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Mar 31, 2025
Progyny Q1 2025 Earnings Report
Reported Record Revenue of $324.0 Million, Reflecting 16.5% Growth
Key Takeaways
Progyny reported a strong start to 2025 with record first-quarter revenue of $324.0 million, a 16.5% increase year-over-year. The growth was primarily driven by an increase in clients and covered lives. The company also raised its full-year guidance.
First quarter 2025 revenue reached $324.0 million, a 16.5% increase compared to the same period in 2024.
Fertility benefit services revenue grew by 22% to $206.4 million.
Gross profit increased by 21% to $75.8 million, with gross margin at 23.4%.
Net cash provided by operating activities was $49.8 million, significantly higher than the prior year period.
Revenue by Segment
Forward Guidance
For the full year 2025, Progyny projects revenue between $1.185 billion and $1.235 billion, and net income between $42.4 million and $51.8 million. Second quarter 2025 revenue is projected to be between $310.0 million and $325.0 million.
Positive Outlook
- Raised full-year revenue guidance due to a strong start to the year.
- Early selling season activity reflects ongoing demand in women's health and family building solutions.
- Member engagement is pacing consistent with the first quarter.
- Multiple pathways to meet sales goals for the year.
- Continued investments to expand the platform and extend market leadership.
Challenges Ahead
- Impact of a large client not renewing its services agreement for 2025 (with an extended transition period).
- Ongoing macroeconomic uncertainty could impact how the year unfolds.
- Guidance reflects a range of engagement and activity due to variability experienced in 2024 and macro uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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