Business
Progyny, Inc. Announces Second Quarter 2022 Results
Reports Record Quarterly Revenue of $195.0 Million, Reflecting 52% Growth Over the Prior Year PeriodSeeing Strong Employer Demand for Fertility and Family
About this update from Progyny, Inc.
[{"type":"text","content":"Reports Record Quarterly Revenue of $195.0 Million, Reflecting 52% Growth Over the Prior Year PeriodSeeing Strong Employer Demand for Fertility and Family Building Benefit SolutionsRaises Lower End of Full Year 2022 Guidance RangesIssues Revenue Guidance of $190.0 to $197.0 Million for the Third Quarter, Reflecting Growth of 55% to 61% NEW YORK, Aug. 04, 2022 (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 June 30, 2022 (“the second quarter of 2022”) as compared to the three-month period ended June 30, 2021 (“the second quarter of 2021” or “the prior year period”). “Progyny had a very strong second quarter, and our revenue growth of 52% over the prior year period reflects that we are continuing to see healthy levels of utilization, further affirming both the essential need of fertility treatment, as well as our members' strong desire to pursue the care that's required to achieve their family building goals,” said Pete Anevski, Chief Executive Officer of Progyny. “As we enter the heart of our selling season, employer demand for fertility and family building solutions is high. We expect that the majority of client decisions for implementations for 2023 will occur, as usual, in the late summer and early fall. Our current pipeline size and commitments received to date continue to be favorable relative to the record level of activity that we experienced a year ago, which, we believe, demonstrates that employers are looking to provide the benefits that will meet the needs and expectations of their workforce.” “The strong results this quarter reflect our continued ability to realize meaningful operating efficiencies, even as we rapidly grow the business, as demonstrated not only by the growth in our second quarter Adjusted EBITDA, over the prior year period, but also through our highest-ever quarterly Adjusted EBITDA margin, which expanded 250 basis points over the second quarter of 2021,” said Mark Livingston, Progyny’s Chief Financial Officer. Second Quarter Highlights: (unaudited; in thousands, except per share amounts)2Q 2022 2Q 2021Revenue$195,004 $128,651 Gross Profit$43,887 $29,621Gross Margin 22.5% 23.0%Gross Margin excl. sto...