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Mar 31, 2023
Progyny Q1 2023 Earnings Report
Progyny reported record quarterly revenue, reflecting substantial growth and raised full year revenue and earnings guidance.
Key Takeaways
Progyny announced strong first quarter 2023 results, with record quarterly revenue of $258.4 million, a 50% increase over the prior year period. The company also raised its full year revenue and earnings guidance, driven by healthy demand for family building solutions and new partnerships.
Achieved highest-ever quarterly revenue, gross profit, and Adjusted EBITDA.
Generated highest-ever first quarter cash flow from operations.
Sales and pipeline activity is favorable compared to the record level of activity a year ago.
Announced strategic partnerships with Evernorth and Children's Hospital Association.
Revenue by Segment
Forward Guidance
In light of our strong results in the first quarter, as well as our current expectations for member utilization, we are raising our guidance for the year.
Positive Outlook
- Revenue is now projected to be $1,040 million to $1,065 million, reflecting growth of 32% to 35%
- Net income is projected to be $43.6 million to $49.0 million, or $0.42 to $0.48 per diluted share, on the basis of approximately 103 million assumed weighted-average fully diluted-shares outstanding
- Adjusted EBITDA is projected to be $176.5 million to $184.0 million
- Revenue is projected to be $260.0 million to $265.0 million, reflecting growth of 33% to 36%
- Net income is projected to be $9.3 million to $10.4 million, or $0.09 to $0.10 per diluted share, on the basis of approximately 102 million assumed weighted-average fully diluted-shares outstanding
Challenges Ahead
- Adjusted EBITDA is projected to be $44.0 million to $45.5 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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