Business
Progyny, Inc. Announces Second Quarter 2020 Results
Reports Second Quarter Revenue of $64.6 MillionPatient Return to Treatment Faster Than ExpectedIssues Revenue Guidance of $323.0 to $340.0 Million for Full
About this update from Progyny, Inc.
[{"type":"text","content":"Reports Second Quarter Revenue of $64.6 MillionPatient Return to Treatment Faster Than ExpectedIssues Revenue Guidance of $323.0 to $340.0 Million for Full Year 2020, Reflecting Growth of 41% to 48%Issues Revenue Guidance of $88.0 to $95.0 Million for the Third Quarter of 2020, Reflecting Growth of 44% to 55%\n NEW YORK, Aug. 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-month period ended June 30, 2020 (“the second quarter of 2020”) as compared to the three-month period ended June 30, 2019 (“the prior year period”). “Earlier in the year, while access to care was significantly disrupted by the pandemic, our members remained eager to resume treatment once they were able to do so safely. As clinics began to reopen throughout the quarter, member activity recovered more quickly than we had initially anticipated, with patient volumes at the end of the quarter approaching typical utilization levels,” said David Schlanger, Chief Executive Officer of Progyny. “This level of treatment activity affirms our belief that Progyny’s business would recover more quickly relative to other areas of the economy that have been significantly affected by COVID-19 as well as other areas of healthcare like hospitals, where non-emergency procedures are still significantly lower than normal.” “While member utilization in June was approximately 90% of what we typically would have expected to see, most clinics weren’t initiating new treatments at the start of the quarter, so our overall utilization in the second quarter was only about 65% of our typical levels,” said Pete Anevski, Progyny’s President, Chief Financial and Operating Officer. “Despite this, we are still reporting double-digit revenue growth, strong profit margins, healthy Adjusted EBITDA and positive operating cash flow against the backdrop of the COVID-19 pandemic, demonstrating both the resilience and strength of our business model.” Impact of COVID-19 on Second Quarter Results As previously disclosed, as of the start of the second quarter, the significant majority of fertility clinics had ceased initiating new treatment cycles in response to guidelines issued by the American Society for Reproductive Medi...