Progyny slides after trimming annual profit and revenue forecasts

Progyny

07/08/2024 11:13

** Shares of Progyny  PGNY.O  down 17.9% to $21.14 premarket
    ** Late Tuesday, fertility benefits management co trimmed
its FY24 rev. and adj. profit forecast 
    ** Now forecasts annual rev. in the $1.17-$1.20 bln range,
lowered from previous outlook of $1.23-$1.27 bln and below
analysts' ests. of $1.23 bln - LSEG data
    ** Co said utilization is within expected range but it is
experiencing a lower rev. per utilizing member so far in Q3 and
lowered numbers in second half of 2024
    ** Expects FY adj. per share earnings in the range of $1.53
to $1.61 vs. previous view of $1.61 to $1.68
    ** Co reported Q2 rev. of $304.09 mln vs ests. of $305.42
mln
    ** Brokerage BTIG cuts stock rating to "neutral" from "buy";
says the risk is high that PGNY experiences a sustained slowdown
in growth
    ** As of last close, stock down 30.8% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))