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Mar 31, 2024
Progyny Q1 2024 Earnings Report
Progyny's Q1 2024 financial results reflected revenue growth driven by increased clients and covered lives, but were impacted by unfavorable treatment mix shift and national conversations regarding fertility treatments. The company also returned value to shareholders through share repurchases.
Key Takeaways
Progyny's Q1 2024 revenue increased by 7.6% to $278.1 million, driven by growth in clients and covered lives. Net income was $16.9 million, or $0.17 per diluted share. The company repurchased 723,577 shares for $26.4 million during the quarter.
Revenue increased by 7.6% year-over-year to $278.1 million.
Net income was $16.9 million, or $0.17 per diluted share.
Adjusted EBITDA increased by 8% year-over-year to $50.3 million.
The company had 451 clients as of March 31, 2024, compared to 379 clients as of March 31, 2023.
Progyny
Progyny
Progyny Revenue by Segment
Revenue by Segment
Fertility Benefit Services Revenue
CapyFin.comPharmacy Benefit Services Revenue
CapyFin.com Forward Guidance
The Company is providing the following financial guidance for the full year ending December 31, 2024 and the three-month period ending June 30, 2024:
Positive Outlook
- Revenue is projected to be $300.0 million to $310.0 million, reflecting growth of 7% to 11%
- Net income is projected to be $15.7 million to $17.8 million, or $0.16 to $0.18 per diluted share
- Adjusted EBITDA is projected to be $52.0 million to $55.0 million
- Adjusted earnings per diluted share is projected to be $0.39 to $0.41
- Revenue is now projected to be $1,230 million to $1,270 million, reflecting growth of 13% to 17%
Challenges Ahead
- Net income is projected to be $68.4 million to $75.4 million, or $0.68 to $0.75 per diluted share
- Adjusted EBITDA is projected to be $216.0 million to $226.0 million
- Adjusted earnings per diluted share is projected to be $1.61 to $1.68
- Utilization is now slightly lower than the record levels we saw in 2023
- Guidance has always been based on the utilization we are currently seeing, which informed our previous view of 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income