Strong Revenue Growth and Guidance Increase
First quarter revenue grew 16.5% to $324 million, primarily due to an increase in the number of clients and covered lives. Full-year guidance has been raised, projecting revenue growth between 1.5% and 5.8% with expectations excluding a large client to be 11% to 15%.
Record Quarterly Results and Cash Flow
The company reported record quarterly results for both revenue and adjusted EBITDA, along with significant quarterly cash flow generation, nearly doubling operating cash flow compared to the prior year.
Expansion of Product Portfolio and Partnerships
Progyny made meaningful progress in expanding its product portfolio and platform, enhancing member experience, and extending its position in women's health and family building. New partnerships include Cigna and large regional plans.
High Client Diversification and Growth in Covered Lives
Progyny reported 532 clients and an average of 6.7 million covered lives, with diversification across 45 industries, showing resilience and growth even after losing a large client.