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Dec 31, 2023
Progyny Q4 2023 Earnings Report
Progyny's Q4 2023 earnings reflect revenue growth, gross margin expansion, and a significant increase in net income.
Key Takeaways
Progyny's Q4 2023 saw a 26% increase in revenue, gross margin expansion by 30 basis points, and a near quadrupling of net income. The company exceeded $1 billion in annual revenue for the first time in 2023, with cash flow from operations more than doubling.
Revenue increased by 26% compared to Q4 2022, reaching $269.9 million.
Gross margin expanded by 30 basis points compared to the prior year period.
Net income nearly quadrupled compared to Q4 2022, reaching $13.5 million.
Adjusted EBITDA increased by 31% compared to Q4 2022, reaching $43.2 million.
Progyny
Progyny
Progyny Revenue by Segment
Revenue by Segment
Fertility Benefit Services Revenue
CapyFin.comPharmacy Benefit Services Revenue
CapyFin.com Forward Guidance
Progyny anticipates having more than 460 clients, representing an estimated 6.7 million covered lives in 2024. The company projects revenue between $1.285 billion and $1.315 billion for full year 2024.
Positive Outlook
- Revenue is projected to be $1,285 million to $1,315 million, reflecting growth of 18% to 21%
- Net income is projected to be $68.1 million to $73.6 million, or $0.66 to $0.71 per diluted share
- Adjusted EBITDA is projected to be $224.0 million to $232.0 million
- Adjusted earnings per diluted share is projected to be $1.54 to $1.59
- Revenue is projected to be $285.0 million to $292.0 million, reflecting growth of 10% to 13% for Q1 2024
Challenges Ahead
- Net income is projected to be $12.4 million to $13.7 million, or $0.12 to $0.13 per diluted share for Q1 2024
- Adjusted EBITDA is projected to be $49.0 million to $51.0 million for Q1 2024
- Adjusted earnings per diluted share is projected to be $0.33 to $0.35 for Q1 2024
- First quarter range reflects a short-term shift in treatment mix as compared to customary levels, resulting in an approximately $15 million headwind to revenue.
- Net income, Adjusted Net Income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions, nor do they contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income