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Here are 1-3 brief analogies to describe Progyny (PGNY):

• Progyny is like a CVS Caremark or Express Scripts for fertility benefits, managing access and costs for treatments.
• It's akin to a specialized Cigna, Aetna, or UnitedHealthcare for fertility and family-building care, focusing exclusively on administering those specific benefits with clinical expertise.

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• Fertility Benefits Solution: Provides employers with a comprehensive, integrated solution for managing their employees' fertility benefits, offering access to a high-quality network of fertility specialists and proprietary Smart Cycle treatment bundles.
• Adoption & Surrogacy Benefits Solution: Delivers benefit programs for employers to support their employees through the adoption or surrogacy journey, covering associated costs and providing guidance.
• Parental Leave Benefits Solution: Offers tools and services to employers for designing and administering equitable and comprehensive parental leave programs.

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Progyny (PGNY) Major Customers

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Pete Anevski, Chief Executive Officer

Pete Anevski was appointed CEO in January 2022. He brings over two decades of leadership experience in building and scaling operations at prominent companies.

Mark Livingston, Chief Financial Officer

Mark Livingston is a seasoned finance executive with over 35 years of experience in accounting, public company reporting, and financial planning and analysis. He has demonstrated success transitioning entrepreneurial businesses to high-growth corporate entities. Prior to joining Progyny, he served as the Integration Management Officer at Scripps Networks, where he drove its merger with Discovery Communications. He also held roles as SVP Finance and CFO International at Scripps, and had senior finance positions at Emerson Reid, Emdeon, and Hess. Mark played a key financial role in executing a $92 million acquisition and leading its integration at Quanex Building Products. He also has experience supporting private equity-owned portfolio companies.

Michael Sturmer, President

Michael Sturmer is a seasoned healthcare executive with over sixteen years of experience in operational and strategic roles. He focuses on making fertility and family building accessible and effective. Prior to Progyny, he served as Senior Vice President of Health Services at Livongo, where he led the development and expansion of its health services business through the company's IPO and its eventual $18.5 billion acquisition by Teladoc Health. Earlier in his career, he held senior leadership roles at Cigna, including Chief Operating Officer for the New York/New Jersey Health Plan.

David Schlanger, Executive Chairman

David Schlanger brings over 25 years of healthcare and executive management experience. As CEO of Progyny, he led the company through its IPO and its inclusion in the S&P 400 index. Before his time at Progyny, David was the CEO of WebMD from 2013 to 2016, where he achieved record revenue and profitability and was responsible for strategy, M&A, and business development functions.

Katie Higgins, Chief Commercial Officer

Katie Higgins joined Progyny as Chief Commercial Officer in January 2024, bringing over 25 years of healthcare experience. Prior to Progyny, she was the Chief Revenue Officer at Crossover Health, a national medical group, where she spearheaded the company's go-to-market strategy. Before Crossover Health, Katie spent three years at Optum, leading teams in crafting collaborations with health systems. She also spent 20 years at The Advisory Board Company, where she played a pivotal role in leading strategic account teams for some of the nation's largest health systems. The Advisory Board Company was acquired by UnitedHealth Group in 2017.

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The key risks to Progyny's (PGNY) business are:

1. Client Concentration and Loss of Major Clients: A significant portion of Progyny's revenue is derived from a limited number of large clients, particularly within the technology industry. The loss of one or more of these major clients, or even changes in their pricing terms or shifts within the technology sector, could materially and adversely impact Progyny's financial condition and results of operations.
2. Intense Competition: Progyny operates in a highly competitive fertility benefits management market. The industry includes both specialized providers and large healthcare payors who are developing their own fertility benefit programs. This intense competition could lead to pricing pressure, erosion of Progyny's margins, and challenges in maintaining or growing its market share.
3. Economic and Utilization Uncertainties: Progyny's financial performance is sensitive to utilization rates among its covered population. Macroeconomic factors, such as economic downturns and changes in household income levels, can influence family planning decisions and potentially reduce demand for fertility services. Shifts in corporate benefits strategies by employers, possibly due to cost-cutting during economic uncertainties, could also negatively affect Progyny's revenue and ability to retain and acquire clients.

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The clear emerging threat for Progyny is the increasing competition from well-funded, rapidly expanding specialized fertility benefits solutions providers. Specifically, companies like Carrot Fertility are directly competing with Progyny for employer clients, offering similar end-to-end fertility and family-building benefits management solutions. Carrot Fertility has secured significant venture capital funding, enabling aggressive market expansion and product development, directly challenging Progyny's market share and differentiation in a growing but increasingly competitive space.

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Progyny (PGNY) primarily offers fertility benefits solutions and pharmacy benefit services, with an expanding focus on broader women's health. The addressable market for their main products and services is in the United States.

For their fertility and family building benefits, Progyny has identified a total addressable market of over 8,000 self-insured employers in the United States, which represents 106 million potential covered lives. As of Q1 2024, Progyny covered approximately 6.7 million lives, indicating significant room for growth within their target market of over 105 million lives in the U.S.

Progyny is also expanding its offerings to include broader women's health solutions such as maternity, postpartum, and menopause care.

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Progyny (PGNY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Client Base and Covered Lives: Progyny consistently focuses on acquiring new clients and increasing the number of covered lives under its benefit solutions. The company reported adding over 80 new clients and approximately 900,000 new covered lives in a recent selling season, demonstrating strong demand for its services. This ongoing client acquisition and expansion of lives served are central to its growth trajectory.

2. High Client Retention and Upselling Existing Accounts: Progyny boasts a near 100% client renewal rate for its existing employer base. Furthermore, many existing clients are choosing to expand their benefit coverage for the upcoming year, indicating strong satisfaction and opportunities for Progyny to upsell additional services and solutions, contributing to increased revenue per client.

3. Entry into New Market Segments: The company is actively diversifying its addressable market by launching new offerings for small and mid-sized employers through supplemental plans for fertility and family building. Additionally, Progyny is expanding its reach internationally with the introduction of Progyny Global, targeting multinational employers with integrated reproductive health services, thereby unlocking incremental growth opportunities.

4. Introduction of New Products and Service Offerings: Progyny is broadening its portfolio beyond core fertility benefits to include new women's health solutions such as postpartum and menopause support, as well as integrated leave navigation and pelvic floor therapy. These expanded offerings are expected to enhance the company's relevance to both new and existing clients, driving incremental revenue as employers seek more comprehensive health benefits for their workforces.

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Share Repurchases

• Progyny announced a new $200 million share repurchase program on November 6, 2025.
• The company completed a $100 million share repurchase program as of December 2024.
• On February 29, 2024, Progyny announced a share repurchase program authorizing up to $100 million of common stock. An additional $100 million share repurchase program was approved on May 22, 2024.

Share Issuance

• As of September 30, 2025, Progyny had 98,529,405 shares issued, an increase from 97,692,891 shares issued as of December 31, 2024.
• As of June 30, 2025, Progyny had 98,309,704 shares issued, compared to 97,692,891 shares issued at December 31, 2024.
• As of December 31, 2024, 97,692,891 shares were issued, up from 96,348,522 shares outstanding at December 31, 2023.

Outbound Investments

• Progyny acquired BenefitBump, a parental leave benefits navigation program, on January 28, 2025, to enhance its fertility and family building offerings.
• On June 17, 2024, Progyny completed the acquisition of Apryl GmbH, a Berlin-based fertility benefits platform, for €5.1 million (approximately $5.5 million).

Capital Expenditures

• Capital expenditures for Q3 2025 were $4.7 million, an increase of $2.9 million over the prior year, reflecting investments in member experience and acquisition integration.
• Projected CAPEX for 2025 is $18.7 million, with an expected increase from $5.405 million in 2024.
• Capital expenditures were $3.644 million in 2023 and $3.241 million in 2022.