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Jun 30, 2020
Progyny Q2 2020 Earnings Report
Progyny demonstrated resilience with double-digit revenue growth and strong profit margins amidst the COVID-19 pandemic.
Key Takeaways
Progyny, Inc. reported a 15% increase in revenue for the second quarter of 2020, despite the negative impact of COVID-19 on treatment volumes. The company's revenue reached $64.6 million, driven by growth in both fertility and pharmacy benefit services. While the company experienced a net loss of $1.8 million, patient return to treatment was faster than expected, and the company issued revenue guidance of $323.0 to $340.0 million for the full year 2020.
Revenue increased by 15% year-over-year to $64.6 million.
Fertility benefit services revenue grew by 1.3% to $46.3 million.
Pharmacy benefit services revenue surged by 75% to $18.3 million.
Net loss was $1.8 million, a decrease of $3.3 million from the prior year period.
Revenue by Segment
Forward Guidance
Progyny issued revenue guidance of $323.0 to $340.0 million for the full year 2020, reflecting growth of 41% to 48%. Revenue guidance of $88.0 to $95.0 million was issued for the third quarter of 2020, reflecting growth of 44% to 55%.
Positive Outlook
- Full Year 2020 Revenue is projected to be $323.0 million to $340.0 million, reflecting growth of 41% to 48%
- Full Year 2020 Net income is projected to be $8.9 million to $13.1 million, or $0.09 to $0.13 per share
- Full Year 2020 Adjusted EBITDA is projected to be $24.0 million to $28.0 million
- Third Quarter of 2020 Revenue is projected to be $88.0 million to $95.0 million, reflecting growth of 44% to 55%
- Third Quarter of 2020 Net income is projected to be $3.6 million to $5.3 million, or $0.04 to $0.05 per share
Challenges Ahead
- Member utilization remains at approximately 90% of the levels
- Potential additional negative impacts to utilization in those areas of the country that are being more severely affected by COVID-19 at this time.
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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