Progyny CEO says economic turbulence isn't hurting business

🎥 Dec 09, 2022 📺 CNBC Television ⏱ 1m 👁 1447 views

Cramer spoke with Progyny CEO Peter Anevski on Thursday. Sign up and learn more about the CNBC Investing Club with Jim ...

Watch on YouTube

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."

Source: AI-verified profile updated from Peter Anevski's recent appearances. Browse all interviews →

Transcript (3 segments)

Peter Anevski0:00

And all of that's happening because of the macro trends in the industry, and they continue to drive our growth.

Interviewer0:07

Okay. So let's say what happens. So many people are talking about recession every day. There's a period where it's been very hard to get people, and I think that Progyny would be a fantastic benefit to attract people. Do you think Progyny will work the other way? Will it be something that's cut back if there are too few people looking for too few jobs?

Peter Anevski0:26

It's a great question and one we get regularly from investors. What we've seen and experienced is not that at all. Family building is a very important part of people's lives, and employers recognize that. Let's take first, for example, our existing base of clients. We've retained 99% of them, and none of them cut the benefit pack at all for next year. And in fact, a third of them added something to the benefit. And when you take the new clients that we saw, the 105 new clients for next year, half of them are companies that were already offering the benefit in some form, but the other half weren't offering it at all. So to the extent they have concerns around a looming recession, they feel it's more important to offer.