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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.
Progyny
Progyny
Progyny Revenue by Segment
Revenue by Segment
Fertility Benefit Services Revenue
CapyFin.comPharmacy Benefit Services Revenue
CapyFin.com 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
- Third Quarter of 2024 Adjusted earnings per diluted share is projected to be $0.35 to $0.38
- Lower revenue per utilizing member is currently being observed.
- May be due to higher clinical success rates and other factors that impact timing and treatment paths.
Revenue & Expenses
Visualization of income flow from segment revenue to net income