The following is a summary of the Progyny, Inc. (PGNY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Progyny reported Q1 2024 revenue of $278.1 million, marking a growth rate of 8% primarily due to an increase in the number of clients and covered lives compared to a year ago.

• The company recorded an adjusted EBITDA of $50.3 million and a net income of $16.9 million or $0.17 per diluted share.

• Gross profit grew by 6% to $62.4 million, yielding a 22.4% gross margin, consistent with the margin from the first quarter of 2023.

• A revenue of around $300 million to $310 million is expected in Q2 2024, resulting from a steady utilization rate.

Business Progress:

• Progyny anticipates an additional 200,000 covered lives by early Q3 2024, taking the total to 6.7 million lives.

• The company is developing new partnerships with some of the top U.S. health plans to expand their market reach.

• Progress is seen in the launch of new reproductive services in menopause, maternity, and postpartum care along with surrogacy and adoption programs.

• They reported a strong start to the 2024 selling season, with early commitments from leading brands in various industries.

• Progyny reported changes in service utilization trends, which vary between states, possibly due to political sentiments around fertility treatment.

• They are expecting a modest increase in utilization towards the second half of the year.

• The company sees no impact from the upcoming federal election as there appears to be bipartisan support for reproductive health.

More details: Progyny IR

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