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NEW YORK CITY, NY / ACCESSWIRE / September 19, 2024 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Progyny, Inc. ("Progyny" or "the Company") (NASDAQ:PGNY). Investors who purchased Progyny securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/PGNY.
Progyny Inc.'s stock tumbled 31% Thursday, to put it on track for its biggest-ever one-day decline, after the provider of fertility-care benefits for employers said a “significant” client had terminated its agreement with the company.
Progyny lowered full-year revenue guidance after seeing an unexpected drop in user utilization rates. The Harris-Walz ticket has put fertility benefits center stage in the upcoming presidential election which makes the stock more volatile in the short-term. Despite current challenges, Progyny's long-term growth thesis remains intact with potential opportunities for expansion in the future.
Revenue of $304.1 million met management's expectations. Adjusted EPS of $0.43 outperformed management's guidance.
Progyny missed analysts' revenue expectations for the second quarter by a tiny margin. Making matters worse, the company cut sales growth guidance from 15% to 8.5% for 2024.
Progyny, Inc. (PGNY) Q2 2024 Earnings Call Transcript
Although the revenue and EPS for Progyny (PGNY) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Progyny (PGNY) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.15 per share a year ago.
Achieves Record Quarterly Adjusted EBITDA, Strong Cash Flow Conversion RateBoard Authorizes Repurchase of $100 Million of Common Stock
Progyny (PGNY) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.