Loading...
•
Jun 30, 2023
Progyny Q2 2023 Earnings Report
Progyny's Q2 2023 financial results, highlighted by record quarterly revenue and operating cash flow, driven by strong member engagement and favorable pharmacy program agreements.
Key Takeaways
Progyny, Inc. reported a record quarterly revenue of $279.4 million, a 43% increase compared to the prior year period. The company achieved a record quarterly operating cash flow of $76.0 million and raised its full-year revenue and earnings guidance, reflecting strong employer demand for fertility and family-building solutions.
Revenue reached $279.4 million, a 43% increase year-over-year, driven by an increase in clients and covered lives.
Fertility benefit services revenue was $172.7 million, a 36% increase from the prior year.
Pharmacy benefit services revenue was $106.6 million, a 56% increase compared to the prior year.
Net cash generated by operating activities was $76.0 million, compared to $19.2 million in the prior year period.
Revenue by Segment
Forward Guidance
The Company is providing the following financial guidance for the full year ending December 31, 2023 and the three-month period ending September 30, 2023:
Positive Outlook
- Full Year 2023 Revenue is now projected to be $1,075 million to $1,090 million, reflecting growth of 37% to 39%
- Full Year 2023 Net income is projected to be $51.2 million to $54.3 million, or $0.50 to $0.53 per diluted share
- Full Year 2023 Adjusted EBITDA is projected to be $183.0 million to $187.5 million
- Third Quarter of 2023 Revenue is projected to be $268.0 million to $273.0 million, reflecting growth of 30% to 33%
- Third Quarter of 2023 Net income is projected to be $9.5 million to $10.5 million, or $0.09 to $0.10 per diluted share
Challenges Ahead
- Third Quarter of 2023 Adjusted EBITDA is projected to be $44.7 million to $46.2 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...