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Smarter Fertility Benefits Progyny , Inc. Announces Second Quarter 2021 Results August 5 , 2021 Reports Record Second Quarter Revenue of $ 128.7 Million , Reflecting 99 % Growth Achieving Record Sales Momentum - Demand Among Prospective Accounts Returns to Pre - COVID Levels NEW YORK , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- Progyny , Inc. ( Nasdaq : PGNY ) , a leading benefits management company specializing in fertility and family building benefits solutions in the United States , today announced its financial results for the three - month period ended June 30 , 2021 ( " the second quarter of 2021 " ) as compared to the three - month period ended June 30 , 2020 ( " the second quarter of 2020 " or " the prior year period " ) . " Progyny had a solid second quarter , with our strong topline growth and ongoing margin expansion reflecting the resiliency of fertility and our ability to continue to successfully navigate the complexities in this environment , " said David Schlanger , Chief Executive Officer of Progyny . " The desire for fertility and family building solutions is high , and as employers continue to plan for the future by ensuring that their benefits programs meet the needs and expectations of their targeted workforce , we are seeing strong momentum with both new sales and client renewals . " The factors that we believe are the most critical to our ongoing growth , as well as our ability to continue to create long - term , sustainable value - which include our industry - leading clinical outcomes , our extraordinarily high member satisfaction rates , and our high client retention rate - are all going extremely well , and we remain confident that all of the macro - forces that have been positively influencing our growth remain intact at this time . " " Our profitability growth and margin expansion this quarter continue to demonstrate the efficiencies we have realized as we scale the business , as well as the favorable comparisons to the prior year period , which reflected the previously - reported impacts from COVID - 19 on our volumes at that time , " said Mark Livingston , Progyny's Chief Financial Officer . Second Quarter Highlights : ( unaudited ; in thousands , except per share amounts ) Revenue Gross Profit Gross Margin Net Income ( Loss ) Net Income ( Loss ) per Diluted Share¹ Adjusted EBITDA² Adjusted EBITDA Margin² 2Q 2021 $ 128,651 $ 29,621 23.0 % $ 18,727 $ 0.19 $ 18,469 14.4 % 2Q 2020 $ 64,605 $ 11,955 18.5 % $ ( 1,064 ) $ ( 0.01 ) $ 3,780 5.9 % 1. Net income ( loss ) per diluted share reflects weighted - average shares outstanding as adjusted for potential dilutive securities , including options and warrants to purchase common stock , as well as restricted stock units . 2. Adjusted EBITDA and Adjusted EBITDA margin are financial measures that are not required by , or presented in accordance with , U.S. GAAP . Please see Annex A of this release for a reconciliation of Adjusted EBITDA to net income , the most directly comparable financial measure stated in accordance with GAAP for each of the periods presented . We calculate Adjusted EBITDA margin as Adjusted EBITDA divided by revenue . Financial Highlights 2nd Quarter Revenue was $ 128.7 million , a 99 % increase as compared to the $ 64.6 million reported in the second quarter of 2020 , primarily as a result of the increase in our number of clients and covered lives . In addition , revenue in the prior year period was negatively impacted by the previously reported short - term pause in treatments due to COVID - 19 . • Fertility benefit services revenue was $ 92.3 million , a 99 % increase from the $ 46.3 million reported in the second quarter of 2020 . • Pharmacy benefit services revenue was $ 36.4 million , a 98 % increase as compared to the $ 18.3 million reported in the second quarter of 2020 . Gross profit was $ 29.6 million , an increase of 148 % from the $ 12.0 million reported in the prior year period , primarily due to the higher revenue . Gross margin was 23.0 % , an increase of 450 basis points from the prior year period due to the ongoing favorable impact of previously disclosed contract terms with pharmacy program partners , the net impact of regular contract renewals with our providers , and continued efficiencies in our care management services . Gross margin in the prior year period was also affected by our decision to keep all care management staff in place , despite the pause in treatments caused by COVID - 19 at that time .