Progyny’s third quarter was marked by strong top-line and profitability outperformance, which drew a positive market response. Management attributed these results to robust new client acquisition, the successful addition of over 80 new employer logos, and continued high member engagement. CEO Peter Anevski highlighted the company’s “continued execution” despite macroeconomic headwinds, emphasizing the near 100% renewal rate among existing clients as a critical sign of their market position. The diversification of Progyny’s client base across industries and the growth in covered lives were also called out as essential contributors.

Is now the time to buy PGNY? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Progyny’s Q3 Earnings Call

• Jailendra Singh (Truist Securities) asked if the slightly lower-than-expected number of new covered lives signaled softer demand. President Michael Sturmer responded that the difference was due to a handful of delayed decisions and that overall win rates remained strong.
• Brian Tanquilut (Jefferies) questioned whether recent layoffs among employer clients could impact utilization trends. CEO Peter Anevski answered that layoffs were minimal and not expected to affect overall engagement or financial performance.
• Michael Cherny (Leerink Partners) pressed on the impact of cash drug pricing announcements on Progyny’s pharmacy business. Anevski clarified that such programs have long existed and are unlikely to affect covered benefit pricing or demand from employer clients.
• Scott Schoenhaus (KeyBanc) inquired about the predictability of new client utilization and how the company manages variability. Anevski explained that historical data and plan design inputs allow them to forecast aggregate utilization reliably, even if individual client usage fluctuates.
• David Larsen (BTIG) requested details on the supplemental product for small and midsized businesses. Anevski described it as a robust, covered solution designed for cost predictability, not a cash-based product, and anticipates only modest additional investment to support its rollout.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will monitor (1) the initial adoption and revenue contribution of the new supplemental plans for small and midsized employers, (2) the progress of Progyny Global in attracting multinational clients, and (3) the level of upsell activity among existing clients for expanded women’s health offerings. The pace of new client wins and integration of recent acquisitions will also be important indicators of execution.

Progyny currently trades at $23.90, up from $18.02 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

High-Quality Stocks for All Market Conditions

The market’s up big this year - but there’s a catch. Just 4 stocks account for half the S&P 500’s entire gain. That kind of concentration makes investors nervous, and for good reason. While everyone piles into the same crowded names, smart investors are hunting quality where no one’s looking - and paying a fraction of the price. Check out the high-quality names we’ve flagged in our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.