PGNY - Progyny GAAP EPS of $0.15 beats by $0.05 revenue of $279.4M beats by $17.23M

2023-08-03 16:04:20 ET

• Progyny press release ( NASDAQ: PGNY ): Q2 GAAP EPS of $0.15 beats by $0.05 .
• Revenue of $279.4M (+43.3% Y/Y) beats by $17.23M .

• Adjusted EBITDA was $47.5 million, an increase of 44% as compared to the $32.9 million reported in the second quarter of 2022, reflecting the higher gross profit and operating efficiencies realized on our higher revenues. Adjusted EBITDA margin was 17.0%, an increase of 10 basis points from the 16.9% Adjusted EBITDA margin in the second quarter of 2022. Please refer to Annex A for a reconciliation of Adjusted EBITDA to net income.

• Cash Flow

• Net cash generated by operating activities in the second quarter of 2023 was $76.0 million, compared to cash generated of $19.2 million in the prior year period. The higher cash flow as compared to the prior year period was positively impacted by new agreements with our pharmacy program partners, which included more favorable receipt terms and resulted in one additional receipt in the second quarter, as well as the impact of timing for certain working capital items.

• Balance Sheet and Financial Position

• As of June 30, 2023, the Company had total working capital of approximately $367.2 million and no debt. This included cash and cash equivalents and marketable securities of $282.5 million, an increase of $74.6 million from March 31, 2023.

For further details see: