$Progyny (PGNY.US)$Listed in 2019, revenue continued to grow...
$Progyny(PGNY.US$Listed in 2019, revenue continued to grow rapidly after listing. The average growth rate reached 51% in the past 3 years. Operating profit was affected by rapid cost growth and declined in both 2020 and 2022. The average growth rate in the past 3 years was 34.1%, and net profit shrank 54% in 2022, lower than the level of 2020.
In the first half of 2023, revenue increased by 46.4%. Operating profit increased 2.4 times to 0.3 billion due to the slowdown in expense growth, and net profit increased 1.4 times to reach 0.3 million.
The balance sheet shows that accounts receivable have increased by 190 million in the last 3 years, while the cumulative net profit for 3 years is only 140 million, and accounts receivable of 240 million yuan also reached 30.5% of annual revenue, which is too high. The debt ratio is 31.1%, and there are no interest-bearing liabilities.
The net operating cash flow was higher than the net investment in the past 3 years, generating a certain shareholders' surplus.
Currently, the price-earnings ratio is 109, and the price-earnings ratio is TTM 66.8. If the annual net profit reaches 70 million, the price-earnings ratio will drop to 44.6, and we can observe for a few more quarters.
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