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NEW YORK - Progyny, Inc. (NASDAQ:PGNY), a fertility and women’s health benefits provider, saw its shares surge 16.9% after reporting fourth-quarter earnings that significantly exceeded analyst expectations and issuing upbeat guidance for 2025.
The company reported adjusted earnings per share of $0.42 for Q4 2024, handily beating the analyst estimate of $0.10. Revenue for the quarter came in at $298.43 million, surpassing the consensus estimate of $275.01 million and representing a 10.6% increase YoY.
Progyny’s strong performance was driven by growth in its client base and covered lives. The company ended 2024 with 473 clients, up from 392 at the end of 2023.
Looking ahead, Progyny provided robust guidance for Q1 2025, projecting revenue between $300 million and $318 million, above the consensus of $280.5 million. For the full year 2025, the company expects revenue of $1.175 billion to $1.225 billion, exceeding analyst expectations of $1.16 billion.
"We’re pleased to report that 2024 ended on a strong note, with continued improvement in the pacing of member engagement as compared to what we saw earlier in the year," said Pete Anevski, Chief Executive Officer of Progyny.
The company’s fourth-quarter net income was $10.5 million, or $0.12 per diluted share, compared to $13.5 million, or $0.13 per diluted share, in Q4 2023. The slight decrease was primarily due to a higher provision for income taxes.
Progyny’s adjusted EBITDA for Q4 2024 increased 10% to $47.5 million, with an adjusted EBITDA margin of 15.9%, comparable to the same period last year.
The company’s strong results and optimistic outlook have clearly resonated with investors, as reflected in the significant stock price jump following the earnings release.
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