% Net income (as adjusted) reflects an adjustment for the convertible preferred stock warrant valuation. Net earnings per share (as adjusted) also reflects weighted-average shares outstanding as adjusted for: a) the conversion of all ...