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Jun 30, 2024
Progyny Q2 2024 Earnings Report
Progyny's Q2 2024 financial results were announced, revealing record quarterly Adjusted EBITDA and strong cash flow conversion rate. The board authorized a repurchase of $100 million of common stock.
Key Takeaways
Progyny reported an 8.8% increase in revenue, reaching $304.1 million, driven by growth in clients and covered lives. The company achieved record quarterly Adjusted EBITDA of $54.5 million, a 15% increase year-over-year. Net income rose to $16.5 million, or $0.17 per diluted share.
Revenue increased by 8.8% to $304.1 million compared to Q2 2023.
Fertility benefit services revenue grew by 12% to $193.6 million.
Adjusted EBITDA increased by 15% to $54.5 million, with an Adjusted EBITDA margin of 17.9%.
The Board authorized an additional $100 million share repurchase program.
Revenue by Segment
Forward Guidance
The Company is revising its expectations for the second half of the year to reflect a lesser-than-historical rate of increase in revenue per utilizing member given the variation we're presently seeing.
Positive Outlook
- Full Year 2024 Revenue is projected to be $1.165 billion to $1.20 billion, reflecting growth of 7% to 10%.
- Full Year 2024 Net income is projected to be $55.4 million to $62.4 million, or $0.57 to $0.64 per diluted share, on the basis of approximately 98 million assumed weighted-average fully diluted-shares outstanding
- Full Year 2024 Adjusted EBITDA is projected to be $199.0 million to $209.0 million
- Full Year 2024 Adjusted earnings per diluted share is projected to be $1.53 to $1.61
- Third Quarter of 2024 Revenue is projected to be $290.0 million to $303.0 million, reflecting growth of 3% to 8%
Challenges Ahead
- Third Quarter of 2024 Net income is projected to be $10.7 million to $13.2 million, or $0.11 to $0.14 per diluted share, on the basis of approximately 96 million assumed weighted-average fully diluted-shares outstanding
- Third Quarter of 2024 Adjusted EBITDA is projected to be $47.5 million to $51.0 million
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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