Progyny slides after trimming annual forecasts, Q3 rev miss

Progyny

13/11/2024 16:02

** Fertility benefits management firm Progyny's  PGNY.O 
shares fall 18.6% to $14
        ** Earlier in the session, PGNY hit $13.78 — lowest
since its debut in Oct 2019     
    ** Co forecasts annual rev of $1.135 bln to $1.150 bln,
lower than previous expectation of $1.17 bln to $1.20 bln
    ** Forecasts FY adj. EPS between $1.54 and $1.57 vs earlier
est of $1.53 to $1.61
    ** Expects Q4 rev of $266.2 mln to $281.2 mln and adj. EPS
of 31 cents to 35 cents
    ** Co reported Q3 rev of $286.63 mln, missing est of $296.88
mln - LSEG
    ** Co says customers took longer to progress through their
treatments, and so, took fewer treatments overall
    ** At least 4 brokerages cut PT on stock
    ** Leerink Partners cuts PT to $17 from $21, says  biggest
concern remains how visibility into the business remains
challenged
    ** BofA Global Research cuts PT to $21 from $22
    ** Including session's move, stock down 62.3% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))