Progyny (PGNY) Investor Day 2024 summary

Strategic vision and business fundamentals

• Positioned for significant growth by expanding from fertility into broader women's health, including maternity and menopause, targeting overlooked and underfunded areas of healthcare.

• Maintains strong fundamentals: high client retention, member satisfaction, profitability, scalability, and margin expansion, with 99% retention by lives and 80+ NPS.

• Plans to double revenue and 2.5x Adjusted EBITDA by 2028, targeting $2.4B+ revenue, $500M+ Adjusted EBITDA, 20% revenue CAGR, and 25% Adjusted EBITDA CAGR.

• Growth levers include deeper penetration of existing clients, new client acquisition, TAM expansion into smaller and global markets, and new product launches.

• Multi-year targets are underpinned by a robust client base, expanding product suite, disciplined financial management, and strategic investments in women's health.

Product innovation and expansion

• Expanded offerings from fertility to maternity, menopause, pregnancy, postpartum, and other women's health areas, leveraging a platform built for personalized, evidence-based care.

• New products are designed to address gaps in care, improve outcomes, and reduce costs, with a focus on member experience and provider enablement.

• Product roadmap includes further expansion into parenting, sexual and pelvic health, and other clinical adjacencies.

• New products are expected to contribute 8%-10% of revenue by 2028, with higher gross margins than core fertility services.

• Case rate-based revenue models are being piloted for new services, with significant client interest and early adoption.

Go-to-market and client relationships

• Diversified go-to-market approach: direct sales, client success-driven upsell, consultant engagement, and partnerships with aggregators, health plans, and benefit consultants.

• Near 100% client retention, 80%+ client NPS, and 40% of clients actively advocating for the benefit.

• High pharmacy attachment rates (93%) and growing adoption of new products (15% attachment rate), with ongoing upsell opportunities.

• Expansion into smaller employer segments, federal, Taft-Hartley, and global markets, leveraging partnerships and tailored distribution models.

• Clients report improved outcomes, cost savings, and enhanced employee satisfaction, supporting talent attraction and retention.