Business
Progyny, Inc. Announces Fourth Quarter and Full Year 2021 Results
Issues Guidance for 2022, Reflecting 50% Revenue Growth at Midpoint of the RangeReports Full Year Revenue of $500.6 Million, Reflecting 45% GrowthReports
About this update from Progyny, Inc.
[{"type":"text","content":"Issues Guidance for 2022, Reflecting 50% Revenue Growth at Midpoint of the RangeReports Full Year Revenue of $500.6 Million, Reflecting 45% GrowthReports Fourth Quarter Revenue of $127.6 Million, Reflecting 27% Growth NEW YORK, Feb. 28, 2022 (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, 2021 (“the fourth quarter of 2021” and “the full year”, respectively) as compared to the three- and twelve-month periods ended December 31, 2020 (“the fourth quarter of 2020” and “the prior year period”, respectively). “While member utilization for October and November was strong and consistent with our expectations, the emergence and rapid spread of the COVID-19 Omicron variant affected activity in December and January,” said Pete Anevski, Chief Executive Officer of Progyny. “As the effects of the Omicron wave began to subside, we saw our members return to care at more typical levels starting in February, demonstrating yet again the continued resilience of fertility patients in their pursuit of care, even against the backdrop of a global pandemic. “Even with the continuing effects of the pandemic marginally affecting the business, 2021 was an exceptional year for Progyny. We reached record levels of revenue and profitability, maintained our near 100% retention of existing clients, and concluded our most successful selling season ever, adding the largest number of new clients and covered lives in our history. As we enter 2022 on the heels of this momentum, we believe we are in our strongest ever competitive standing and are well positioned to continue to lead the market as the provider of choice in fertility as companies increasingly recognize the importance of providing a comprehensive fertility benefit to their workforce.” “In the fourth quarter, revenue grew 27% and our gross margin, excluding non-cash stock compensation expense, increased meaningfully, even as we invested to expand the functions and resources that were needed to support the onboarding of our largest-ever cohort of new members in early 2022,” said Mark Livingston, Progyny’s Chief Financial Officer. “For the full year, our Adjusted EBITDA margins in 2021 w...