Fertility Solutions-Focused Progyny Stock Sinks After Soft Guidance; Analyst Says 'Can No Longer Underwrite Sustained Healthy Growth In Forecasts'
Fertility Solutions-Focused Progyny Stock Sinks After Soft Guidance; Analyst Says 'Can No Longer Underwrite Sustained Healthy Growth In Forecasts'
On Thursday, Progyny Inc (NASDAQ:PGNY) reported first-quarter sales of $278.1 million, up 7.6% year over year, missing the consensus of $289.46 million, primarily due to the increased number of clients and covered lives.
週四，Progyny Inc（納斯達克股票代碼：PGNY）公佈的第一季度銷售額爲2.781億美元，同比增長7.6％，未達到2.8946億美元的共識，這主要是由於客戶數量和承保人壽的增加。
Fertility benefit services revenue was $169.8 million, an 8.0% increase from the $157.1 million reported in the first quarter of 2023.
生育補助服務收入爲1.698億美元，較2023年第一季度公佈的1.571億美元增長了8.0％。
Pharmacy benefit services revenue was $108.3 million, a 7.0% increase compared to the $101.2 million reported in the first quarter of 2023.
藥房福利服務收入爲1.083億美元，與2023年第一季度公佈的1.012億美元相比增長了7.0％。
The company reported adjusted EPS of $0.39, up from $0.34 a year ago.
該公司報告調整後的每股收益爲0.39美元，高於去年同期的0.34美元。
The company had 451 clients as of March 31, 2024, compared to 379 a year ago. Assisted Reproductive Technology (ART) cycles were 14,802 compared to 13,171 a year ago. Utilization rate was 0.53%.
截至2024年3月31日，該公司擁有451名客戶，而去年同期爲379名。輔助生殖技術（ART）週期爲14,802次，而去年同期爲13,171次。利用率爲0.53％。
"Utilization through the end of February was consistent with the record engagement we saw a year ago. However, March was modestly below our expectations, coinciding with the national conversations concerning fertility treatments and access to maternal healthcare following the Alabama Supreme Court ruling," said Pete Anevski, CEO of Progyny.
“截至2月底的利用率與一年前創紀錄的參與度一致。但是，3月份略低於我們的預期，恰逢阿拉巴馬州最高法院作出裁決後關於生育治療和孕產婦醫療保健機會的全國性對話。” Progyny首席執行官皮特·阿內夫斯基說。
"This, in combination with the previously-disclosed unfavorable treatment mix shift that we experienced for a limited period of time earlier in the first quarter, lowered our first quarter revenue growth rate," Anevski added.
阿內夫斯基補充說：“再加上我們在第一季度早些時候經歷的有限時間內先前披露的不利待遇組合變化，降低了我們第一季度的收入增長率。”
Guidance: Progyny expects second-quarter adjusted EPS of $0.39-$0.41 versus consensus of $0.41.
指導方針：Progyny預計第二季度調整後的每股收益爲0.39美元-0.41美元，而市場普遍預期爲0.41美元。
The company sees second-quarter revenue of $300 million-$310 million versus the consensus of $335.76 million.
該公司預計第二季度收入爲3億至3.1億美元，而市場普遍預期爲3.3576億美元。
Progyny forecasts fiscal year 2024 adjusted EPS of $1.61-$1.68 versus a consensus of $1.57, and revenue of $1.23 billion—$1.27 billion versus a consensus of $1.29 billion.
Progyny預測，2024財年調整後的每股收益爲16.1至1.68美元，而市場預期爲1.57美元，收入爲12.3億美元至12.7億美元，而預期爲12.9億美元。
KeyBanc Capital Markets lowered the rating from Overweight to Sector Weight.
KeyBanc資本市場將評級從增持下調至行業權重。
The analyst says, 'We are becoming more weary of the company's visibility into its revenues, utilization, and customer behavior." The new client cohorts added will likely not meet the utilization profiles of the legacy cohorts and constricted budgets.
這位分析師說：“我們對公司對其收入、利用率和客戶行爲的可見性越來越厭倦。”新增的客戶群組可能無法滿足傳統群組的利用率和緊縮的預算。
"While we always believed Progyny deserved a more premium multiple than where it had been trading, this was predicated on sustained healthy growth, which we longer can underwrite in our forecasts," the KeyBanc analyst writes.
KeyBanc分析師寫道：“儘管我們一直認爲Progyny應該獲得比其交易價格更高的溢價倍數，但這是以持續健康增長爲前提的，而我們更能在預測中承保這種增長。”
Keybanc revised revenue growth projections to around 14% for this year and approximately 10% for next year. The analyst says better utilization rates and customer trends, along with an understanding of overall business performance, are needed to regain confidence in the stock.
Keybanc將今年的收入增長預測上調至14％左右，明年的收入增長預期約爲10％。這位分析師表示，要恢復對股票的信心，需要更好的利用率和客戶趨勢，並了解整體業務表現。
Price Action: PGNY shares are down 20.8% at $25.74 at last check Friday.
價格走勢：週五最後一次檢查時，PGNY股價下跌20.8％，至25.74美元。
譯文內容由第三人軟體翻譯。