Progyny, Inc. (PGNY) stock plummeted 0.46% in the pre-market trading session at the price of $60.00 after publishing its earnings report for the third quarter ended on 30th September 2021.
PGNY is a fertility benefits management corporation in the United States. It provides inclusive and comprehensive fertility solutions that can benefit employers, physicians, and patients.
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PGNY Third Quarter 2021 Financial Results
On 4th November 2021, PGNY published its financial results for the three months that ended on 30th September 2021 and presented business updates.
Financial Highlights
PGNY reported revenue of $122.3 million for the three months ended on 30th September 2021. It represents a gain of 24% from $98.9 million in the third quarter of the previous year. The revenue from fertility benefit services was roughly $85.3 million in the third quarter of 2021. It represents a gain of 17% from $73.1 million in the third quarter of the prior year. For the third quarter of 2021, the company reported $37.0 million in revenue from pharmacy benefit services. It is a rise of 43% compared to the $25.8 million in the same quarter of 2020.
PGNY reported a gross profit of roughly $28.5 million for the third quarter of 2021. It represents a gain of 37% from $20.8 million in the same quarter of 2020. The total gross margin reported was 23.3% for the third quarter ended on 30th September 2021. Net income was approximately $16.8 million, or $0.17 per share (diluted), for the third quarter of 2021. Net income was roughly $4.8 million, or $0.05 per share (diluted), in the third quarter of last year.
PGNY reported an adjusted EBITDA of roughly $16.5 million for the third quarter of 2021. A rise of 64% compared to $10.0 million in the third quarter ended 30th September 2020. For the third quarter of 2021, net cash from operations was approximately $24.2 million. Net cash from operations was $15.3 million in the same period of last year. The company reported a working capital of $150.0 million on 30th September 2021. The cash and cash equivalents totaled $114.3 million on 30th September 2021.
