Progyny (PGNY) Wells Fargo 21st Annual Healthcare Conference summary

Recent performance and outlook

• Seasonal softness in utilization was observed in August, but patterns are considered normal and stable for the year, with visibility into authorizations suggesting a typical rebound in September.

• Guidance was adjusted in August to reflect seasonal impacts and performance trends, resetting the low end to earlier levels.

• Utilization and demand are expected to remain stable for the remainder of the year.

Market opportunity and growth strategy

• The addressable market includes 106 million self-insured lives, with about half already having some fertility benefit, but significant expansion potential remains.

• Growing acceptance of fertility benefits as essential is driving both brownfield and greenfield opportunities, with increased competitive wins noted.

• Cost pressures on employers are making comprehensive fertility benefits more attractive.

Competitive landscape and differentiation

• Main competition comes from payers, but outcomes and cost savings are superior due to comprehensive oversight and adherence to best practices.

• Partnership with Cigna highlights the value proposition, as payers have struggled to match clinical outcomes.

• Employers may defer adoption due to incremental costs or phased benefit rollouts, but many deferrals convert over time.