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Sep 30, 2022
Progyny Q3 2022 Earnings Report
Progyny had a strong third quarter highlighted by record quarterly revenue and new client commitments.
Key Takeaways
Progyny's Q3 2022 revenue grew by 68% year-over-year to $205.4 million, driven by healthy utilization and a successful selling season, resulting in a record 105 new client commitments expected to add approximately 1.2 million covered lives. Adjusted EBITDA more than doubled, and the company raised its full-year 2022 guidance.
Revenue grew 68% year-over-year, crossing $200 million for the first time.
Record 105 new client commitments were secured, expected to add approximately 1.2 million covered lives.
Adjusted EBITDA more than doubled over the prior year period, with Adjusted EBITDA margin expanding by 350 basis points.
The company anticipates entering 2023 having more than doubled clients and covered lives over the past two years.
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 providing the following financial guidance for both the full year and three-month period ending December 31, 2022:
Positive Outlook
- Revenue is now projected to be $775.0 million to $785.0 million, reflecting growth of 55% to 57%
- Net income is projected to be $26.3 million to $28.5 million, or $0.26 to $0.29 per diluted share, on the basis of approximately 100 million assumed weighted-average fully diluted-shares outstanding
- Adjusted EBITDA is projected to be $121.0 million to $124.0 million
- Revenue is projected to be $202.4 million to $212.4 million, reflecting growth of 59% to 67%
- Net (loss) income is projected to be $(0.7) million to $1.6 million, or $(0.01) to $0.02 per diluted share, on the basis of approximately 100 million assumed weighted-average fully diluted-shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income