Progyny (NASDAQ: PGNY) reported Q3 EPS of $0.03, $0.01 better than the analyst estimate of $0.02. Revenue for the quarter came in at $61.2 million versus the consensus estimate of $60.77 million.

“Progyny has redefined the market for employer-sponsored fertility benefits, demonstrating that it is possible to simultaneously create a great patient experience, generate superior clinical outcomes, and provide for a more efficient use of employer healthcare dollars to address a health condition that affects millions,” said David Schlanger, Chief Executive Officer of Progyny. “Our vision is to ensure that anyone can have a child, and we are in the very early stages of penetrating a market opportunity that we believe is in excess of $13 billion. After the close of the quarter, we crossed a significant milestone by completing our IPO, which we believe has increased awareness of both our brand and the issues surrounding infertility.”

“We are pleased with our results for the third quarter. Our revenue more than doubled from the third quarter of 2018, our gross margins expanded, and we generated positive operating cash flow for both the third quarter and year to date,” said Pete Anevski, Progyny’s President, Chief Financial Officer and Chief Operating Officer.

GUIDANCE:

Progyny sees Q4 2019 revenue of $65-66.5 million, versus the consensus of $65.9 million.

Progyny sees FY2019 EPS of $0.10-$0.11, versus the consensus of $0.08. Progyny sees FY2019 revenue of $229.6-231.1 million, versus the consensus of $229.92 million.

Financial OutlookThe Company is providing the following financial guidance for both the three-month period and year ended December 31, 2019:

Fourth Quarter of 2019 Outlook

• Revenue is projected to be $65.0 million to $66.5 million, reflecting growth of 123% to 128%
• Net loss from continuing operations is projected to be $4.4 million to $4.7 million, reflecting a $5.8 million non-cash charge associated with the final valuation remeasurement of the convertible preferred stock warrants
• Net income (as adjusted)1 is projected to be $1.1 million to $1.4 million, or approximately $0.01 per share, on the basis of 98.0 million assumed weighted-average fully diluted shares outstanding
• Adjusted EBITDA2 is projected to be $3.8 million to $4.1 million

Full Year 2019 Outlook

• Revenue is projected to be $229.6 million to $231.1 million, reflecting growth of 118% to 119%
• Net loss from continuing operations is projected to be $8.6 million to $8.9 million, reflecting $18.2 million of non-cash charges associated with the valuation remeasurement of the convertible preferred stock warrants
• Net income (as adjusted)1 is projected to be $9.3 million to $9.6 million, or $0.10 to $0.11 per share, on the basis of 89.2 million assumed weighted-average fully diluted shares outstanding
• Adjusted EBITDA2 is projected to be $18.3 million to $18.6 million

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