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Jun 30, 2022
Progyny Q2 2022 Earnings Report
Progyny's Q2 2022 earnings report highlighted record quarterly revenue and strong employer demand.
Key Takeaways
Progyny reported a strong second quarter with a 52% increase in revenue compared to the prior year, reaching $195.0 million. The company saw growth in both fertility and pharmacy benefit services, and raised the lower end of its full-year guidance range.
Revenue reached a record $195.0 million, a 52% increase year-over-year.
Fertility benefit services revenue increased by 37% to $126.8 million.
Pharmacy benefit services revenue increased by 87% to $68.2 million.
Adjusted EBITDA increased by 78% to $32.9 million, with an Adjusted EBITDA margin of 16.9%.
Progyny
Progyny
Progyny Revenue by Segment
Revenue by Segment
Fertility Benefit Services Revenue
CapyFin.comPharmacy Benefit Services Revenue
CapyFin.com Forward Guidance
Progyny provided financial guidance for the year ending December 31, 2022, and the three-month period ending September 30, 2022.
Positive Outlook
- Full Year 2022 Revenue is now projected to be $750.0 million to $775.0 million, reflecting growth of 50% to 55%
- Full Year 2022 Net income is projected to be $13.8 million to $19.5 million, or $0.14 to $0.19 per diluted share
- Full Year 2022 Adjusted EBITDA is projected to be $114.0 million to $122.0 million
- Third Quarter of 2022 Revenue is projected to be $190.0 million to $197.0 million, reflecting growth of 55% to 61%
- Third Quarter of 2022 Net income is projected to be $1.9 million to $3.3 million, or $0.02 to $0.03 per diluted share
Challenges Ahead
- Third Quarter of 2022 Adjusted EBITDA is projected to be $29.6 million to $31.6 million
- Net income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions
- Net income and Adjusted EBITDA ranges do not contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.
- The company's actual future results could differ materially from what they expect.
- The company assumes no obligation to update these forward-looking statements publicly, or to update the reasons.
Revenue & Expenses
Visualization of income flow from segment revenue to net income