2022-11-28 | NDAQ:PGNY | Press Release

2022-11-28 | NDAQ:PGNY | Press Release

Shipments of Key Fertility Drugs Have Resumed

NEW YORK, Nov. 28, 2022 (GLOBE NEWSWIRE) — Progyny, Inc. (Nasdaq: PGNY) (“Progyny” or the “Corporate”), a number one advantages control corporate that specialize in fertility and circle of relatives development advantages answers, these days introduced that it’s elevating its monetary steering for the fourth quarter and entire 12 months duration finishing December 31, 2022, in mild of the resumption within the deliveries of Menopur®, a often prescribed fertility medicine, following the prior to now disclosed industry-wide scarcity within the provide of that medicine.

All the way through its income name on November 3, 2022, the Corporate disclosed that the dearth of this medicine used to be anticipated to affect its fourth quarter effects, given the other unit economics related to the drugs that might be used as choices by means of Progyny individuals whilst proceeding to pursue their remedies.

As disclosed at the name, the Corporate’s monetary steering for the fourth quarter at the moment had assumed that Menopur would now not be to be had for the rest of 2022. Given the wish to dispense medicine prematurely of scheduled fertility remedy cycles, the numerous majority of the allotting for the cycles that have been anticipated to be impacted by means of the dearth has already took place. Accordingly, the Corporate is expanding its steering to replicate the certain affect now anticipated within the fourth quarter. The Corporate expects that ancient prescribing and allotting patterns will resume by means of the top of 2022.

“We’re happy to peer that this subject used to be resolved temporarily and with out affect to individuals’ remedy usage,” stated Pete Anevski, Progyny’s Leader Government Officer. “We’re excited to go into 2023 with greater than 370 shoppers, whose 5.4 million individuals may have the protection, improve and get right of entry to to the total vary of medicines they want as they pursue their fertility and circle of relatives development trips.”

The Corporate is offering the next up to date monetary steering for each the total 12 months and the three-month duration finishing December 31, 2022:

  • Complete 12 months 2022 Outlook:
    • Income is now projected to be $781.5 million to $786.5 million, reflecting enlargement of 56% to 57%
    • Web source of revenue is projected to be $28.5 million to $29.5 million, or $0.28 to $0.29 in step with diluted proportion, at the foundation of roughly 100 million assumed weighted-average totally diluted-shares exceptional
    • Adjusted EBITDA1 is projected to be $124.0 million to $125.5 million
  • Fourth Quarter of 2022 Outlook:
    • Income is projected to be $208.9 million to $213.9 million, reflecting enlargement of 64% to 68%
    • Web source of revenue is projected to be $1.5 million to $2.5 million, or $0.02 to $0.03 in step with diluted proportion, at the foundation of roughly 100 million assumed weighted-average totally diluted-shares exceptional
    • Adjusted EBITDA1 is projected to be $31.4 million to $32.9 million
  1. Adjusted EBITDA is a monetary measure that isn’t required by means of, or introduced according to, U.S. typically authorised accounting ideas (“GAAP”). Please evaluation the guidelines beneath “Non-GAAP Monetary Measure” on this unlock for more information referring to Adjusted EBITDA, in addition to the reconciliation beneath of forward-looking Adjusted EBITDA to forward-looking internet source of revenue, essentially the most without delay similar monetary measure said according to GAAP for the duration introduced.

Reconciliation of Non-GAAP Monetary Steering for the 3 Months Finishing December 31, 2022 and 12 months Finishing December 31, 2022

3 Months Finishing

December 31, 2022
12 months Finishing

December 31, 2022
(in hundreds) Low Prime Low Prime
Income $ 208,908 $ 213,908 $ 781,500 $ 786,500
Web Source of revenue $ 1,500 $ 2,500 $ 28,450 $ 29,450
Depreciation and amortization 445 445 1,600 1,600
Inventory-based repayment expense 29,049 29,049 100,500 100,500
Different source of revenue, internet (235 ) (235 ) (500 ) (500 )
Provision (receive advantages) for source of revenue taxes 600 1,100 (6,050 ) (5,550 )
Adjusted EBITDA* $ 31,359 $ 32,859 $ 124,000 $ 125,500

* All the numbers within the desk above replicate our long run outlook as of the date hereof. Web source of revenue and Adjusted EBITDA levels don’t replicate any estimate for different possible actions and transactions, nor do they ponder any discrete source of revenue tax pieces, together with the source of revenue tax affect associated with fairness repayment task.

About Progyny

Progyny (Nasdaq: PGNY) is a number one fertility advantages control corporate. We’re redefining fertility and circle of relatives development advantages, proving {that a} complete and inclusive answer can concurrently receive advantages employers, sufferers, and physicians.

Our advantages answer empowers sufferers with schooling and steering from a devoted Affected person Care Suggest (PCA), supplies get right of entry to to a premier community of fertility consultants the usage of the most recent science and applied sciences, reduces healthcare prices for the country’s main employers, and drives optimum scientific results. We envision a global the place any person who desires to have a kid can achieve this.

Headquartered in New York Town, Progyny has been known for its management and enlargement by means of CNBC Disruptor 50, Trendy Healthcare’s Absolute best Puts to Paintings in Healthcare, Monetary Occasions, INC. 5000, and Crain’s Speedy 50 for NYC. For more info, talk over with www.progyny.com.

Secure Harbor Remark Underneath the Non-public Securities Litigation Reform Act of 1995

This press unlock comprises forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be lined by means of the secure harbor provisions for forward-looking statements contained in Phase 27A of the Securities Act of 1933, as amended, and Phase 21E of the Securities Change Act of 1934, as amended. All statements contained on this press unlock rather than statements of ancient truth, together with, with out limitation, statements referring to our monetary outlook for the fourth quarter and entire 12 months 2022, together with the affect of the Menopur® scarcity, in addition to the resumption of prescribing and allotting patters; our expected collection of shoppers and lined lives for 2023; and our industry technique, plans, targets and expectancies regarding our marketplace place, long run operations, and different monetary and working data are forward-looking statements. The phrases “anticipates,” “assumes,” “imagine,” “continues,” “may just,” “estimates,” “expects,” “long run,” “intends,” “would possibly,” “plans,” “challenge,” “seeks,” “will have to,” “will,” and the unfavorable of those or identical expressions and words are meant to spot forward-looking statements, even though now not all forward-looking statements use those phrases or expressions.

Ahead-looking statements are neither guarantees nor promises, however contain recognized and unknown dangers, uncertainties and different essential elements that can reason our exact effects, efficiency or achievements to be materially other from any long run effects, efficiency or achievements expressed or implied by means of the forward-looking statements. Those dangers come with, with out limitation, dangers associated with the affect of the COVID-19 pandemic, such because the scope and length of the outbreak, the unfold of latest variants, govt movements and restrictive measures applied in reaction, delays and cancellations of fertility procedures and different affects to the industry; failure to fulfill our publicly introduced steering or different expectancies about our industry; pageant available in the market during which we function; our historical past of working losses and skill to maintain profitability one day; our restricted working historical past and the trouble in predicting our long run result of operations; our skill to draw and retain shoppers and building up the adoption of services and products inside our shopper base; the lack of any of our biggest shopper accounts; adjustments within the era {industry}; adjustments or trends within the medical insurance marketplace; unfavorable exposure within the well being advantages {industry}; lags, screw ups or safety breaches in our pc programs or the ones of our distributors; a vital trade within the stage or the combination of usage of our answers; our skill to supply fine quality improve; certain references from our current shoppers; our skill to broaden and extend our advertising and gross sales features; the speed of enlargement of our long run earnings; the accuracy of the estimates and assumptions we use to decide the scale of goal markets; our skill to effectively organize our enlargement; unfavourable prerequisites in our {industry} or america financial system; discounts in worker advantages spending; seasonal fluctuations in our gross sales; the adoption of latest answers and services and products by means of our shoppers or individuals; our skill to innovate and broaden new choices; our skill to evolve and reply to the clinical panorama, rules, shopper wishes, necessities or personal tastes; our skill to deal with and strengthen our emblem; our skill to draw and retain individuals of our control crew, key staff, or different certified body of workers; our skill to deal with our Corporate tradition; our skill to deal with our Middle of Excellence community of healthcare suppliers; our strategic relationships with and tracking of 3rd events; our skill to deal with or any disruption of our pharmacy distribution community or their provide chain; our dating with key pharmacy program companions or any decline in rebates supplied by means of them; our skill to deal with {our relationships} with advantages experts; publicity to credit score possibility from our individuals; dangers associated with govt legislation; dangers associated with possible gross sales to govt entities; our skill to give protection to our highbrow belongings rights; dangers associated with any litigation towards us; dangers associated with acquisitions, strategic investments, partnerships, or alliances; federal tax reform and adjustments to our efficient tax fee; the imposition of state and native state taxes; our skill to make use of a good portion of our internet working loss or analysis tax credit score carryforwards; our skill to broaden or deal with efficient interior regulate over monetary reporting and the larger prices of working as a public corporate. For an in depth dialogue of those and different possibility elements, please consult with our filings with the Securities and Change Fee (the “SEC”), together with within the segment entitled “Possibility Elements” in our Quarterly File on Shape 10-Q for the quarter ended September 30, 2022, and next experiences that we report with the SEC which might be to be had at http://buyers.progyny.com and at the SEC’s site at https:// www.sec.gov.

Ahead-looking statements constitute our control’s ideals and assumptions most effective as of the date of this press unlock. Our exact long run effects may just vary materially from what we predict. Except for as required by means of legislation, we think no legal responsibility to replace those forward-looking statements publicly, or to replace the explanations.

Non-GAAP Monetary Measure

Along with disclosing monetary measures ready according to GAAP, this press unlock comprises the non-GAAP monetary measure Adjusted EBITDA. Adjusted EBITDA is a supplemental monetary measure that isn’t required by means of, or introduced according to, GAAP. We imagine that this non-GAAP measure, when taken at the side of our GAAP monetary effects, supplies significant supplemental data referring to our working efficiency and facilitates interior comparisons of our ancient working efficiency on a extra constant foundation by means of with the exception of sure pieces that might not be indicative of our industry, result of operations or outlook. Particularly, we imagine that using Adjusted EBITDA is beneficial to our buyers as this can be a measure utilized by control in assessing the well being of our industry, figuring out incentive repayment, comparing our working efficiency, and for interior making plans and forecasting functions.

Adjusted EBITDA is gifted for supplemental informational functions most effective, has boundaries as an analytical instrument and will have to now not be regarded as in isolation or as an alternative to monetary data introduced according to GAAP. Probably the most boundaries of Adjusted EBITDA come with: (1) it does now not correctly replicate capital commitments to be paid one day; (2) even supposing depreciation and amortization are non-cash fees, the underlying belongings would possibly wish to get replaced and Adjusted EBITDA does now not replicate those capital expenditures; (3) it does now not imagine the affect of stock-based repayment expense; (4) it does now not replicate different non-operating source of revenue and bills, together with different source of revenue, internet and pastime (source of revenue) expense, internet; (5) it does now not replicate tax bills that can constitute a discount in coins to be had to us. As well as, Adjusted EBITDA might not be similar to in a similar fashion titled measures of alternative corporations as a result of they won’t calculate such measures in the similar approach as we calculate Adjusted EBITDA, proscribing its usefulness as a comparative measure. As a result of those boundaries, when comparing our efficiency, you will have to imagine Adjusted EBITDA along different monetary efficiency measures, together with our internet source of revenue and our different GAAP effects.

We calculate Adjusted EBITDA as internet source of revenue, adjusted to exclude depreciation and amortization; stock-based repayment expense; different source of revenue, internet; pastime source of revenue, internet; and receive advantages for source of revenue taxes. Please see “Reconciliation of Non-GAAP Monetary Steering for the 3 Months Finishing December 31, 2022 and 12 months Finishing December 31, 2022” in other places on this press unlock.

For Additional Data, Please Touch:


James Hart

[email protected]


Selena Yang

[email protected]

2022-11-28 | NDAQ:PGNY | Press Release

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