Business
Progyny, Inc. Announces Third Quarter 2021 Results
Record Number of New Clients and New Covered Lives Added for 2022Reports Third Quarter Revenue of $122.3 Million; Expects Full Year 2021 Revenue Growth
About this update from Progyny, Inc.
[{"type":"text","content":"Record Number of New Clients and New Covered Lives Added for 2022Reports Third Quarter Revenue of $122.3 Million; Expects Full Year 2021 Revenue Growth Between 47% and 49%Expects Full Year 2022 Revenue Growth of Approximately 50%David Schlanger to Become Executive Chairman and Pete Anevski Named CEO Effective in 2022 NEW YORK, Nov. 04, 2021 (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, 2021 (“the third quarter of 2021”) as compared to the three-month period ended September 30, 2020 (“the third quarter of 2020” or “the prior year period”). “Our selling season for 2022 launches is now largely complete, and although we set a high bar for what we wanted to achieve this year, we fully met those expectations, receiving commitments from more than 85 new clients who represent an estimated 1.2 million new covered lives,” said David Schlanger, Chief Executive Officer of Progyny. “Because of our sustained track record of producing industry-leading outcomes and achieving extraordinarily high member satisfaction rates, we believe Progyny has become both the provider of choice and the established industry leader for fertility benefits solutions for many of the most prominent companies in the world, as evidenced by the record results we achieved in the recently concluded selling season.” “To put our latest selling season into perspective, we added more new clients in one year – and nearly as many new covered lives – as what we had, in aggregate, when we went public just two years ago,” said Pete Anevski, Progyny’s President and Chief Operating Officer. “We believe this strong result affirms our competitive differentiation as compared to other solutions, while further attesting to our ability to scale our operations and successfully address our market opportunities.” Financial Highlights“This quarter, revenue grew by 24%, margins expanded significantly as compared to the prior year period, and we generated a substantial amount of operating cash flow. As previously disclosed, appointment volumes at the start of the third quarter were modestly lower than historical patterns, which we continue to believe reflected unusual – and temporary...