Investment Research report

Progyny, Inc.

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Progyny, Inc.
Diagnosing Progyny as a Strong Sell
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Research Overview

S&P 500
Feb 7, 2023

After conducting a forensic financial and accounting review, Spruce Point believes Progyny, Inc. (NYSE: PGNY), a market capitalization fertility benefit manager, possesses a broader range of financial, operating, business model, and management issues that go far beyond those previously discussed and raise serious questions about management’s disclosures and marketing claims and the ethics of the PGNY approach to fertility. Based on our investigation, we estimate 60% to 80% downside risk, or $7-$14 per share.

The report highlights several key concerns with the company, including:

  • Evidence shows that the fertility benefits marketplace is becoming increasingly commoditized and crowded
  • We have identified numerous headwinds to Progyny’s revenue growth in 2023 and 2024, most notably the massive layoffs underway at their marquee technology clients, including Amazon and Alphabet
  • We are doubtful of Progyny’s marketing claims and question the scientific support of its treatment plan, given its background on Progyny’s management, which reveals connections with WebMD and its subsidiary, Medical Manager, where fraud occurred
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