NASDAQ$PGNY
Progyny Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Progyny's Q3 2023 performance was marked by record quarterly revenue and substantial growth in key financial metrics.
Progyny reported record quarterly revenue of $280.9 million, a 37% increase year-over-year. The company also raised its full-year revenue and earnings guidance, driven by a strong sales season that added 1.3 million new covered lives. Adjusted EBITDA increased by 43%, reflecting the company's ability to scale operations effectively.
- Revenue reached a record $280.9 million, up 37% compared to the prior year period.
- The company secured over 85 new client commitments, expected to add 1.3 million new covered lives.
- Adjusted EBITDA increased by 43%, with margins continuing to expand.
- Net income increased by 20% to $15.9 million, or $0.16 per diluted share.
Headline financials
Revenue & EPS history
Progyny · Revenue · Quarterly
$281M
Revenue by segment
Progyny · $281M total across 2 segments · Q3 2023
- Fertility Benefit Services$175M+35.4%62.3%
- Pharmacy Benefit Services$106M+39.0%37.7%
Forward guidance
Progyny provided financial guidance for both the full year and the three-month period ending December 31, 2023.
Tailwinds
- Full Year 2023 Revenue is projected to be $1,087 million to $1,095 million, reflecting growth of 38% to 39%
- Full Year 2023 Net income is projected to be $58.3 million to $60.0 million, or $0.58 to $0.59 per diluted share
- Full Year 2023 Adjusted EBITDA is projected to be $186.0 million to $188.5 million
- Fourth Quarter of 2023 Revenue is projected to be $268.3 million to $276.3 million, reflecting growth of 25% to 29%
- Fourth Quarter of 2023 Adjusted EBITDA is projected to be $42.2 million to $44.7 million
Headwinds
- Fourth Quarter of 2023 Net income is projected to be $9.7 million to $11.4 million, or $0.10 to $0.11 per diluted share
- Financial guidance for 2024 will be provided when year end results are reported in February
- Modified services to align with the government plan design, which will yield a lower contribution from this population for 2024
- Net income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions
- Net income and Adjusted EBITDA ranges do not contemplate any discrete income tax items, including the income tax impact related to equity compensation activity
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-1.1%
Avg return
Earnings day
-0.3%
Avg return
5 days after
-0.2%
Avg return
30 days after
38%
11 / 29 earnings
Positive
+26.4%
Q2 2022
Best reaction
-20.5%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.5% | +25.4% | +38.2% | |
| Q4 2025 | -20.5% | -20.0% | -22.4% | |
| Q3 2025 | +24.3% | +33.6% | +33.4% | |
| Q1 2025 | -9.7% | -6.5% | -7.2% | |
| Q4 2024 | -1.5% | -5.2% | -4.3% | |
| Q3 2024 | -18.5% | -19.3% | -12.9% | |
| Q2 2024 | -17.7% | -14.7% | -6.4% | |
| Q1 2024 | -14.4% | -14.6% | -14.2% | |
| Q4 2023 | -13.1% | -9.7% | -4.3% | |
| Q3 2023 | -4.3% | -2.1% | +17.8% | |
| Q2 2023 | +4.9% | -2.8% | -8.6% | |
| Q1 2023 | +9.3% | +5.9% | +16.8% | |
| Q4 2022 | +22.9% | +18.4% | +7.7% | |
| Q3 2022 | -2.6% | +2.0% | -13.8% | |
| Q2 2022 | +26.4% | +25.5% | +15.4% | |
| Q1 2022 | -7.1% | -15.6% | -23.1% | |
| Q4 2021 | +11.5% | +13.0% | +31.6% | |
| Q3 2021 | +2.5% | +5.8% | -22.2% | |
| Q2 2021 | -12.8% | -17.1% | +4.3% | |
| Q1 2021 | -3.2% | -8.7% | +18.4% | |
| Q4 2020 | -15.5% | -14.9% | -14.4% | |
| Q3 2020 | -0.3% | +7.0% | +38.7% | |
| Q2 2020 | +0.4% | +8.4% | -0.9% | |
| Q1 2019 | -2.4% | +4.8% | -13.7% | |
| Q1 2020 | +21.8% | +18.8% | +2.1% | |
| Q4 2017 | -3.7% | -6.3% | -8.3% | |
| Q4 2019 | -12.2% | -15.5% | -39.0% | |
| Q4 2018 | -0.2% | -5.0% | -7.0% | |
| Q3 2019 | +0.5% | +0.3% | -6.5% | |
| Q2 2019 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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