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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

5 Must-Read Analyst Questions From Progyny’s Q2 Earnings Call

PGNY Cover Image

Progyny’s second quarter results demonstrated stable growth, with management highlighting a return to more typical seasonal patterns in member activity and engagement across its employer client base. The company attributed revenue gains to increased client adoption and a wider range of covered lives, as well as the successful integration of recent acquisitions. CEO Pete Anevski emphasized that new client wins spanned diverse industries, reflecting broad appeal for Progyny’s fertility and family-building solutions. The company also pointed to strong progress in expanding its product portfolio, supporting both member outcomes and cost control.

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

Progyny (PGNY) Q2 CY2025 Highlights:

  • Revenue: $332.9 million vs analyst estimates of $320.4 million (9.5% year-on-year growth, 3.9% beat)
  • Adjusted EPS: $0.48 vs analyst estimates of $0.43 (12.1% beat)
  • Adjusted EBITDA: $57.95 million vs analyst estimates of $52.95 million (17.4% margin, 9.4% beat)
  • The company lifted its revenue guidance for the full year to $1.25 billion at the midpoint from $1.21 billion, a 3.5% increase
  • Management raised its full-year Adjusted EPS guidance to $1.74 at the midpoint, a 9.4% increase
  • EBITDA guidance for the full year is $210 million at the midpoint, above analyst estimates of $200.2 million
  • Operating Margin: 7.3%, in line with the same quarter last year
  • Sales Volumes rose 8.8% year on year (5.4% in the same quarter last year)
  • Market Capitalization: $1.98 billion

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 Q2 Earnings Call

  • Daniel Christopher Clark (Leerink Partners) asked if early sales commitments were being measured on a gross or net basis, to which CEO Pete Anevski clarified that comparisons exclude the large former client, focusing on organic growth.
  • Jailendra P. Singh (Truist) inquired whether smaller employers are increasingly adopting multiple services and if larger employers are slower to decide. Anevski explained that pipeline timing varied by employer size, but both small and large wins were materializing.
  • Unidentified Analyst (Bank of America) questioned how average revenue per ART cycle would trend in the back half of the year. CFO Mark Livingston noted that early-year revenue per cycle is inflated by initial consults and that full-year averages should normalize.
  • Sarah Elizabeth James (Cantor) asked if the higher revenue per new client was due to broader product uptake or industry utilization differences. Anevski confirmed it was driven by higher-utilizing industries rather than broader product adoption.
  • David Michael Larsen (BTIG) probed on changes in service mix, such as egg freezing versus transfers. Anevski stated that mix had returned to normal seasonal patterns, with no significant shifts impacting results.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be monitoring (1) the pace of new client additions and the demographic mix of covered lives during the remainder of the selling season, (2) progress on the rollout and adoption of new women’s health services, and (3) the impact of operational investments on gross margins as the company prepares for 2026 launches. The evolution of strategic partnerships, such as with Amazon, will also be a key area of focus.

Progyny currently trades at $22.75, down from $23.02 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).

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