Progyny (PGNY) Jefferies 2024 Global Healthcare Conference summary

Utilization trends and regulatory environment

• Q1 saw a mix shift in utilization, not softness, with March being a trough before improvement in April.

• The Alabama Supreme Court ruling caused a temporary national drop in utilization, especially in southern states with restrictive laws.

• April showed sequential improvement, supporting Q2 guidance.

• No current legislative movement threatens nationwide fertility access; bipartisan support for IVF is strong.

Guidance, membership growth, and selling season

• 200,000 new lives sold last year will go live in Q3 and Q4, supporting back-half growth.

• Utilization assumptions for the year are set at the midpoint of current trends, with upside if rates approach 2023 levels.

• Selling season metrics are favorable versus last year, with a strong pipeline and expanding channel partnerships.

Market opportunity and competitive landscape

• Market share is in the mid-single digits, with 6-7 million covered out of a 106 million TAM.

• Half of new business comes from greenfield (no prior benefit), half from brownfield (expanding existing coverage).

• Differentiation is based on a fully managed, value-based care model with a national direct network and strong clinical outcomes.

• No plans to own clinics, maintaining collaborative provider relationships.