Progyny Inc. (NASDAQ: PGNY) announced that its board of directors approved a share repurchase program authorizing the company to buy back up to $200 million of its common stock. The company will fund the program using available cash balances.

The women's health and family building solutions provider said shares may be repurchased through open market transactions, including plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934. The timing and amount of repurchases will depend on stock price, market conditions and other factors at the company's discretion.

Progyny stated the program may be suspended or discontinued at any time. The company provided no assurances regarding how many shares it will repurchase or the prices at which purchases will be made.

The New York-based company provides benefits solutions that include concierge support, coaching and access to fertility and women's health specialists for employers and health plans.