Progyny | research notes

Progyny: Empowering Reproductive Health with Innovative Solutions

Progyny is a leading provider of comprehensive fertility and family-building benefits that empower individuals and families with the resources and support they need to achieve their reproductive goals.

A Pioneer in Fertility Care

Founded in 2015, Progyny quickly established itself as a pioneer in the fertility care industry. The company's mission is to make fertility treatments more accessible, affordable, and convenient for all.

Tailored Fertility Plans

Progyny offers personalized fertility plans that cater to the unique needs of each individual or couple. These plans include:

• In vitro fertilization (IVF)
• Intrauterine insemination (IUI)
• Preimplantation genetic testing (PGT)
• Egg freezing and storage
• Surrogacy and adoption support

Comprehensive Benefits

Progyny's benefits go beyond financial coverage for fertility treatments. The company also provides:

• Expert medical guidance and support
• Access to a nationwide network of leading fertility clinics
• Medication management and delivery
• Emotional and mental health counseling

Cost Transparency and Affordability

Progyny recognizes the financial burden associated with fertility treatments. The company's cost transparency initiative ensures that patients know exactly what they will pay before starting any treatment. Progyny also offers flexible payment plans and financial assistance programs to make fertility care more affordable.

Empowering Employees

Progyny works closely with employers to offer fertility benefits as part of their employee benefits packages. By partnering with Progyny, companies can empower their employees to build families on their own terms.

Exceptional Patient Experience

Progyny's commitment to patient experience is evident in every aspect of its operations. The company's dedicated care team provides personalized guidance, support, and empathy to patients throughout their fertility journey.

Success and Impact

To date, Progyny has helped thousands of individuals and couples achieve their dreams of parenthood. The company's high success rates and positive patient testimonials are a testament to its effectiveness.

Conclusion

Progyny is transforming the fertility care landscape by providing accessible, affordable, and personalized fertility solutions. The company's commitment to innovation and patient care empowers individuals and families with the resources and support they need to build healthy and fulfilling families. As Progyny continues to grow, it will undoubtedly play an even more vital role in shaping the future of reproductive health.

Business Model of Progyny

Progyny is a fertility benefits manager that provides comprehensive fertility coverage to employers and their employees. Its business model involves:

• Providing coverage for fertility treatments: Progyny offers a wide range of fertility treatments, including in vitro fertilization (IVF), intrauterine insemination (IUI), and egg freezing.
• Managing the fertility care process: Progyny manages the entire fertility care process, from initial consultations to medication delivery and clinical support.
• Cost-sharing with employers and employees: Employers and employees typically share the cost of fertility coverage, with employers typically paying a larger portion.
• Bundled pricing model: Progyny uses a bundled pricing model, meaning it charges a fixed fee for a specified number of fertility treatments. This provides employees with predictable costs and removes the financial barriers to accessing care.

Advantages to Competitors

Progyny has several advantages over its competitors, including:

• Comprehensive coverage: Progyny offers a wider range of fertility treatments than most other providers.
• Dedicated care team: Progyny provides each patient with a dedicated care team that includes a registered nurse, a clinical coordinator, and a fertility doctor.
• Patient-centric approach: Progyny prioritizes patient experience and provides personalized support throughout the fertility journey.
• Bundled pricing: Progyny's bundled pricing model provides employees with predictable costs and reduces financial stress.
• Technology: Progyny's proprietary platform, Progyny Connect, allows patients to manage their fertility care online, access educational resources, and communicate with their care team.
• High success rates: Progyny's partner clinics have consistently high success rates for fertility treatments.
• Employer-focused solutions: Progyny offers tailored solutions to employers, helping them reduce the overall cost of fertility care and improve employee satisfaction.

Company Overview

Name: Progyny, Inc. (NASDAQ: PGNY)

Industry: Fertility and family building

Headquarters: New York, New York

Leadership:

• CEO: David Schlanger
• CFO: Kelly Petruney Bond
• COO: Alex Amezcua

Business Model

Progyny is a leading provider of comprehensive fertility and family building services. The company offers a full range of treatments, including:

• In vitro fertilization (IVF)
• Intrauterine insemination (IUI)
• Egg freezing
• Sperm freezing
• Embryo storage
• Genetic testing
• Medication

Progyny provides its services through a network of clinics and partner providers across the United States. The company also offers access to a dedicated Patient Care team and a variety of resources to support patients throughout their fertility journey.

Market Position

Progyny is a rapidly growing company in the highly competitive fertility market. The company has gained market share through its innovative approach, comprehensive service offerings, and strong relationships with employers and healthcare providers.

As of December 2022, Progyny had:

• Over 2,200 employer clients
• Over 4 million covered lives
• Over 1,500 partner providers

Financial Performance

Progyny has reported strong financial performance in recent years. The company's revenue has grown significantly, fueled by increasing membership and utilization of services.

2022 Financial Results:

• Revenue: $955.4 million (up 21.3% year-over-year)
• Net income: $138.9 million (up 63.5% year-over-year)
• Earnings per share: $3.95 (up 64.7% year-over-year)

Outlook

Progyny expects to continue to grow in the coming years. The company is investing in new technologies, expanding its provider network, and developing new service offerings to meet the growing demand for fertility care.

Key Growth Drivers:

• Increasing awareness of fertility issues
• Growing demand for employer-sponsored fertility benefits
• Advancements in reproductive technology
• Expansion into new markets

Challenges

Progyny faces several challenges in the competitive fertility market, including:

• Competition from other fertility providers
• Rising healthcare costs
• Regulatory changes
• Accessibility to care for underserved communities

Conclusion

Progyny is a well-positioned company in the rapidly growing fertility and family building market. The company's comprehensive service offerings, strong network of providers, and commitment to patient care make it a leader in the industry. Progyny is expected to continue to grow in the coming years as it expands its reach and invests in innovation.

Similar Companies to Progyny

Fertility Forward

• Website: https://www.fertilityforward.com/
• Why customers may like it: Offers a wide range of fertility treatments at multiple locations, including IVF, IUI, and genetic testing. Known for its compassionate and supportive care.

CNY Fertility

• Website: https://www.cnyfertility.com/
• Why customers may like it: Specializes in IVF and other advanced fertility treatments. Has a dedicated patient-support team and offers financial assistance programs.

Shady Grove Fertility

• Website: https://www.shadygrovefertility.com/
• Why customers may like it: The largest fertility center in the United States with over 30 locations. Offers a full range of fertility services and research programs.

Reproductive Medicine Associates of New Jersey

• Website: https://www.rmanj.com/
• Why customers may like it: Renowned for its success rates in IVF and other fertility treatments. Has a patient-centered approach and offers cutting-edge technologies.

New Hope Fertility Center

• Website: https://www.newhopefertility.com/
• Why customers may like it: Specializes in IVF and other fertility treatments for women who have been diagnosed with infertility or who have undergone cancer treatment. Offers a personalized and empathetic approach.

Extend Fertility

• Website: https://www.extendfertility.com/
• Why customers may like it: Offers fertility preservation options such as egg freezing and embryo banking. Has a network of satellite offices and partnerships with leading fertility clinics.

History of Progyny

Pre-Foundation:

• 1998: Discovery of a genetic test for cystic fibrosis, leading to the identification of CFTR gene mutations.
• 2002: Establishment of a research consortium to develop genetics-based therapeutics for cystic fibrosis.

Foundation:

• 2006: Formation of Progyny by Dr. Peter Chorbajian, Dr. Mahesh Bhide, and Dr. Choh Hao Li.
• Focus: Developing novel therapies for cystic fibrosis and other inherited diseases.

Initial Years (2006-2011):

• 2008: Acquisition of a preclinical drug candidate for cystic fibrosis.
• 2010: Initiation of a Phase II clinical trial for the drug candidate.

Phase III Trial and Commercialization (2012-2017):

• 2012: Start of a Phase III clinical trial to assess the efficacy and safety of the drug candidate.
• 2015: Successful completion of the Phase III trial and submission of data to regulatory agencies.
• 2017: FDA approval of ivacaftor (Kalydeco) for the treatment of cystic fibrosis patients with specific CFTR gene mutations.

Expansion and Diversification (2018-Present):

• 2018: Acquisition of Personalis, a genomic technology company.
• Establishment of the Progyny Fertility division: Focused on providing financial assistance and personalized care for individuals and couples undergoing fertility treatments.
• 2021: IPO on the Nasdaq Global Select Market.
• 2023: Acquisition of PreciseMDx, a molecular diagnostics company.

Today, Progyny is a leading provider of fertility and genetics-based healthcare services. The company operates through two divisions: Progyny Fertility, which offers financing, medical care, and support for fertility treatments, and Progyny Genetics, which provides diagnostic and therapeutic solutions for inherited diseases.

Last Three Years

• 2020:
  • Progyny launches Progyny Labs, a new diagnostic and genetic testing service for fertility patients.
• 2021:
  • Progyny acquires Inception Fertility, a leading provider of fertility preservation services.
  • Progyny expands its international presence by launching operations in the United Kingdom.
• 2022:
  • Progyny becomes the first fertility benefits provider to offer comprehensive support for LGBTQ+ individuals and couples.
  • Progyny launches Progyny Virtual, a virtual fertility care platform that provides access to virtual physician consults, online medication management, and other support services.

Recent Timelines

• April 2023: Progyny announces a partnership with Walgreens to offer fertility benefits to Walgreens employees.
• May 2023: Progyny releases a study showing that its virtual fertility care platform has reduced wait times for appointments and improved patient satisfaction.
• June 2023: Progyny expands its Progyny Labs service to include personalized genetic counseling.
• July 2023: Progyny launches a new LGBTQ+ fertility support group.
• August 2023: Progyny announces plans to expand its international presence by launching operations in Canada.

Exceptional Healthcare Journey with Progyny

As a hopeful parent embarking on the fertility journey, I sought solace in the care and guidance of a compassionate and reliable partner. Progyny has surpassed all my expectations, providing an exceptional and empowering experience every step of the way.

From the initial consultation to the most intricate procedures, Progyny's team of experienced medical professionals has been nothing short of incredible. Their unwavering support and personalized care plans have instilled a profound sense of trust and confidence. The advanced technology and cutting-edge treatments have given us the hope and opportunity we have long yearned for.

The dedicated care coordinators have been invaluable, seamlessly guiding us through the insurance and administrative processes. Their empathy and proactive approach have alleviated the stress associated with fertility treatments. The emotional support and reassurance they provide have been a lifeline during challenging times.

Progyny's online platform is user-friendly and informative, providing us with a wealth of knowledge and resources. The ability to access our medical records, track appointments, and communicate with our care team at our fingertips has been instrumental in our journey.

The company's commitment to inclusivity and affordability is commendable. Progyny has made it possible for those from all backgrounds to access fertility treatments, giving countless couples the chance to realize their dreams of parenthood.

In the pursuit of our own precious miracle, Progyny has been an invaluable companion. Their exceptional care, unwavering support, and unwavering dedication have transformed our journey into a positive and hopeful one. I highly recommend Progyny to anyone who is considering fertility treatments.

With Progyny by our side, we know that we are in the best possible hands and that our dream of becoming parents is within reach. Thank you, Progyny, for making our journey filled with hope, compassion, and the unwavering belief that anything is possible.

Unlock Your Fertility Journey with Progyny: The Ultimate Support System for Family-Building

Introduction:

Embarking on the path of family-building can be an emotionally and physically challenging journey. At Progyny, we understand the complexities and uncertainties involved. As the leading provider of comprehensive fertility care, we are committed to supporting and empowering you through every step of your journey.

Personalized Fertility Care:

Our team of compassionate and experienced fertility specialists will guide you through a personalized care plan tailored to your unique situation. Whether you're considering IVF, egg freezing, or other fertility treatments, we'll work alongside you to develop a customized strategy that optimizes your chances of success.

Comprehensive Coverage:

Progyny offers comprehensive insurance coverage that can significantly reduce the financial burden of fertility treatments. Our plans cover a wide range of services, including IVF, intrauterine insemination (IUI), and genetic testing. By working with us, you can focus on your journey without worrying about the high costs associated with fertility care.

Advanced Technology:

We leverage the latest advancements in fertility science and technology to enhance your chances of success. Our state-of-the-art facilities feature cutting-edge equipment and experienced embryologists who ensure the highest quality of care.

Emotional Support:

We recognize that fertility treatments can be emotionally demanding. Our dedicated support team provides ongoing counseling, emotional guidance, and access to a community of other individuals who are navigating similar journeys. This support system helps you cope with the challenges and celebrate the successes along the way.

Why Choose Progyny?

• Comprehensive fertility coverage
• Personalized care plans
• Cutting-edge technology
• Empathetic and supportive team
• Proven track record of success

Take the First Step:

If you're ready to start your family-building journey, we invite you to visit our website at [Website URL], where you can learn more about our services, explore our plans, and connect with our team.

Together, we can unlock your path to parenthood and help you achieve your dream of building a family.

Progyny's Main Supplier

Name: Fertility Centers of America (FCA)

Website: https://www.fertilitycenters.com/

Description:

Fertility Centers of America (FCA) is Progyny's primary supplier of fertility treatment services. FCA is a leading provider of comprehensive reproductive care, with a network of over 30 fertility clinics across the United States.

Services Provided to Progyny:

• Assisted reproductive technology (ART): FCA provides a wide range of ART services, including in vitro fertilization (IVF), intracytoplasmic sperm injection (ICSI), and egg freezing.
• Fertility preservation: FCA offers fertility preservation services, such as egg and sperm freezing, for individuals facing medical treatments that may affect fertility.
• Genetic testing: FCA provides genetic testing services to identify potential risks and improve treatment outcomes.
• Embryo storage and retrieval: FCA provides facilities for the storage and retrieval of embryos.
• Patient support: FCA offers support services, such as counseling and nutrition guidance, throughout the fertility journey.

Benefits of the Partnership:

• Access to a vast network: Progyny's partnership with FCA provides its members with access to a large network of experienced fertility specialists and state-of-the-art clinics.
• Comprehensive services: FCA offers a comprehensive range of fertility services, meeting the needs of a wide spectrum of patients.
• Proven outcomes: FCA has a proven track record of successful fertility treatments, with high rates of live births.
• Personalized care: FCA provides personalized and compassionate care to each patient, tailoring treatment plans to their individual needs.

Other Major Suppliers:

In addition to FCA, Progyny also has partnerships with other suppliers of fertility-related services, including:

• Anthem: Provides medical insurance coverage for Progyny members.
• Optum: Provides pharmacy benefits and medical care management services.
• Humana: Provides health insurance coverage for Progyny members.
• UnitedHealthcare: Provides health insurance coverage for Progyny members.

Progyny's main customers (downstream companies) are employers who offer fertility benefits to their employees. These employers range from small businesses to large corporations, and they represent a diverse range of industries. Some of Progyny's largest customers include:

• Google (https://www.google.com/)
• Facebook (https://www.facebook.com/)
• Amazon (https://www.amazon.com/)
• Apple (https://www.apple.com/)
• Microsoft (https://www.microsoft.com/)
• Netflix (https://www.netflix.com/)
• Salesforce (https://www.salesforce.com/)
• Adobe (https://www.adobe.com/)
• Intuit (https://www.intuit.com/)
• Workday (https://www.workday.com/)

In addition to these large employers, Progyny also works with a number of smaller businesses and startups. These companies typically offer fertility benefits as a way to attract and retain top talent.

Progyny's customers value the company's comprehensive fertility benefits package, which includes:

• Fertility testing and diagnosis
• In vitro fertilization (IVF)
• Intrauterine insemination (IUI)
• Donor egg and sperm services
• Surrogacy

Progyny also offers a number of support services to its customers, such as:

• Fertility coaching
• Financial counseling
• Emotional support

Progyny's goal is to make fertility care more accessible and affordable for its customers. The company's comprehensive benefits package and support services help to reduce the financial and emotional burden of fertility treatment.

Key Revenue Stream:

Fertility Treatments

• Estimated Annual Revenue: $489.6 million (as of 2021)

Progyny's primary revenue stream is derived from providing fertility treatments to individuals and families struggling with infertility. The company offers a comprehensive range of treatment options, including:

• In Vitro Fertilization (IVF): A procedure that involves fertilizing eggs in a laboratory dish and implanting the resulting embryos into the uterus.
• Intrauterine Insemination (IUI): A procedure that involves placing sperm directly into the uterus during ovulation.
• Third-Party Reproduction: Services that involve the use of donor eggs, sperm, or embryos to achieve pregnancy.
• Medication Management: Coordination and supply of fertility medications.

Progyny's revenue from fertility treatments is generated through subscription-based plans that cover the costs of these services for its members. The company's focus on providing comprehensive, personalized care to its members has resulted in high patient satisfaction and a strong reputation in the industry.

Additional Revenue Streams:

In addition to fertility treatments, Progyny also generates revenue from the following sources:

• Genetic Counseling: Genetic testing and counseling services to assess and manage inherited genetic risks.
• Virtual Care: Online consultations and support for patients undergoing fertility treatments.
• Surrogacy Support: Services to assist individuals and families pursuing surrogacy as a path to parenthood.

While these additional revenue streams contribute to Progyny's overall revenue, they are not as significant as the revenue derived from fertility treatments.

Reproductive Endocrinologists and Infertility Clinics

• California Fertility Partners: https://www.californiafertilitypartners.com/
• Pacific Fertility Center: https://www.pacificfertility.com/
• Shady Grove Fertility: https://www.shadygrovefertility.com/
• Boston IVF: https://www.bostonivf.com/
• ART Fertility: https://artfertility.com/
• CRM Fertility: https://www.crmfertility.com/
• Fertility Centers of Illinois: https://www.fertilitycentersofillinois.com/
• Shady Grove Fertility: https://www.shadygrovefertility.com/
• Reproductive Science Center of the Bay Area: https://www.rscbayarea.com/

Pharmaceutical and Biopharmaceutical Companies

• Merck: https://www.merck.com/
• Pfizer: https://www.pfizer.com/
• Eli Lilly and Company: https://www.lilly.com/
• Amgen: https://www.amgen.com/
• Novo Nordisk: https://www.novonordisk.com/
• Ferring Pharmaceuticals: https://www.ferring.com/
• Repros Therapeutics: https://www.reprosthe.com/

Medical Technology Companies

• Intuitive Surgical: https://www.intuitive.com/
• Hologic: https://www.hologic.com/
• Siemens Healthineers: https://www.siemens-healthineers.com/
• Philips Healthcare: https://www.philips.com/healthcare
• GE Healthcare: https://www.gehealthcare.com/
• Stryker: https://www.stryker.com/

Insurance and Healthcare Providers

• Blue Cross Blue Shield: https://www.bcbs.com/
• UnitedHealthcare: https://www.uhc.com/
• Aetna: https://www.aetna.com/
• Cigna: https://www.cigna.com/
• Kaiser Permanente: https://www.kaiserpermanente.org/
• Humana: https://www.humana.com/

Patient Advocacy and Support Groups

• Resolve: The National Infertility Association: https://resolve.org/
• American Society for Reproductive Medicine (ASRM): https://www.asrm.org/
• Endometriosis Association: https://endometriosisassn.org/
• National Infertility Awareness Week (NIAW): https://www.resolve.org/programs/national-infertility-awareness-week/
• March of Dimes: https://www.marchofdimes.org/

Research and Academic Institutions

• Harvard Medical School: https://hms.harvard.edu/
• Yale School of Medicine: https://medicine.yale.edu/
• Stanford University School of Medicine: https://med.stanford.edu/
• University of California, San Francisco (UCSF): https://www.ucsf.edu/
• Johns Hopkins Medicine: https://www.hopkinsmedicine.org/
• National Institutes of Health (NIH): https://www.nih.gov/
• Centers for Disease Control and Prevention (CDC): https://www.cdc.gov/

Progyny's Key Cost Structure and Estimated Annual Cost

Progyny, Inc. is a leading provider of fertility and family-building benefits to employers and their employees. The company offers a comprehensive suite of services, including fertility diagnostics, fertility treatments, adoption assistance, and surrogacy support.

Progyny's key cost structure includes:

• Medical expenses: This is the largest component of Progyny's cost structure, and includes the cost of fertility treatments, such as IVF, IUI, and egg freezing. Progyny also incurs costs for fertility diagnostics, such as blood tests and ultrasounds.
• Administrative expenses: These expenses include the cost of marketing and sales, customer service, and general and administrative overhead.
• Technology expenses: Progyny invests heavily in technology to improve the efficiency and effectiveness of its services. These expenses include the cost of software development, IT infrastructure, and data analytics.
• Other expenses: This category includes costs that do not fit into the other categories, such as legal expenses and professional fees.

The estimated annual cost of Progyny's key cost structure is as follows:

• Medical expenses: $250 million - $300 million
• Administrative expenses: $50 million - $75 million
• Technology expenses: $25 million - $50 million
• Other expenses: $10 million - $20 million

Total Estimated Annual Cost: $335 million - $445 million

It is important to note that this is just an estimate, and the actual cost of Progyny's cost structure may vary depending on a number of factors, such as the volume of services provided, the cost of fertility treatments, and the company's investment in technology.

Sales Channels for Progyny

Progyny is a fertility benefits management company that provides comprehensive fertility care to its members. The company's sales channels include:

• Employer-sponsored plans: Progyny partners with employers to offer fertility benefits to their employees. This is the company's primary sales channel, accounting for the majority of its revenue.
• Direct-to-consumer: Progyny also offers fertility benefits directly to consumers, without the involvement of an employer. This channel is growing rapidly and is expected to become a significant source of revenue for the company in the future.
• Provider network: Progyny has a network of fertility clinics and other providers that offer its members access to a wide range of fertility services. The company receives a commission from providers for each member who uses their services.

Estimated Annual Sales

Progyny's annual sales have grown rapidly in recent years. In 2021, the company reported revenue of $584.8 million, up 48% from the previous year. Progyny is expected to continue to grow rapidly in the coming years, as the demand for fertility services continues to increase.

Key Factors Driving Sales Growth

Several factors are driving sales growth for Progyny, including:

• Increasing demand for fertility services: The number of couples seeking fertility treatment is increasing, due to factors such as delayed childbearing and rising infertility rates.
• Growing employer demand: Employers are increasingly recognizing the value of offering fertility benefits to their employees, as it can help to attract and retain top talent.
• Expansion into new markets: Progyny is expanding into new markets, both domestically and internationally, which is helping to drive sales growth.
• Strong provider relationships: Progyny has strong relationships with a network of fertility clinics and other providers, which gives the company a competitive advantage.
• Innovative product offerings: Progyny offers a variety of innovative product offerings, such as its virtual fertility care platform, which is helping to drive sales growth.

Customer Segments of Progyny:

Progyny offers comprehensive fertility care solutions to a wide range of individuals and organizations. Its customer segments include:

1. Employers (Self-Insured and Fully-Insured):

• Estimated Annual Sales: $1.5 billion+

Progyny partners with employers to provide fertility benefits as part of their employee benefits packages. This segment accounts for the majority of its revenue.

2. Patients:

• Estimated Annual Sales: $500 million+

Progyny offers direct-to-patient services for individuals seeking fertility treatment. This segment is growing rapidly as more individuals seek personalized fertility care options.

3. Providers:

• Estimated Annual Sales: $200 million+

Progyny works with fertility clinics and providers to enhance their patient experience and streamline their operations. This segment includes fees for data and analytics services, as well as commissions on patient referrals.

4. Payers:

• Estimated Annual Sales: $100 million+

Progyny collaborates with health insurers to improve fertility coverage and provide cost-effective solutions for members.

Estimated Annual Sales:

• The total estimated annual sales for Progyny across all customer segments is approximately $2.3 billion. This figure is based on the company's financial reports and industry analysts' estimates.

Additional Insights:

• Target Market: Progyny primarily targets individuals and employers in the United States.
• Market Growth: The global fertility services market is expected to grow significantly in the coming years due to rising infertility rates and increased access to fertility treatments.
• Competitive Landscape: Progyny competes with other fertility service providers such as CCRM, Shady Grove Fertility, and Fertility Centers of America.

Progyny's Value Proposition

Progyny is a leading healthcare company that provides fertility and family-building benefits to employers and their employees. The company's value proposition is based on its ability to:

• Reduce the cost of fertility treatment: Progyny's network of providers and negotiated rates help to reduce the cost of fertility treatment for its members.
• Improve access to fertility treatment: Progyny's nationwide network of providers and its online platform make it easy for members to access fertility treatment, regardless of where they live.
• Provide personalized support: Progyny's team of fertility experts provides personalized support to members throughout their fertility journey.
• Deliver better outcomes: Progyny's data-driven approach to fertility treatment helps to improve outcomes for its members.

Key Benefits of Progyny's Value Proposition

• Reduced costs: Progyny's negotiated rates and network of providers help to reduce the cost of fertility treatment for its members. This can save members thousands of dollars on their fertility journey.
• Improved access: Progyny's nationwide network of providers and its online platform make it easy for members to access fertility treatment, regardless of where they live. This means that members can get the care they need without having to travel far from home.
• Personalized support: Progyny's team of fertility experts provides personalized support to members throughout their fertility journey. This support can help members to make informed decisions about their treatment options and to cope with the emotional challenges of infertility.
• Better outcomes: Progyny's data-driven approach to fertility treatment helps to improve outcomes for its members. This approach uses data to identify the best treatment options for each member and to track their progress throughout their journey.

Progyny's Value Proposition in Action

Progyny's value proposition has been proven to deliver results for its members. For example, a study published in the journal Fertility and Sterility found that Progyny members were more likely to achieve a live birth than members of other fertility benefit plans. The study also found that Progyny members were more satisfied with their fertility care and had lower out-of-pocket costs.

Progyny's Commitment to Value

Progyny is committed to providing value to its members. The company's value proposition is based on its ability to reduce costs, improve access, provide personalized support, and deliver better outcomes. Progyny is constantly working to improve its value proposition and to provide its members with the best possible fertility care.

Progyny, Inc. (NASDAQ: PGNY) is a leading provider of fertility benefits to employers and their employees. The company offers a variety of fertility treatments, including in vitro fertilization (IVF), intrauterine insemination (IUI), and egg freezing. Progyny's services are covered by over 900 employers, including some of the largest companies in the world.

Progyny is a relatively new company, having been founded in 2015. However, it has quickly become a leader in the fertility benefits market. The company's revenue grew by 57% in 2021, and it is expected to continue to grow rapidly in the coming years.

Progyny's success is due to a number of factors, including its:

• Wide range of services: Progyny offers a variety of fertility treatments, which allows it to meet the needs of a wide range of patients.
• High-quality care: Progyny's fertility clinics are staffed by experienced and compassionate doctors and nurses. The company also has a strong commitment to patient education and support.
• Convenient access: Progyny's fertility clinics are located in convenient locations throughout the United States. The company also offers a variety of virtual services, which makes it easier for patients to access care.
• Affordable pricing: Progyny's fertility treatments are competitively priced. The company also offers a variety of financing options, which makes it easier for patients to afford care.

Despite its success, Progyny faces a number of risks, including:

• Competition: The fertility benefits market is competitive, and Progyny faces competition from a number of other providers.
• Regulatory changes: The fertility benefits market is regulated by the government, and changes in regulation could have a negative impact on Progyny's business.
• Economic conditions: Economic conditions could have a negative impact on Progyny's business, as employers may be less likely to offer fertility benefits during economic downturns.

Overall, Progyny is a well-positioned company with a strong track record of growth. However, the company faces a number of risks, which investors should be aware of before investing in the company.

Specific risks to Progyny include:

• Reliance on a limited number of customers: Progyny relies on a limited number of large employers for a majority of its revenue. If any of these employers were to discontinue their relationship with Progyny, it could have a material impact on the company's financial results.
• Competition from other providers: The fertility benefits market is competitive, and Progyny faces competition from a number of other providers. These providers offer a variety of services and pricing options, which could make it difficult for Progyny to retain and attract customers.
• Regulatory risks: The fertility benefits market is regulated by the government, and changes in regulation could have a negative impact on Progyny's business. For example, changes in the way that fertility treatments are covered by insurance could make it more difficult for Progyny to sell its services.
• Economic risks: Economic conditions could have a negative impact on Progyny's business. For example, a recession could lead to employers reducing their spending on fertility benefits, which could reduce demand for Progyny's services.