Progyny reports Q4 EPS 13c, consensus 11c

Reports Q4 revenue $269.9M, consensus $274.12M.”2023 was another exceptional year for Progyny. We achieved record levels of revenue, profitability and operating cash flow, driven by the volume of new clients and covered lives, as well as the continued growth in the demand for fertility services, and our selling season yielded the largest number of new lives in our history, along with the formation of key channel partnerships that are expected to provide further energy and momentum with our go-to-market activities,” said Pete Anevski, Chief Executive Officer of Progyny. “As the leader in women’s health solutions, Progyny continues to raise the bar for what employers should expect from their benefits providers,” continued Anevski. “By leveraging our strengths in family building with patient education and support, evidence-based outcomes, and network management, we’re exceptionally well-positioned to expand our solution into areas that further support life’s most important milestones. Accordingly, we’re pleased to enter 2024 with a more comprehensive suite of services, including preconception, pregnancy and postpartum, and menopause, that will be available to both new and existing clients as part of the upcoming sales season. Our active pipeline, consisting principally of the opportunities carried over from last year’s selling season, is the highest it has ever been at this time of year, and we’re very well-positioned to continue our success.” “In the fourth quarter, revenue grew 26% over the prior year period, gross margin expanded by 30 basis points, and net income nearly quadrupled. For 2023, we exceeded $1 billion in annual revenue for the first time, and cash flow from operations more than doubled to a record $188.8 million,” said Mark Livingston, Progyny’s Chief Financial Officer. “Adjusted EBITDA margin on incremental revenue continued to exceed 20% in 2023, highlighting the high rate of margin capture that we continue to realize on new revenue, even as we continue to invest to expand both our solution and our go-to-market resources.”