Progyny Q1 revenue $258.4M (+50% YoY); raises FY2023 guidance

Revenue was $258.4 million, a 50% increase as compared to the $172.2 million reported in the first quarter of 2022, primarily as a result of the increase in our number of clients and covered lives. • Fertility benefit services revenue was $157.1 million, a 42% increase from the $110.9 million reported in the first quarter of 2022. • Pharmacy benefit services revenue was $101.2 million, a 65% increase as compared to the $61.3 million reported in the first quarter of 2022. Gross profit was $58.6 million, an increase of 78% from the $32.9 million reported in the first quarter of 2022, primarily due to the higher revenue. Gross margin was 22.7%, an increase of 360 basis points from the 19.1% reported in the prior year period, primarily due to ongoing efficiencies realized in the delivery of our care management services . Net income was $17.7 million, or $0.18 income per diluted share, an increase of 256% as compared to the $5.0 million, or $0.05 income per diluted share, reported in the fi