Progyny Misses Guidance Estimates

Shares of Progyny experienced a late Tuesday decline following the company's guidance for the first quarter and full year 2024 falling short of expectations.

Stock Performance

The stock saw a 9.3% decrease, trading at $37 in after-hours trading, after recording a 2.3% increase at Tuesday's close. Over the last three months, shares have shown an increase of about 20%.

Revenue Expectations

Progyny, a fertility and women's health benefits company, anticipates 2024 revenue to range between $1.285 billion and $1.315 billion, indicating a growth of 18% to 21% compared to the previous year. Analysts surveyed by FactSet had predicted full-year revenue to reach $1.317 billion.

Profit Forecasts

The company is forecasting a revenue growth of 10% to 13%, attributing it to a "short-term shift in treatment mix" that will impact revenue. Progyny mentioned that the treatment mix has been restored to more typical levels. The expected full-year profit stands at 66 cents to 71 cents per share, with the first quarter projected to be between 12 to 13 cents per share. Analysts' estimates are slightly higher at 70 cents and 18 cents, respectively.

Summary of Q4 Performance

In the fourth quarter, Progyny saw its revenue rise by 26% to $269.9 million. This figure fell below analysts' expectations of $274.1 million and approached the lower limit of the company's provided guidance range. The net profit for the quarter ending on Dec. 31 was $13.5 million, or 13 cents per share, witnessing a significant increase from the year-ago period where the profit was at $3.41 million, or 3 cents per share. The analysts polled by FactSet had predicted 11 cents per share.

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