Business
Progyny, Inc. Announces Third Quarter 2022 Results
Receives Record Number of New Client Commitments in Selling SeasonReports Record Quarterly Revenue of $205.4 Million, Reflecting 68% Growth Over the Prior
About this update from Progyny, Inc.
[{"type":"text","content":"Receives Record Number of New Client Commitments in Selling SeasonReports Record Quarterly Revenue of $205.4 Million, Reflecting 68% Growth Over the Prior Year PeriodRaises Full Year 2022 Guidance, Reflecting Fourth Quarter Revenue Growth of 59% to 67% NEW YORK, Nov. 03, 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 September 30, 2022 (“the third quarter of 2022”) as compared to the three-month period ended September 30, 2021 (“the third quarter of 2021” or “the prior year period”). “We had a strong third quarter highlighted by record quarterly revenue driven by healthy utilization, as well as another outstanding selling and renewal season, which resulted in not only a record number of new client commitments, but also our seventh consecutive year where we expect to achieve a near 100% retention rate with existing clients,” said Pete Anevski, Chief Executive Officer of Progyny. “The results we achieved in our selling season a year ago - which had been favorably impacted by carryover demand from the COVID-affected selling season - set a high bar for success in 2022, and we are pleased that our selling season this year resulted in a record 105 new client commitments, which we expect will add approximately 1.2 million covered lives to our member base. On the strength of this result, we anticipate entering 2023 having more than doubled our clients and covered lives over the past two years. We're also pleased the selling season is concluding on a strongly positive note, with a record number of early launches in the third quarter providing a tailwind to the results in both the third quarter and over the balance of the year, and which we believe demonstrates the strong conviction that employers have to add fertility to their health plans, given its increasing relevance to the workforce.” “During the third quarter, revenue grew 68% - crossing $200 million for the first time, just two years after our first $100 million quarter - demonstrating the high demand for fertility and family building solutions in the market. Additionally, Adjusted EBITDA more than doubled over the prior year period, and Adjusted EBITDA margin expanded by ...