Business
Progyny, Inc. Announces Third Quarter 2020 Results
Reports Record Third Quarter Revenue of $98.9 MillionRaises Revenue Guidance to $340.0 to $345.0 Million for Full Year 2020, Reflecting Growth of 48% to
About this update from Progyny, Inc.
[{"type":"text","content":"Reports Record Third Quarter Revenue of $98.9 MillionRaises Revenue Guidance to $340.0 to $345.0 Million for Full Year 2020, Reflecting Growth of 48% to 50%Affirms Preliminary View of a Minimum of $525 Million in 2021 Revenue\n NEW YORK, Nov. 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 September 30, 2020 (“the third quarter of 2020”) as compared to the three-month period ended September 30, 2019 (“the prior year period”). “Progyny had a very strong third quarter, reflecting record quarterly revenues and profitability,” said David Schlanger, Chief Executive Officer of Progyny. “Our 2020 selling season is now largely complete, and the results were consistent with our expectations, both in terms of new sales and new covered lives. We have received commitments to date from 45 new clients for 2021, representing approximately 400,000 new covered lives, while also building a very robust pipeline of opportunities to pursue in next year’s selling season.” “Our results this quarter demonstrate the growing demand for our benefit as well as our operating leverage as the business grows. Revenue grew 62% over the prior year period while gross margins expanded and Adjusted EBITDA nearly doubled, with an Adjusted EBITDA margin on incremental revenue of 18.5% after giving effect to the one-time step-up in incremental expenses in our first full year of being a public company,” said Mark Livingston, Progyny’s Chief Financial Officer. “We believe these results demonstrate that people’s desire to build their families is not deterred, even against the backdrop of the COVID-19 pandemic.” Third Quarter 2020 Highlights: (unaudited; in thousands, except per share amounts)3Q 20203Q 2019Revenue$98,928 $61,196 Gross Profit$20,836 $12,320 Gross Margin 21.1% 20.1% Net Income (Loss)$5,355 $(8,210) Net Income (Loss) per Share Attributable to Common Stockholders1$0.05 $(1.10)Adjusted EBITDA2$10,582 $5,531 Adjusted EBITDA Margin2 10.7% 9.0% Net income (loss) per share attributable to common stockholders reflects weighted-average shares outstanding as adjusted for potential dilutive securities, including options to purchase common stock and warrants to purc...