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Progyny (PGNY)

Progyny is a leading fertility benefits management company in the US. The company is redefining fertility and family building benefits, proving that a comprehensive and inclusive fertility solution can simultaneously benefit employers, patients, and physicians.

PGNY stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Aug 22 Payson Norman Common Stock Sell Dispose S Yes Yes 31.88 800 25.5K 404,794
4 Aug 22 Payson Norman Common Stock Sell Dispose S Yes Yes 30.87 3,800 117.31K 405,594
4 Aug 22 Payson Norman Common Stock Sell Dispose S Yes Yes 30.2 2,018 60.94K 409,394
3 Aug 22 Payson Norman Common Stock Sell Dispose S Yes Yes 32.44 4,833 156.78K 411,412
3 Aug 22 Payson Norman Common Stock Sell Dispose S Yes Yes 31.82 1,785 56.8K 416,245
25 Jul 22 Mark S. Livingston Common Stock Payment of exercise Dispose F No No 31.82 226 7.19K 87,305
21 Jul 22 Payson Norman Common Stock Sell Dispose S Yes Yes 33.28 6,618 220.25K 418,030
20 Jul 22 Payson Norman Common Stock Sell Dispose S Yes Yes 33.4 6,618 221.04K 424,648
7 Jul 22 Payson Norman Common Stock Sell Dispose S Yes Yes 31.32 3,218 100.79K 431,266
7 Jul 22 Payson Norman Common Stock Sell Dispose S Yes Yes 30.39 3,400 103.33K 434,484
13F holders Current Prev Q Change
Total holders 251 258 -2.7%
Opened positions 36 42 -14.3%
Closed positions 43 47 -8.5%
Increased positions 103 107 -3.7%
Reduced positions 72 73 -1.4%
13F shares Current Prev Q Change
Total value 5.02B 10.87B -53.8%
Total shares 94.96M 91.16M +4.2%
Total puts 63K 81.7K -22.9%
Total calls 140.9K 163.3K -13.7%
Total put/call ratio 0.4 0.5 -10.6%
Largest owners Shares Value Change
TPG GP A 10M $514M 0.0%
BLK Blackrock 7.85M $403.55M -0.9%
MCQEF Macquarie 7.41M $380.71M -0.9%
Vanguard 6.53M $335.4M +0.8%
Kleiner Perkins Caufield & Byers Xiii 6.47M $325.94M 0.0%
Alger Associates 4.56M $0 0.0%
MKGAF Merck KGaA 4.3M $182.17M 0.0%
American Century Companies 3.53M $181.55M +52.0%
Fred Alger Management 3.48M $178.76M -23.7%
Clearbridge Advisors 3.22M $165.69M +2.7%
Largest transactions Shares Bought/sold Change
Baillie Gifford & Co 1.34M +1.34M +337578.8%
American Century Companies 3.53M +1.21M +52.0%
Fred Alger Management 3.48M -1.08M -23.7%
Riverbridge Partners 1.53M +712.72K +87.7%
Voya Investment Management 1.61M +516.01K +47.3%
Bamco 1.37M +501.64K +57.4%
Wafra 1.25M +489.18K +64.1%
Carnegie Capital Asset Management 0 -399.83K EXIT
Aperture Investors 482.25K +262.19K +119.1%
Norges Bank 0 -227.73K EXIT

Financial report summary

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Risks
  • The ongoing COVID-19 pandemic, including variants, has had and is expected to continue to have, and similar health epidemics or pandemics could in the future have, an adverse impact on our business, operations, and the markets and communities in which we and our clients, members and providers operate.
  • We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which would cause our stock price to decline.
  • The fertility market in which we participate is competitive, and if we do not continue to compete effectively, our results of operations could be harmed.
  • Our business depends on our ability to retain our existing clients and increase the adoption of our services within our client base. Any failure to do so would harm our business, financial condition and results of operations.
  • Our largest clients account for a significant portion of our revenue and a significant number of our clients are in the technology industry. The loss of one or more of these clients, changes to pricing terms with these clients or changes within the technology industry could negatively impact our business, financial condition and results of operations.
  • If we are unable to attract new clients, our business, financial condition and results of operations would be adversely affected.
  • A significant change in the level or the mix of the utilization of our solutions could have an adverse effect on our business, financial condition and results of operations.
  • We have a limited operating history with our current platform of solutions, which makes it difficult to predict our future results of operations.
  • We have a history of operating losses and may not sustain profitability in the future.
  • Changes or developments in the health insurance markets in the United States, including passage and implementation of a law to create a single-payer or government-run health insurance program, could materially and adversely harm our business and operating results.
  • The health benefits industry may be subject to negative publicity, which could adversely affect our business, financial condition and results of operations.
  • If we fail to offer high-quality support, our reputation could suffer.
  • Our marketing efforts depend significantly on our ability to receive positive references from our existing clients, channel partners and benefit consultants.
  • Failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our client base and achieve broader market acceptance of solutions we provide.
  • Our future revenue may not grow at the rates they historically have, or at all.
  • If the estimates and assumptions we use to determine the size of the target markets for our services are inaccurate, our future growth rate may be impacted and our business would be harmed.
  • Reductions in employee benefits spending or price pressures due to unfavorable conditions in our industry or the United States economy could limit our ability to grow our business and negatively affect our results of operations.
  • Our business experiences seasonality, which may cause fluctuations in our sales and results of operations.
  • If our new solutions and services are not adopted by our clients or members, or if we fail to innovate and develop new offerings that are adopted by our clients, our revenue and results of operations may be adversely affected.
  • If we fail to adapt and respond effectively to the changing medical landscape, changing laws, regulations and government enforcement priorities, changing client needs, requirements or preferences, our offerings may become less competitive.
  • If we fail to maintain and enhance our brand, our ability to expand our client base will be impaired and our business, financial condition and results of operations may suffer.
  • If we fail to retain and motivate members of our management team or other key employees, or fail to attract additional qualified personnel to support our operations, our business and future growth prospects could be harmed.
  • If we cannot maintain our company culture as we grow, our success and our business and competitive position may be harmed.
  • Our business depends on our ability to maintain our Center of Excellence network of high-quality fertility specialists and other healthcare providers. If we are unable to do so, our future growth would be limited and our business, financial condition and results of operations would be harmed.
  • Our growth depends in part on the success of our strategic relationships with, and monitoring of, third parties, including channel partners, vendors, as well as insurance carriers.
  • If we fail to maintain an efficient pharmacy distribution network or if there is a disruption to our network of specialty pharmacies, our business, financial condition and results of operations could suffer.
  • If we lose our relationship with one or more key pharmacy program partners, or if the rebates provided by pharmacy program partners decline, our business and results of operations could be adversely affected.
  • Our marketing efforts depend on our ability to maintain our relationship with benefits consultants.
  • We operate in a highly regulated industry and must comply with a significant number of complex and evolving legal and regulatory requirements.
  • The healthcare regulatory and political framework is uncertain and evolving. Recent and future developments in the healthcare industry could have an adverse impact on our business, financial condition and results of operations.
  • We are subject to potential changes in laws, regulations, government enforcement priorities, public policy, industry standards and other requirements, including with respect to Progyny Rx’s PBM practices, which create risks and challenges with respect to our compliance efforts and our business strategies, and may adversely affect our business.
  • We are subject to anti-corruption, anti-bribery, anti-money laundering, and similar laws, and non-compliance with such laws can subject us to criminal or civil liability and harm our business, financial condition and results of operations.
  • Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand.
  • Any litigation against us could be costly and time-consuming to defend and could harm our business, financial condition and results of operations.
  • Acquisitions, strategic investments, partnerships, or alliances could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business, dilute stockholder value, and adversely affect our business, financial condition and results of operations.
  • Changes in our effective tax rate or tax liabilities may have an adverse effect on our results of operations.
  • Certain U.S. state tax authorities may assert that we have a state nexus and seek to impose state and local taxes which could adversely affect our results of operations.
  • We may not be able to utilize a significant portion of our net operating loss or research tax credit carryforwards, which could adversely affect our profitability.
  • Our reported financial results may be adversely affected by changes in accounting principles generally accepted in the United States.
  • If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
  • Our stock price may be volatile, and the value of our common stock may decline.
  • An active trading market for our common stock may not be sustained.
  • We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors with respect to our results of operations, our stock price and the value of your investment could decline.
  • As a result of being a public company, we are obligated to develop and maintain proper and effective internal control over financial reporting, and any failure to maintain the adequacy of these internal control may adversely affect investor confidence in our company and, as a result, the value of our common stock.
  • Future sales of our common stock in the public market could cause the market price of our common stock to decline.
  • If securities or industry analysts do not publish research, or publish unfavorable or inaccurate research, about our business, the market price and trading volume of our common stock could decline.
  • We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • We incur increased costs as a result of operating as a public company, and our management is required to devote substantial time to compliance with our public company responsibilities and corporate governance practices.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.
  • Our amended and restated certificate of incorporation designates the state courts in the State of Delaware or, if no state court located within the State of Delaware has jurisdiction, the federal court for the District of Delaware, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could discourage lawsuits against us or our directors, officers, or employees.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Good
New words: Connecticut, constitutional, deteriorate, environmental, ESG, holding, Jackson, objective, recession, Roe, Unstable, Wade, Women
Removed: buildout, coinsurance, occupied