Progyny Inc. (PGNY) reported on Thursday the first-quarter financial results and provided an updated outlook for the second quarter and full year 2026.
The company specializes in providing women's health and family-building solutions, utilizing education and digital tools alongside a network of health specialists.
At the end of the first quarter, the company had 595 fertility and family building clients.
Q1 2026:
The company recorded net revenues of $328.50 million in Q1 2026, relatively stable compared to the $324.04 million reported a year ago. This includes $209.40 million earned through fertility benefits and $119.10 million through the pharmacy benefits program.
Gross profits were $83.07 million with gross margins of 25.30%, compared to $75.79 million in the previous year.
A net income of $24.23 million, or $0.29 per share, was recorded in Q1 2026, while Q1 2025 showed an income of $15.06 million, or $0.17 per share.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $56.58 million in the first quarter, compared to $57.79 million in the previous year.
Cash, cash equivalents, and marketable securities amounted to $225.10 million as of March 31, 2026, with a total working capital of approximately $265.80 million.
The company repurchased about 5.5 million shares of its common stock in the first quarter of 2026. Outlook for Q2 2026:
The company expects revenue growth of 2.7%-6.6%, to reach $342 million - $355 million.
Adjusted EBITDA is estimated to be $58 million to $62 million.
Projected net income range for the quarter is $25.8 million to $28.7 million, or $0.31-$0.35 per share.
2026 Outlook:
The company expects revenue growth of 5.9%-9% to reach $1.36 billion to $1.40 billion in 2026, while in 2025, revenues amounted to $1.28 billion.
Adjusted EBITDA is estimated to be $232 million to $244 million, while in the prior year, the adjusted EBITDA was $222 million, or $1.89 per share.
Net income for the year is projected to range between $103.7 million and $112.3 million, or $1.23-$1.34 per share, while in 2025, the same was reported at $58.52 million, or $0.65 per share.
PGNY closed Thursday at $19.16, up 2.46%. In the pre-market, shares are trading at $21.17, up 10.49%.
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