Progyny (PGNY) 44th Annual J.P. Morgan Healthcare Conference summary

Key business highlights

• Achieved near 100% client retention for 10 years, adding 900,000 new lives in the 2025 selling season, now serving over 600 clients across 45+ industries.

• Expanded offerings to include pregnancy, postpartum, parenting, leave and benefit navigation, and menopause services, with 2.7M lives enrolled in these new programs.

• Diversified client base, reducing tech industry concentration from 18% to 15% of lives in two years; largest client now mid-single-digit revenue share.

• Completed acquisition of Apryl to enhance global family-building benefits, with new services for pregnancy, postpartum, and menopause planned for 2026.

• Fourth quarter results expected to be slightly above guidance due to strong demand and utilization.

Strategic initiatives and product innovation

• Launched Progyny Select, a fully insured, pooled risk solution targeting small employers (100+ employees), expanding addressable market by 50 million lives to 156 million.

• Progyny Select designed for predictable costs and margin parity with existing ASO model, with financial contribution expected from 2027.

• New services powered by personalized member navigation, aiming to improve care coordination and member experience.

• Investments in digital assets, AI, and operational infrastructure to support product expansion and member engagement.

• Exploring addition of metabolic health/GLP-1 programs to address whole-person women's health.

Financial performance and outlook

• Achieved 33% revenue CAGR and 51% Adjusted EBITDA CAGR since IPO, with 900+ basis points of Adjusted EBITDA margin expansion in 2025.

• Medical cost trend for clients managed at 5% compounded increase over three years, compared to 27% industry average.

• 30% overall savings for plan sponsors due to favorable clinical outcomes and cost management.

• Achieved over $500M in operating cash flow since 2023, with cash flow conversion rate consistently above 75% and reaching 110%.

• Ongoing investments in new products and platforms expected to scale proportionally with business growth.