Fertility Solutions-Focused Progyny Stock Sinks After Soft Guidance; Analyst Says ‘Can No Longer Underwrite Sustained Healthy Growth In Forecasts’
On Thursday, Progyny Inc (NASDAQ:PGNY) reported first-quarter sales of $278.1 million, up 7.6% year over year, missing the consensus of $289.46 million, primarily due to the increased number of clients and covered lives.
Fertility benefit services revenue was $169.8 million, an 8.0% increase from the $157.1 million reported in the first quarter of 2023.
Pharmacy benefit services revenue was $108.3 million, a 7.0% increase compared to the $101.2 million reported in the first quarter of 2023.
The company reported adjusted EPS of $0.39, up from $0.34 a year ago.
The company had 451 clients as of March 31, 2024, compared to 379 a year ago. Assisted Reproductive Technology (ART) cycles were 14,802 compared to 13,171 a year ago. Utilization rate was 0.53%.
“Utilization through the end of February was consistent with the record engagement we …
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