Business
Progyny, Inc. Announces Second Quarter 2024 Results
Achieves Record Quarterly Adjusted EBITDA, Strong Cash Flow Conversion RateBoard Authorizes Repurchase of $100 Million of Common Stock NEW YORK, Aug. 06, 2024
About this update from Progyny, Inc.
[{"type":"text","content":"Achieves Record Quarterly Adjusted EBITDA, Strong Cash Flow Conversion RateBoard Authorizes Repurchase of $100 Million of Common Stock NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY) (“Progyny” or the “Company”), a transformative fertility, family building and women's health benefits solution, today announced its financial results for the three-month period ended June 30, 2024 (“the second quarter of 2024”) as compared to the three-month period ended June 30, 2023 (“the second quarter of 2023” or “the prior year period”). “The rate of utilization in the second quarter was consistent with our expectations, indicating that the demand for treatment remains both healthy and within the range of our long-established patterns,” said Pete Anevski, Chief Executive Officer of Progyny. “While the third quarter rate of utilization thus far remains consistent with the second quarter, we are presently seeing a lower revenue per utilizing member than we would expect, which may be due to any number of reasons, including, for example, higher clinical success rates and other factors that impact timing and treatment paths. While this reflects a change from our historical experience and impacts our expectations for the second half of the year, we believe the business remains healthy and well-positioned overall, as evidenced by the significant progress we continue to make in all of the areas that are most impactful to building the long-term value of the business.” “We are now entering the heart of our selling season, and employer interest in women's health solutions remains high and our pipeline is healthy. As usual, we expect that the majority of client decisions will occur in the coming months. Early commitments for launches in 2025 are pacing above this time last year, and reflect a wide range of industries, including financial services, hospitality, media, state and local government, and labor unions, further attesting to the universal relevance of our solutions. Lastly, existing clients are responding favorably to our newest services in maternity and menopause, and, as of this stage of the season, accounts representing approximately one million of our existing covered lives have chosen and will offer one or more of those programs for 2025.” “Our results reflect meaningful increases in gross profit and Adjusted EBITDA, a...