---
schema_version: "secwatch.filing_event.v1"
accession: "0001551306-23-000045"
form_type: "8-K"
ticker: "PGNY"
cik: "0001551306"
company_name: "Progyny, Inc."
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T13:10:31.588425+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- Net income $17.7M ($0.18 diluted EPS) vs $5.0M ($0.05) in Q1 2022.
- Adjusted EBITDA $46.4M (+87% YoY); margin expanded 350 bps to 17.9%.
- FY2023 revenue guidance raised to $1.04-1.065B from prior range.
- Clients grew to 379 (from 264) and covered lives to 5.34M (+36% YoY).
- Fertility revenue $157.1M (+42%); pharmacy revenue $101.2M (+65%).

## SEC filing metadata
- accession: 0001551306-23-000045
- form_type: 8-K
- ticker: PGNY
- cik: 0001551306
- company_name: Progyny, Inc.
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1551306/000155130623000045/0001551306-23-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1551306/000155130623000045/pgny-20230508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001551306-23-000045
- JSON: https://secwatch.observer/filing/0001551306-23-000045.json
- Plain text: https://secwatch.observer/filing/0001551306-23-000045.txt

## Key facts
- Earnings Releases
  Progyny, Inc. reported first quarter of 2023 results: revenue $258.4 million, net income $17.7 million, EPS $0.18. Guidance raised.
  - Period: first quarter of 2023
  - Revenue: $258.4 million
  - Net income: $17.7 million
  - EPS: $0.18
  - Guidance: raised
  - Result: reported results
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1551306/000155130623000045/0001551306-23-000045-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.