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Sep 30, 2024
Progyny Q3 2024 Earnings Report
Progyny's Q3 2024 financial results were announced, revealing a 2.0% increase in revenue compared to the previous year, alongside the addition of over 80 new clients and 1.1 million new covered lives.
Key Takeaways
Progyny reported a 2.0% increase in revenue for the third quarter of 2024, reaching $286.6 million. The company added over 80 new clients and secured a leading national health plan and a regional health plan as preferred partners. However, utilization patterns affected revenue and profitability.
Revenue increased by 2.0% to $286.6 million compared to Q3 2023.
Over 80 new clients were added, resulting in 1.1 million new covered lives.
A leading national health plan and a regional health plan selected Progyny as their preferred partner.
Clients representing more than 1.5 million lives adopted new maternity and menopause services for 2025.
Revenue by Segment
Forward Guidance
Progyny provided financial guidance for the full year and fourth quarter of 2024, anticipating more than 530 clients and approximately 6.7 million covered lives in 2025. The company expects to continue generating strong profitability and meaningful cash flow in 2025.
Positive Outlook
- Substantial majority of new clients from the recent selling season are expected to go live in Q1 2025.
- Anticipates having more than 530 clients and approximately 6.7 million covered lives in 2025.
- Expects to provide financial guidance for 2025 with year-end results in February.
- Business remains healthy despite the loss of a large client.
- Expects to continue generating strong profitability and meaningful cash flow in 2025.
Challenges Ahead
- Revised expectations for the balance of the year due to unexpected variability.
- Rate of utilization remains healthy, but members consume more treatments as compared to the third quarter.
- Prudent approach to guide with the expectation this variability continues.
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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