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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%.
Revenue by Segment
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.
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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