Progyny Inc (PGNY) stock gained 7.31% in the after-hours session on Thursday, April 15, 2021, after it gained 0.94% in the early session. PGNY shares have gained 146.67% over the last 12 months, and they have moved up by 9.97% in the past week. Over the past three months, the stock has gained 12.32%, while over the past six months, it has added 71.98%.
Let’s try to find out the reason behind its positive momentum
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Progyny Inauguration on S&P MidCap 400
On April 15, 2021, S&P Dow Jones Indices made some changes and announced that Progyny Inc. (PGNY) will replace Domtar Corp. (UFS) in the S&P MidCap 400 from April 20, 2021.
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Recent financial results
On February 24, 2021, Progyny, Inc. reported its financial results for the three- and twelve-month periods ended December 31, 2020.
Q4 Financial Highlights
- For Q4 2020, PGNY earned revenue of 100.3 million compared to the $65.1 million reported in the fourth quarter of 2019.
- Gross profit was $20.7 million for the fourth quarter compared to $11.8 million reported in the fourth quarter of 2019.
- Progyny net income for Q4 2020 was $39.1 million, or $0.39 income per diluted share compared to $4.4 million net loss, or $0.07 loss per diluted share, reported in the fourth quarter of 2019.
- Adjusted net income was $7.2 million, or $0.07 income per diluted share for the reported quarter compared to adjusted net income of $1.7 million, or $0.02 income per diluted share in the fourth quarter of 2019.
- For the Q4 2020, Adjusted EBITDA was $11.9 million compared to $3.9 million in the fourth quarter of 2019.
- For the reported quarter, net cash provided by operating activities was $6.5 million compared to net cash used by $5.5 million in the prior-year period.
The full Year 2020 financial highlights
- Progynyrevenue was $344.9 million in FY 2020 compared to $229.7 million reported in the year 2019.
- It earned a gross profit of $70.1 million in 2020compared to $45.5 million reported in the prior-year period.
- ProgynyNet income was $46.5 million, or $0.47 income per diluted share, compared to $8.6 million net loss, or $0.41 loss per diluted share, reported in the year 2019.
- Adjusted net income was $17.8 million, or $0.18 income per diluted share compared to adjusted net income of $10.9 million, or $0.12 income per diluted share in 2019.
- For FY 2020, adjusted EBITDA was $32.4 million, compared to $18.3 million in2019.
- Progynyhad total working capital of approximately $112.4 million and no debt on December 31, 2020.
- Net cash provided by operating activities in FY 2020 was $36.2 million, compared to net cash used by operating activities of $1.5 million in 2019.
Conclusion
There is no recent development to justify its gains on Thursday. it can continue its positive momentum in the coming days.
