Where's My $PGNY Crew At?
Progyny continues to excel with their Q2 earnings.

  • Revenue grew 52% YoY and is up 37% on a TTM basis.
  • Margins are lapping some good Qs but are holding up well. Still a profitable company.
  • FCF has improved with $38MM TTM vs $14MM the previous TTM.
  • Almost no shareholder dilution.
  • Assisted Reproductive Treatment (ART) Cycles broke 10,000 for the first time in a quarter, reaching 10,392 (42% YoY growth).
  • Average member count rose at 4.3MM, growth of 53% YoY.
  • Management raised full year 2022 guidance again to $762.5MM at the midpoint, which would represent revenue growth of 52%, an acceleration compared to 2021's 45% growth.

They came into earnings with a P/S of 4.4 and a P/GP of 24, both near their all-time lows since coming public in late 2019. Those'll rise tomorrow but I'd argue they're still undervalued based on the service they provide and the demand for that service.

Their corporate clients is a who's who. Slide below is from August 2021.

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Dissecting the Markets's avatar
$PGNY for the future! Many people are marrying later in life and they will need Progyny to help them with fertility issues.
Joshua Simka's avatar
$PGNY is an interesting company and one that I've looked into a little. What's the moat though? Whats keeping traditional insurers from enhancing their fertility benefits or offering this as an additional layer?
Conor Mac's avatar
I recall that @stockmarketnerd is a PGNY fan!

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