Progyny, Inc. reported a notable increase in financial performance for the second quarter of 2025, with total revenue reaching $332.9 million, a 9% increase from $304.1 million in the same period last year. For the first half of 2025, revenue totaled $656.9 million, up 13% from $582.2 million in the first half of 2024. The growth was primarily driven by a 16% increase in revenue from the fertility benefits solution and an 8% increase from the pharmacy benefits solution, attributed to a rise in the number of clients and covered lives.
The company's gross profit for the second quarter was $79.0 million, reflecting a 16% increase from $68.3 million year-over-year, with gross margin improving to 23.7% from 22.5%. Operating expenses also rose, with sales and marketing expenses increasing by 12% to $18.4 million and general and administrative expenses rising by 16% to $36.2 million. Despite these increases, income from operations grew to $24.4 million, compared to $20.7 million in the prior year, while net income for the quarter was $17.1 million, slightly up from $16.5 million.
In terms of operational metrics, Progyny's client base expanded to over 540 employers, covering approximately 6.8 million employees and their dependents. The company has maintained a high client retention rate since launching its fertility benefits solution in 2016. Engagement metrics also indicate strong performance, with a Net Promoter Score of +79 for fertility benefits and +84 for the pharmacy benefits solution, suggesting high member satisfaction.
Strategically, Progyny completed the acquisition of Benefit Bump LLC in January 2025 for $10.5 million, enhancing its offerings in parental leave benefits. The company also reported a significant increase in cash and cash equivalents, totaling $132.5 million as of June 30, 2025, alongside $172.6 million in marketable securities. Looking ahead, Progyny anticipates continued growth driven by its expanding client base and the increasing adoption of its fertility and pharmacy benefits solutions, while also acknowledging potential challenges from market conditions and competition.
About Progyny, Inc.
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