Chief Executive Officer & Director, PROGYNY INC
PGNY CEO on "Well-Positioned" Sales Year & Expanding Footprint
Pete Anevski, CEO of Progyny (PGNY), discusses his company's latest earnings and how it's poised for a "well-positioned" year.
About Peter Anevski
Peter Anevski, CEO of Progyny, said in March 2025 that the company ended 2024 with strong member engagement and retention, describing the year as "really strong" and noting that results exceeded expectations. He stated that Progyny entered 2025 with 6.7 million covered lives across 530 large self-insured clientscars, and that 40% of new clients purchased one or more of the company's expanded offerings, which include pregnancy, postpartum, and menopause care. Anevski said the company is "well positioned" for an upcoming sales year and is integrating services acquired through Benefit and April to create an "unparalleled digital experience" for members. He also commented that a Trump administration executive order requesting recommendations on protecting access to IVF and improving affordability is "really positive for everybody" and aligns with Progyny's mission. In a September 2023 interview, Anevski said that economic turbulence was not hurting Progyny's business, noting that the company retained 99% of its existing clients and that none cut the benefit package for the following year. He stated that a third of existing clients added to their benefits, and that half of the 105 new clients were companies that had not previously offered fertility benefits. Anevski attributed this to employers recognizing the importance of family building, adding that companies concerned about a recession "feel it's more important to offer benefits like Progyny."
Transcript (17 segments)
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Nicole Petallides0:00
We're live on the floor of the New York Stock Exchange. So glad you are with us. It's time for our spotlight. We're spotlighting benefit management company Progyny. Joining me right now is the CEO of Progyny. And the stock has done incredibly well in 2025, had a very strong end to 2024. Thank you so much for being with us. Tell us a little bit about the company for folks who don't know as much about it.
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Peter Anevski0:27
Sure. And thank you so much for having me. Progyny is a global women's health and family building benefits company, and we address many areas not only in family building and reproductive health, but also our expanded product offering, which is pregnancy, postpartum and menopause. And we have a roadmap ahead that we're excited about. We're going to be addressing many other areas of women's health needs.
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Nicole Petallides0:52
Understood. What do you think drove the strength at the end of last year? If someone bought your stock, they'd be pretty happy because right now the stock year to date is up 30%. But it has been volatile over a long period. What were some of the good things that happened in the last six months or so?
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Peter Anevski1:10
Yes, I would say the year ended really strong relative to member engagement. We had volatility during the year in terms of care consumption, but the year ended really positively and we were able to drive our results beyond expectations and guidance. But the other part of the year, which is really important, is our sales success, both in our fertility and family building product offering, where we're going to enter 2025 with 6.7 million covered lives across 530 large, self-insured clients, but also in our newest offerings. 40% of our newest clients that came on board bought one or more of those offerings. So we're pretty excited about the year ahead.
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Nicole Petallides1:49
Yeah, I mean, you really did see a big jump. So a lot of strong revenue, client growth and client retention was high. They must be happy. And that's part of the recipe, right?
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Peter Anevski2:03
Yeah, it's absolutely part of the recipe. It's our ninth year in a row of 99% plus client retention. Really, really important to keep your clients happy, to keep your members happy, to keep everybody in our ecosystem happy. We've been doing that successfully with an NPS score of 80 plus for over nine years.
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Nicole Petallides2:22
Understood. You know, what are your expectations going forward? You talked about the sales team doing really well, a lot of new product launches that have been very instrumental for family building and female health, fertility, menopause and so on. Tell me a little bit about that.
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Peter Anevski2:41
Yeah. So our expectations are we're really well positioned for an exciting sales year coming up, but also an exciting year relative to integrating all of our services, including the services that we have and services that we acquired through both Benefit and April. And we'll have an integrated solution that will create an unparalleled digital experience for the member. Very exciting in terms of what companies are looking for as they help these employees navigate this very complicated area of their life.
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Nicole Petallides3:14
Yeah. Understood. You know, as I think about this and I'm not an IVF expert, but I know that the Trump administration has been looking closely at this and trying to make it more affordable for folks. And, you know, it has become much more mainstream to do all kinds of fertility things. So what are your thoughts there? Will that be helpful to your company?
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Peter Anevski3:36
Yeah, what the Trump administration and the executive order that was issued does is two things. It's asking for recommendations around protecting access to IVF, as well as asking for recommendations around affordability. Those are all really positive for everybody. Our mission is to help anybody who wants to achieve their dream of building a family to be able to do so. And certainly those two things are in line with that mission.
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Nicole Petallides4:02
What might be the headwinds for 2025 and how will you tackle them?
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Peter Anevski4:07
There are no greater headwinds than we've seen in the past. Health care is complicated. Many different priorities are out there, but that's no different than what we've seen in the past. We're excited. All the macro trends that have driven our business and our growth to date are intact. So we're excited for the year ahead. And our investments, including our future investments, will position us well for those exciting opportunities.
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Nicole Petallides4:29
You talked about all the lives that you cover. I mean, what's the footprint like geographically?
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Peter Anevski4:35
We're across the country, so we have clients and lives in virtually every state in the country and continue to do so. We started out on the West Coast but have expanded throughout the country and now have access to IVF clinics wherever they are in the US.
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Nicole Petallides4:56
And so here in the US, do you feel like there's still more room to grow? I mean, if you're really US centric, not growing abroad in any way?
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Peter Anevski5:07
Not right now. You know, is there still more room for more penetration for Progyny? Oh, yeah, there's plenty of room, but I'll also address the global. So in the US we're only single digit penetrated across the TAM of 105 million covered lives. And we only have 6.7 million of them. And that's across 8000 large self-insured potential clients. And again, we have 530 of them. So huge opportunity relative to the TAM in the US. Our investment in April starts our footprint. We now service over 100 countries around the world, and not only in the fertility and family building space, but in our expanded product offering as well.
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Nicole Petallides5:48
All right. Peter Anevski, CEO of Progyny. Thank you so much for joining us.