Progyny PGNY

Progyny is a leading fertility benefits management company in the US. They are redefining fertility and family building benefits, proving that a comprehensive and inclusive fertility solution can simultaneously benefit employers, patients, and physicians. Basically they help people have healthy babies and build families

More on what they do in their presentation found here:…

Revenue Growth 118% YOY

2019 Rev. 229.7m
2018 Rev. 105.4m
2017 Rev. 48.6m
2016 Rev. 22.1m

FCF Positive 2019 Adj EBITDA 18.3 million

132 Clients-i.e. Microsoft, Google, UBER, PayPal, Activision Blizzard

TAM ~12 Billion, 2% pentration rate currently

Net Promoter Score +72

From 10-Q
Progyny primarily generates revenue through its fertility benefits solution, in which Progyny provides self-insured enterprise entities (“clients”) and their employees and partners (together, “members”) with fertility benefits. As part of the fertility benefits solution, Progyny provides access to effective and cost-efficient fertility treatments, referred to as Smart Cycles, as well as other related services. Smart Cycles are proprietary treatment bundles that include certain medical services available to members through Progyny’s proprietary, credentialed network of provider clinics. In addition to access to Progyny’s Smart Cycle treatment bundles and access to Progyny’s network of provider clinics, the fertility benefits solution includes other comprehensive services, which Progyny refers to as care management services, such as active management of the provider clinic network, real-time member eligibility and treatment authorization, member-facing digital tools throughout the Smart Cycle and detailed quarterly reporting all supported by client facing account management and end-to-end comprehensive member support provided by Progyny’s in house staff of PCAs.

After reading the 10-Q I quickly realized this company was not for me. Two reasons; I could not really see where they had a moat (although someone maybe able to explain it better) and I just did not find reading up on the company very exciting. So I stopped any more research. I though I would share the little bit I did put together in case someone else found the company interesting.


It’s Gross Margins are only 20 to 21% so I think I will stay away also. That is way to low.


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