Progyny (NASDAQ: PGNY) reported Q4 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $65.12 million versus the consensus estimate of $66.07 million.

“We had a strong fourth quarter, concluding a record year for Progyny,” said David Schlanger, Chief Executive Officer of Progyny. “In 2019, our selling season produced the greatest number of new clients and covered lives in our history, demonstrating that awareness of infertility as a medical condition is growing, and that employers are looking for leading benefits solutions that both provide the appropriate coverage and generate the best clinical outcomes.”

“Our revenue grew 118% in 2019, making this the third consecutive year in which we have more than doubled our revenue from the previous year,” said Pete Anevski, Progyny’s President, Chief Financial and Operating Officer. “We achieved this while also expanding our gross margin and our income from continuing operations to the highest levels they’ve ever been.”

GUIDANCE:

Progyny sees Q1 2020 EPS of $0.05-$0.06, versus the consensus of $0.06. Progyny sees Q1 2020 revenue of $89-94 million, versus the consensus of $87.96 million.

Progyny sees FY2020 EPS of $0.30-$0.34, versus the consensus of $0.32. Progyny sees FY2020 revenue of $395-415 million, versus the consensus of $398.29 million.

“We are pleased to announce our guidance for 2020, which reflects our expanded book of business driven by the addition of our newest clients,” said Mr. Schlanger. “With the established client base we have in place today, and the quality and depth of our solution, we believe we are well positioned for the future.”

The Company is providing the following financial guidance for both the three-month period ended March 31, 2020 and the year ended December 31, 2020. The guidance reflects the previously disclosed addition of 57 new clients from the 2019 selling season, of which 53 are live as of today, with the remainder scheduled to go live beginning in the second quarter.

• Full Year 2020 Outlook-- Revenue is projected to be $395.0 million to $415.0 million, reflecting growth of 72% to 81%-- Net income is projected to be $30.0 million to $34.0 million, or $0.30 to $0.34 per share, on the basis of approximately 100 million assumed weighted-average fully diluted shares outstanding-- Adjusted EBITDA1 is projected to be $41.7 million to $45.3 million
• First Quarter of 2020 Outlook-- Revenue is projected to be $89.0 million to $94.0 million, reflecting growth of 89% to 99%-- Net income is projected to be $5.4 million to $6.4 million, or $0.05 to $0.06 per share, on the basis of approximately 100 million assumed weighted-average fully diluted shares outstanding-- Adjusted EBITDA1 is projected to be $8.4 million to $9.3 million

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