Business
Progyny, Inc. Announces Third Quarter 2023 Results
Record Quarterly Revenue of $280.9 Million, Reflecting 37% Growth Over the Prior Year PeriodRaises Full Year Revenue and Earnings GuidanceStrong Sales Season
About this update from Progyny, Inc.
[{"type":"text","content":"Record Quarterly Revenue of $280.9 Million, Reflecting 37% Growth Over the Prior Year PeriodRaises Full Year Revenue and Earnings GuidanceStrong Sales Season Produces 1.3 Million New Covered Lives NEW YORK, Nov. 07, 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 September 30, 2023 (“the third quarter of 2023”) as compared to the three-month period ended September 30, 2022 (“the third quarter of 2022” or “the prior year period”). “We're pleased with our third quarter financial performance, highlighted by record quarterly revenue that continues to reflect healthy levels of utilization as well as solid growth in both profitability and cash flow, in addition to another strong sales and renewal season, which resulted in over 85 new client commitments that are expected to add 1.3 million new covered lives, and a near 100% retention rate for the eighth straight year. This includes our first population of approximately 300,000 covered lives under a federal government plan. While we modified our services to align with the government plan design, which will yield a lower contribution from this population for 2024, we are excited about the future potential that this early win represents,” said Pete Anevski, Chief Executive Officer of Progyny. “We believe these results demonstrate that Progyny continues to be the provider of choice for fertility and family building solutions among the world's leading brands.” “During the third quarter, revenue grew 37%, while Adjusted EBITDA increased 43% as our margins continued to expand, highlighting our ability to rapidly and effectively scale our operations to serve both our members and the nation's largest employers, even as we continue to enhance our solution and achieve exceptional client satisfaction,” said Mark Livingston, Progyny’s Chief Financial Officer. Third Quarter 2023 Highlights: (unaudited; in thousands, except per share amounts)3Q 2023 3Q 2022Revenue$280,891 $205,371 Gross Profit$62,624 $45,995Gross Margin22.3% 22.4%Net Income$15,898 $13,211 Net Income per Diluted Share1$0.16 $0.13 Adjusted EBITDA2$50,019 $34,957Adjusted EBITDA Margin217.8% 17.0% Net income per diluted share refl...