Progyny (PGNY) Tops Q2 EPS by 1c, Revenues Miss; Offers FY20 Revenue Guidance Below Consensus

Progyny (NASDAQ: PGNY) reported Q2 EPS of ($0.02), $0.01 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $64.6 million versus the consensus estimate of $48.26 million.

“Earlier in the year, while access to care was significantly disrupted by the pandemic, our members remained eager to resume treatment once they were able to do so safely. As clinics began to reopen throughout the quarter, member activity recovered more quickly than we had initially anticipated, with patient volumes at the end of the quarter approaching typical utilization levels,” said David Schlanger, Chief Executive Officer of Progyny. “This level of treatment activity affirms our belief that Progyny’s business would recover more quickly relative to other areas of the economy that have been significantly affected by COVID-19 as well as other areas of healthcare like hospitals, where non-emergency procedures are still significantly lower than normal.”

“While member utilization in June was approximately 90% of what we typically would have expected to see, most clinics weren’t initiating new treatments at the start of the quarter, so our overall utilization in the second quarter was only about 65% of our typical levels,” said Pete Anevski, Progyny’s President, Chief Financial and Operating Officer. “Despite this, we are still reporting double-digit revenue growth, strong profit margins, healthy Adjusted EBITDA and positive operating cash flow against the backdrop of the COVID-19 pandemic, demonstrating both the resilience and strength of our business model.”

GUIDANCE:

Progyny sees Q3 2020 revenue of $88-95 million, versus the consensus of $93.27 million.

Progyny sees FY2020 revenue of $323-340 million, versus the consensus of $348.19 million.

For earnings history and earnings-related data on Progyny (PGNY) click here.

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