Business
Progyny, Inc. Announces Second Quarter 2023 Results
Reports Record Quarterly Revenue of $279.4 Million, Reflecting 43% Growth Over the Prior Year PeriodAchieves Record Quarterly Operating Cash Flow of $76.0
About this update from Progyny, Inc.
[{"type":"text","content":"Reports Record Quarterly Revenue of $279.4 Million, Reflecting 43% Growth Over the Prior Year PeriodAchieves Record Quarterly Operating Cash Flow of $76.0 MillionRaises Full Year Revenue and Earnings GuidanceContinuing to See Strong Employer Demand for Fertility and Family Building Solutions NEW YORK, Aug. 03, 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-month period ended June 30, 2023 (“the second quarter of 2023”) as compared to the three-month period ended June 30, 2022 (“the second quarter of 2022” or “the prior year period”). “We are pleased with our strong second quarter results, driven once again by healthy levels of member engagement that continue to reflect members’ desire to pursue the care they need in order to achieve their family building goals,” said Pete Anevski, Chief Executive Officer of Progyny. “According to the CDC, assisted reproductive technology (ART) cycles grew at a compounded annual growth rate of 10.5% over the past ten years, and a compounded annual growth rate of 11.8% over just the last two years alone, despite the effects of the global pandemic. We believe the accelerating growth in treatment volumes reflects both the increasing prevalence of infertility – which the World Health Organization recently reported is now affecting one out of every six people of reproductive age globally – as well as improved access to care, as employers increasingly look to provide the health benefits that will meet the medical needs and expectations of their workforce. “This data also reveals that the macro trends that have been driving our growth remain intact, and we are continuing to see high employer demand for fertility and family building solutions in our current selling season. Our pipeline continues to be favorable as compared to this time last year, and we have already received a healthy number of commitments for 2024 implementations, including leading industrial, financial services and transportation brands, as well as labor union populations. While we expect the majority of client decisions will occur in the late summer and early fall, as usual, we are pleased with where we are today and with how we are positioned f...