Progyny, Inc. Q3 FY2025 earnings call

· Pete Anevski noted Progyny had a very strong third quarter with revenue and profitability exceeding guidance ranges. Over 80 new logos and approximately 900,000 lives were added in the selling season. · Near 100% renewal of existing clients and covered lives for 2026, with 30% of clients expanding benefits for 2026. · New services in pregnancy, postpartum, menopause, etc., with over 2.7 million members to have access in 2026. · Generated over $50 million in operating cash flow in Q3, total over 9 months at $156 million. · Board authorized $200 million share repurchase program. · Announced a supplemental plan for small and midsized companies and Progyny Global offering.

No specific breakdown of product segments by revenue contribution provided in the transcript.

· Raised full-year 2025 revenue guidance, midpoint increased by over $70 million. · Fourth quarter revenue projected between $292.7M to $307.7M. · Full-year 2025 revenue expected between $1.263B to $1.278B. · Adjusted EBITDA for full year 2025 expected between $216M to $220M.

· Material risks and uncertainties associated with the business as per SEC filings, including potential variability in member activity and treatments, and impact of macroeconomic factors on employers' decisions.

Q: Congrats on a strong quarter. My first question is around the 900,000 new covered lives...

A: Michael Sturmer and Peter Anevski responded, discussing the sales season execution and revenue value of the added lives.

Q: There is some confusion around the current administration's focus on improving the affordability of the cash pay market for fertility medications and what this means for your Progyny Rx business...

A: Peter Anevski explained that the announcements are about existing patient assistance programs for those without coverage and don't impact covered benefits.

Q: Congrats on the quarter. Maybe just to follow up on the question on the selling season...

A: Peter Anevski and Michael Sturmer talked about discussions in the market focusing on member experience, quality/outcomes, and cost control, and no significant layoff impacts on utilization.

Q: Congrats on the quarter. Maybe just to follow up on the drug pricing question...

A: Peter Anevski stated cash pricing varies by drug but patient assistance programs exist for those without coverage.

Q: On the quarter and the strong selling season. So I guess I wanted to dive more into the selling season commentary...

A: Peter Anevski discussed using plan design, products purchased, industry, and client size data to manage the pool.

Q: On the quarter and the strong selling season. So I guess I wanted to dive more into the selling season commentary...

A: Peter Anevski and James Hart addressed seasonality in Q4, utilization trends, and Rx vs. medical revenue growth differences.

Q: Congratulations on the good quarter. Can you talk a little bit more about the supplemental product...

A: Peter Anevski explained the supplemental plan is a covered solution for small and midsized companies, providing predictable cost.

Q: This is Gaby on for Sarah. I wanted to double-click on the supplemental plans...

A: Peter Anevski and Mark Livingston talked about resources needed for the supplemental plan rollout and the global business rollout.