PGNY - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Progyny, Inc.

Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode, and the floor will be open for your questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, James Hart. Sir, the floor is yours.

James Hart

good and Catherine, you, afternoon, everyone. Thank our to second quarter call. conference Welcome today With and CEO of COO; David Progyny; Schlanger, Mark me CFO. are Livingston, Pete and Anevski, President

the prepared We with remarks call for before will your some we begin question. open

our XXXX. and in remind afternoon. including These the industry Before other to that clients, that objectives contains business size certain expectation Progyny's our growth, plans, this and full third business, governance, not to economic quarter today's but variants outlook, our financial was our conditions. of you statements opportunities and we and growth, existing statements including like issued new about and statements, general The are statements related outlook plans clients, activity business risks, corporate call including as COVID-XX industry I'd and further opportunity, and uncertainties to limited press outlook, begin, assumptions, non-historical market ability and of release described performance, on impact clients to strategy, to subject of long-term forward-looking retain our for forward-looking and financial member year our future market investments, both operations, acquire those

of these statements we based results and financial financial on believe business, expectations our trends may current operations. projections have We forward-looking and condition that about largely and future events, affect our

the with most periodic any statement from the that statements these Factors changes in these XX-Q. are and filed our of reports in could section no reflect expectations to reasonable, materially discussed to Risk believe forward-looking actual our differ to we revise occur undertake cause these entitled results Although SEC, risks call. after we that including in recent current other and are Descriptions this obligation

to is at the with also would measures margin. investors.progyny.com. release, During which now like GAAP non-GAAP the as most and the EBITDA EBITDA available call the press we are available David. also such in to Reconciliations adjusted to turn adjusted financial comparable refer will call, measures I over

David Schlanger

for thank today. and Jamie, us joining you, you, Thank everyone,

that We scaling revenue expansion, presence growth and to second solid business, our the deepen quarter, our be relationships not another in XXXX in success growing our report industry margin those are a building but and but pleased long-term fertility We many our we retention, reflecting more only believe of also further continued in the expansions. where only not importantly, business. exceptional value strong and year client through will achieve upsells had we

have sales committed for In fact, the critically a customers already too so client existing expansions XXXX. to is this at selling start sales up-sell new activity And it our point we off service relates our and retention large as to is and growth have the while both in number is our of season commitments. to of business, important strongest ever year the to seen

have market opportunity pursue facets pipeline our very momentum all that remains factors strong the intact. strongest remains selling of remain we continuing that of to growth that remainder We positive contributing macro ever active Progyny a opportunities been competitive of are and its how built across year's this robust demonstrates our position fully in that over Additionally, the season. this many business of our believe we to have

this be the of in You utilization don't of for new change for to July year of is outlook appointment behavior. release, end believe at QX clear we likely I any as to indicative we scheduling pace in level that June of second and somewhat suddenly expected reflect revised what press that August the have compared a see. expected would to normally drop the have want that macro from our lower seen the slightly with have for a we our began to of half

our In through as plus have we expect. fact, going percent members would XX of normally treatment been

caused slight their pandemic members, have with a appears environment of difficult the XX to variant changing in small season the in both. percentage the is whether after months and the summer pursuit pause uncertain vacation or to impact of the associated gauge external of a this or For treatment. It's Delta

to Fortunately, indications this starting And we've is adjusted will to that is be typical our modest near-term see that of anomaly to to results an have accordingly. more the returning we appointment short-term recent nature, most impact expect in in we're believe pacing already we the levels. week scheduling and guidance it a while

of X,XXX. business Adjusted at to doubled year more Art from EBITDA healthy over to record few XX% year and than the increase expand nearly While the a second ago Mark in quarter rate. detail, than the period of our the highlights in quarter X.X will results the and Average a second the grew more year are pandemic. the the to our Revenue here of for of million. million a from million second $XX.X $XXX.X fivefold reflected our the period clients during the members you in the resilience margins continued quarter of a a cycles in quarter. the quarter in to year nearly ago the both ago take more through quarter doubled showing worst last

latest second Society releasing things. their two quarter during fertility for which the CDC was the affirmed the Assisted and Reproductive data, Technology Another highlight

value only compared five to really continued the stayed replicate managing their have done the due improvement in year But those outcomes fertility see it underscores the continued their Unlike national for the each to but is reflected we our their outcomes rest second, improvements of industry, our both significantly to have year carriers to the as national have the member same improve outcomes. outperform five are approach design past years. the approach. also our averages traditional how network demonstrate outcomes benefit struggling models. the averages the each Otherwise they as unable support the largely national and averages difficult or while would to the to the impact new to a either years. entrance they over are over in Progyny members their in And better competitor First, for not Progyny, is and to differentiated our how as of lack measure space

proud now We the higher people XX% client fund illustrate the in also success Progyny you than typical member that birth significantly history national with which XX,XXX foundation members, have we level launch stands cycles score an at of with where exceed thousands as satisfaction treatment which more fertility of feels the are fewer happier our better value, have and benefit solution. build average, The in solution. supported, and rate to and we the meaningful their would births, superior from as progress experience do the This only throughout And industry cared healthier consistently outcomes outcomes allowed only also better combination art And achieve while of believe a the industry add turn getting leading the better has few from this and in far they also are retention. we a population our employer's to leading the that of about an the financial the talk educated, live client company in of the Consequently, in well completed savings, To way member best in result company provide a level our miscarriages. benefit of sales documented of rounds the our but improved so the results value perspective, exceptionally perspective, over our quickly, NPS outcomes since multiple value Progyny not that is measure creating pregnant of to second Progyny's XXXX. proven, employees ever. scale From both that is across of we the and its continued over under reflecting over financial call outcomes experience – Progyny a will now clinical achieving productivity. medical the the national To averages upon algorithms five-year fewer as provides patients as for a of When presence. significantly cost fewer Pete. pharmacy each their competitive highest a exceptional than terms to made quarter medical now in avoidance employee costs, we deliver from journey. us well the member and I'll high

Pete Anevski

over third, through the client for clients starting what afternoon we an already Each with walk each retaining first, Thanks, and clients; of David. areas: new on acquisition. with our whatever Good clients up emphasis our past up-sells. the these everyone. seen second, in we've clients new acquisition renewal quarter, expanding year; our are selling we with through areas you three I'll existing coming through relationships that season, focus the have share market on of expanding

As to be and we normal of was hearing XXXX that benefit a encouraging, were evaluate the terms XXXX of accounts changes for their began new seen to season best barometer the them that measure among their to more levels. a we've was benefits in year than reminder, has for demand early ability health that pre-COVID this make and to year that And consultants returned looking sentiment commitments. ultimately, the while plans. prospective sales And progress to is on measure, buyers

the opportunities our helping heart employee us and season the in financial productivity any the also involves and superior as savings The activity the potential not quarter understand translate detail higher stages only how our manages actively outcomes in second are selling pipeline. into Progyny Typically, benefit company, but that this the for different significant how and of in significant are clients works third with team satisfaction. workforce sales for

decision because client the the since better a result, expected the of to at and at building we've majority absolute covered what It's much end of continues that and in number number prior choosing lives or of particularly compared of the fertility every year. always those of season, to benefits fall. to some in made point tail as of we’ve family better decisions are this managers than our for a see most is the than early goal ever to seen come And received to from have accounts position summer to season to normally we clients the season. during in historically the the the earlier a achieved quarter, grow date come what early commit in sales second as season. now while the commitments would, prospects simply not certain are had this whether received a we've and received somewhat is the believe commitments today of beyond As in from impossible many know to well this we they commitments prior and the certain we were this Nevertheless, season point earlier strong well of they us this level a primed the make from is that that have deferred indication the that the commitments are new record to demand year make to decision In of grow. XXXX we decisions

affected to meet thus Given clients far, new in baseline believe covered early decision-making return to achieved companies' XXXX we is trajectory we our on growth COVID we've with year. that to to growth year, track for the want we're been to COVID. lives how that and results on And we're the the historic prior we new this had last of sequential which looking goals

in to our client Turning exceptional. addition had renewal excellent continues to be activity, selling to season, we've to retention our the start now

this whose agreements tenured year, and quarter. clients In up to during were of renewal contract including the some renewal agreed fact, largest longest of for number accounts our a

clients One the of our be affirm able our and to to we're every and the reality you for of you've often largest recognize is client achieve the been goals. the that going their influence a renewal say members. that based helping to renewals new we continues renewal and can achieve rate promise historically day we've believe the what that we've signing seen clients them. we is based clients interaction We high amongst what is but can have achieved that do, retention activity We every our on earn of guiding our with on this you principles have be to

Specifically, experience we're seeking importance lowering of critical their cost the better targeted area employee superior to results workforce their for while providing care. a in and an also

with in appetite In our additional their their provide posit indication adding Progyny past. by may by enhancing to important can by coverage value measured renewal Rx or either that including clients had to activity, not we through the the Progyny addition another of such employee have be services expand populations relationship, cycles, access to as additional to the smart their

we're momentum already we've and the target data have upsell achieved in to point final healthy sales this our one As that year. pleased seeing report the and for upsells market, demand we're seen

in in our year, still there sales commitments are generally for upsell the do sales of upsell XXXX, the Although activity. opportunities pipeline early the occur majority new

Turning now utilization. to

Although of expected of to a each to at able can't aggregate we're consider range accurate utilization model in period proven utilization, time. client a be we the highly a of prolonged has factors number look control and over to that

spoken volumes – with in they're utilization for our partners within some the to also initial scheduled quarter as range resulted the began, seeing what non-Progyny a expected While We've sudden the largest softer in behavior we the who of change volumes in member consults confirm and treatment of cycles. patients well. their network second quarter was that third lower that we as saw

we're the to people across coincidence that it's country relaxed behavior around what pent-up when some an for priority in surge of to know this in of this place consequently is many been of over or country unable June, that short-term our chose COVID. such treatment. having impact people past there delta be treatment, reopened not of the because put became the change many may of can't country. don't a we restrictions who There also to began drove the that and which in we end across pursue uncomfortable able given With the states that so some defer believe months, activities their a XX believe and this immediate these portion resume to change speak pursuit not value we in the While their visiting among traveling families members a due was in or the demand to certain areas

appointment discussed, see activity a seeing don't order. view itself normal. this recent already David we anomaly of indications a to returning And this as to as largely this volumes the However, pacing may short correct that new that should is because as being results, we're short-term trends impact relatively while an we our have in macro

to Let me to now quarter. call about Mark? Mark over the the turn talk this of results

Mark Livingston

and you, by year. provide and second results I’ll full third year start our Pete, the walking and over the expectations through good grew Thank the second Revenue then for quarter afternoon you to quarter quarter everyone. last XX% million. the $XXX.X

impacted the as ago. higher the short-term number primarily at clients previously of covered period onset compared year negatively reported, that to resulted the as fertility year by was growth utilization a to and in lives prior the Our due of Though clinics from pandemic. lower revenue was closure of the

increasing over the in the the lives average at Looking lives last with of the components of quarter to $XX.X lives second between average had year, in during and last XX% both reflecting line, to growth This covered XXX pharmacy clients at million an representing revenue an revenue last clients X.X covered $XX.X year, the X.X second medical quarter. million XXX compared quarter growing We XXth, of year. of and pharmacy as the of medical to June million. million over top doubled

to compared to at our by utilization fertility negatively that X.XX% in cycles This results, of X.XX%. year our utilization from related is the ago, utilization rate quarter, was X,XXX though performed a component and metrics. ever the Turning that second the of year the reminder, corresponds This more to were to utilization was than most our this quarter. total. rate second as financial is care art temporary female the closely the now quarterly The highest during number a pandemic. disruption impacted cycles a last quarter double reflects which, There time

to year. was from a our factors, quarter-to-quarter the second vary in saw will of utilization number of what we equal due quarter quarter first rates utilization this with to Although

Turning our and now margins operating to expenses.

and we reflecting the high as factors the even the XXX in all second revenue the borne improvement to quarter impacted addition ago the service intact acquisition or marketing so to compared are $XX.X we disclosed increase the quarter Progyny after client that quarter, treatments from our due administrative pause the ago client of our XXXX in with onset XX% keep management a our margins The of as efficiencies the retention ongoing XX.X% expenses In a our in our leverage second pharmacy second our XXX due from and remind with realize I'll new but year as basis year that I'll to in at we were also efficiencies percentage we that the Gross quarter marketing you to profit rate, our our workforce grow only benefits regular gross by highlight This and partners, revenue as period a were given increase in with achieving in renewals of not more of time decision year largely and expense costs was of basis to that period. with revenue a million, Sales year this the XX.X% scale, realize costs year last improving to teams. and the is launches the margin moment, points of an to are reflecting of reflects of the G&A functions across of the favorable Progyny. across the new previously from doubled continue X.X% the the than the continue in program to operating pandemic. business. negatively care impact point our a sales terms period. ago contract first providers

million $XX.X cost improvements adjusted increased the a from With quarter during fivefold year across-the-board second our million this in quarter. EBITDA to nearly the structure, ago $X.X

quarter Adjusted ago and an EBITDA XXX the basis XX.X%. was a revenue incremental from Our of XX.X% in adjusted from point margin the the reflected of EBITDA period. year on improvement year first increase this modest quarter margin

of to and capable new second or continue this the favorable $X.XX I highlights as EPS reflects higher The margin expanding quarter, that benefit was forward the moving, a tax incremental compared per $X.XX described, a our a of margin equity rate $X.X in activity. as which for on Net ago with deductions as includes year a is share, believe period. share, to indicator the compensation share is it or where in the revenue as per well business improvements million revenue. We in just on $XX.X capture compared per net useful $X.XX primarily impact of income the margin of income year-ago approximately of to million associated loss

received last change Turning also flow reflected now in quarter to The cash during the sheet. you to was million the cash capital to attributable $X.X year-over-year are and us short-term balance timing to arrangements. cash – pharmacy to in compares year of Operating quarter, is period. primary the million. the the under used during owed our and sheet difference as relates described we the the $X.X AR of This use we provided working contributor which to of in compared new quarter first the a ago the primarily in to payments quarter. as partner increase The and are receivable accounts the payments balance to

by operating to will expect that flows We quarter. continue the cash normalize our third

nearly we had debt. As in reflecting working of capital million, XXth, cash, cash equivalents $XXX and and million no June securities marketable total $XX of

of the representing period. slight XXXX. between of third in the and million, expectations year To full we the to prior of seen we've between XX% quarter million year projecting XX% and the $XXX our revenue for of that reflect the $XXX reduction quarter the over start growth as quarter, to are turning Now third utilization

to $XXX basis $XX.Xmillion, we per between with income the between to million earnings For on $X.XX $X.X expect $X.XX along approximately share adjusted fully and shares. of million million EBITDA, or $X.X diluted net million $XX between

and $X.XX million year, full reflecting and fully between this net between revenue $X.XX based year diluted adjusted of income the the $XX.X we $XXX of For and to now per $XX.X million $XX.X On on million approximately million, expect shares. basis, over share million to and expect between XX% $XX.X period. earnings $XXX growth between now of or of $XXX million, we XX% prior

reminder, year the and margin related tax continued As in both including tax on estimates impact items, to the reflect we compensation revenue EBITDA net ranges equity guidance, our not activity. incremental XXXX, income our quarter midpoint the At discrete see a income margins expect of for with the of do this expansion to XX.X%. adjusted for of income

now turn the call for Let over me some closing remarks. David back to

David Schlanger

be our To well results that At to strategic Thanks as it our conclude, as have relates in selling of the as this this accounts the for initiatives, includes Mark. of we would point our season, particularly from are commitments where XXXX, we with progress made which both launch quarter ahead we the execution sales season. strong pleased we not-now in the conversion in for seasons. we of are dates deferred previous thought a rate

success continued also our are upsell the We having level within from of renewal high the existing good base largest clients. and activity, including

In of we have opportunities active to pipeline continue a addition, pursue. that we strong

comparable starting With we'd what January in what to client believe can and the we we the please rate of continue XXXX. the as we questions. to of you to like upsell up achieve revenue date close sales rates comfortable that, we launches the active XXXX, received remainder are the well call our we as as a from historic of able should the With we look be open pipeline close season that Operator, to commitments instructions. we for your growth expectations to over from sales using achieve can as into expect provide to XXXX have new

Operator

[Operator Your JPMorgan. Samuel is coming from question Instructions] Anne first Certainly. with

Your is live. line

Anne Samuel

I much more so provide on little utilization. taking for the Thanks could guys. hoping question. was bit a maybe color you Hi,

of while where think pre-June were appointments go maybe those your to deferred able if are you people those back do – And in is thought back vacation, year? of it those it drop? the some Is recover that to You on Thanks. half said it that rebounded. the was new

Pete Anevski

Yes.

its rebounding, not it’s yet. rebounded So

dropped out the would have quarter not we were relative if to the get we or house, we not rebounding, get people been sure it's and were of scheduling family, get what recovering. it's some do have expected. happening on going see pacing you scheduling for rebound. to fully – basically rebound, significantly give believe it we which vacation, activity to for of to just talked And on pace rebound what pent-up And related their already the then in million, just believe And is why for to down the $XXX September, basically including to our believe is It's We're guidance about going exiting guidance that's but we as it's because we doesn't dropped reflect. that somewhat. terms the because to do entering do Slightly going we clarity, demand adjusted it's the overall we would expected. QX, recovered to yet. to down that's we early cetera, to So year, et

Anne Samuel

are helpful. to clients fertility And your maybe add you're that question In fertility with to benefits? as really conversations conversations, That's it then have look are speaking mix don't you benefits similar away maybe and Or around to more is from are a seen that in starting selling just years finding your more benefits? season. that you've the those still existing taking prior a

David Schlanger

– in had about clients level our new the some of historically past. of We've two-thirds have benefit

that largely this bringing accounts certainly intact there's level the of we're large really have also, has Annie, insignificant at where we've before. year of trends spoken pretty had had on are that that about And had varies minority coverage past, the all. about no in coverage dramatically. group Although benefit not no Those before, a but on-thirds a as coverage

So that continues.

have of that's before consistent we've continues to from takeaways And business. So of carriers are But employers a a percentage that coverage are strong that also. offering be the source to trends many coverage industry that with the every grow seeing, provided important the year. continue of been companies really not of business source all

Pete Anevski

happening expanding their which The take fertility happened in in Current usually, also been dollar Progyny with past plan. been that have what do companies under that's benefit, today the sales benefit, And they've those on offering doing that the existing that that's other to versus consistent. as year happening, purchasing a the well. activity they're their benefit also is are companies has have when thing that's a max employees this

Anne Samuel

Thank Great. you. That was helpful.

Operator

Cherny coming next Michael Your question [BofA is Securities]. from

Your line is live.

Michael Cherny

Good afternoon. question. Thanks the for taking

it fell Just was, little there's doing side. my but cycle to percent looked I'm XQ, X% up like pretty know down in revenue correctly, the Q, on bit per last a diving math X% meaningfully. art It some if revenue quarter, I this up probably randomness this, And one-and-change down the in there broad reason of any into how of saw was anything, does rhyme that? deep used Is in dynamics utilization to or And last utilization terms X.X% tie how the XQ year. was maybe any you how was? each cycles that around art and or that of recorded

Pete Anevski

isn't primarily. the cycle. medical art the – And revenue only from Yes. It the total in mix, always is There mix is.

simple example. a Here's

different consults, where you cycle have drive So periods in treatment level of initial they will giving mix the you revenue up and that's level per to in to utilization that and versus extent for dollars, a starting those of art going out a don't. different show

during really for remember the drop going in doing the ago, of mix. year as you fact a COVID, just initial if if like QX on folks that a the you QX more cycle, example, a not last there change year-over-year, and treatment just in at versus drop consults this art revenue It's isn't were function year or that. a lot for look a change in anything you in pricing So any year. see That fundamental

each to higher, year And to activity be so years, would the then generally And going by in divided normal revenue versus initial of that medical appearing drop every normal in does that you're fluctuate percent more overall to even terms higher QX this highest sequentially. consults, is of it's again which number back the art cycles looked year, drive mix. quarter. and

Michael Cherny

it. question. just And another Got

a had number customers. your heavily You the Obviously, despite growth a of still there sequential fill customers. many that sprees. hiring very quarter customers improvement is pretty adding are nice not in in much existing have Obviously, same-store new members from you new the in

ahead next growth those think of same-store more level you you expecting rates a member are had growth previously? for what less you versus year, normalized As or

Pete Anevski

we From everything levels. normal we're seeing, do expect that

So round year last year, beginning XXX,XXX I off numbers. think lives, around we grew of of around lives over million on in the the base, the the X.X year,

to So of is, get plus reality And make and points from the quarter, we What clients that. percentage some activity sure that normal But a perfect unfortunately, perfect each is minus is that something reporting. reporting. the a in isn't happens do terms reporting that our see range in there's in we we lag best most the we or growth. sometimes always get

there quarter quarter, is up a within versus catch-up the bit truing our a numbers of So sometimes, clients. with system a prior

So just over year, growth think, much indicative perfect I the over but of is isn't what's more sequential happening. a quarter, the

Michael Cherny

just the you to and sense on fall high the I the you understand think or about either, you see if And it. give of on based Got completely versus activity can a new end range is where a the causing. range? us revenue When one normalized variability squeeze and year, utilization Can would reasons, likely be levels guidance end just low COVID of number for more this in. for that

Pete Anevski

Yes.

XX% comments, in talked what turning the of And that XX.X%. or, down QX range earlier do roughly then I'll were the is said had we about we're X% different at us down, been we and low, way, it's our at QX either but full improving. in low at of expected of we the a month, high To We perspective, put currently expected as and year. So, down happening. and around. has further, XX% the what have at in

believe, because of turning are that, is But going we the nonetheless, those our expectation assumptions. reason said, it's the so we to around. that keep And

the For we're whether of and terms in happen come our the full roughly to scheduled not X% now deployments year, in know roughly going all the we're low view at right on full on back, guidance. based down Again, it high for the for of our that's could where but QX. what's of and year don't revised or terms we exactly X.X% on

Michael Cherny

Thanks. Perfect.

Operator

Leerink. SVB with coming is question Davis next Your from Stephanie

is Your live. line

Stephanie Davis

question. Hi, taking guys. for you Thank my

Pete Anevski

Hi, Stephanie.

Stephanie Davis

selling some So give season. client you million first that from – year's Traditionally, guys was low had of I get frame the in could $XX it prior this on ramp you've context color a key far always Maybe XXXX think us the into in as selling out cohorts, was XQ we I typical of season. up the too we XQ. given as to step should But years? hoping

Pete Anevski

The -- think – XXXX, that. we're commentary talking not about giving talking easiest about we're beyond are any not we way about talking we're years for probably well, to – about

actuals. been as of off years, we I comment early to of expectations out activity as a full XXXX is growth on in So guidance new well off up-sell we full XXXX make guidance XXXX that of view that And that comparable we've relative talked XXXX the to XXXX terms growth year as our favorable, in our growth activity guidance did implies about to about right sales versus commitments growth already now for view year as full based talk that's XXXX. gotten our year revenue see XXXX compared

Stephanie Davis

that a that growth, I think hot I about environment. baby assuming you're is to Or summer that boom as normalized becomes is flat? more similar disruption of there any utilization that growth when – your we get a is And assumption mean, kind

Pete Anevski

It not summer assumes it. normal as growth call utilization assumptions, assumptions, utilization hot you

normal words. sort doesn't any catch-up assume in pent-up of your any Just assumes to It levels, other anything. or demand use

what that's assumes. so And it

of client you those client, and XXXX and account so by client that from expectations are those booked is those do And clients. so far by – are that And way utilization factored what for here those result. terms in those that industry, yields now is upsell activity if we and Obviously, comment and growth. it remember, it the making expectations rolls our up activity of that clients industries it, into right again revenue of in the industry the does, all around client, we that we're sit by that takes expectations into as for sort

Stephanie Davis

just think the the about should we have disruption last coming opportunity one, could a year, And back all be didn't in of year, the revenue bolus? utilization to we the this range think out that missed in about how if or

Pete Anevski

sales bit pipeline well the that and of we're upsell trend around little think put get thing we this to through certainly to about, that be positive there is and of continue continue about we're we're sort which aside activity, this year, sales positive is side, which excited at Well, continue And is of early sort but in activity, as see second for to of return a relative activity utilization we to a the commitments – favorable for to potential the and bumpiness is activity, most that as growth. clients. as on around – able making normal I comfortable in acquisition the the both the level we're are the sales comments on to seeing remaining then early new we that's why where new terms of XXXX is think

Stephanie Davis

That's guys. helpful. Thank you

Operator

Citibank. is question Ralph Giacobbe from next Your with coming

is line Your live.

Ralph Giacobbe

perspective any guess Great, one, the can lower more you tell first thanks. anything geographic markets, on just from impacted I a from less or scheduling?

Pete Anevski

market date confusing. is actually specific the Yes,

for markets, there's by markets, Delta smaller example, for in they're those – right, book a harder bit, the are having that actually little right. nonetheless, So, but of business, hit that variant, some of getting although up our are

are that that down getting the markets are of results. and ones sort they're some also overall are are bigger other our down hit However, of dragging markets. They the

short-term what we're a just in occurred they're into sort drop that that thing not believe, of deferring the is the unfortunately, about because makes we talked one getting that's the be book to and we what is make the continues related down. to And our result market currently. as generally which and out But business So as it any house past, country And literally largest the time, decisions the look we've whole going across that's as sort across impacting market treatment just of pretty activity short it's is And is seeing pasting that difficult. including markets, people of what sort visibility much at scheduling our throughout thing of the to consistent. by of for period board, limited. a visibility is across the consistent markets, of

visibility, month four less month, it's next into visibility but the visibility into and decent or lot current have about generally a week pretty We good a so a visibility.

can and at we see as guess. So it and only best patterns what look result, at we what and at look see we a educated we then our make

Ralph Giacobbe

often sort outside heard fair started right, a I one-off of And really guess, I time, how it abrupt period? right, if this And All the changes obviously it sounded – COVID ended Okay. enough. size it's Is do just see the over historically, And or you you if hasn't of in in could, scheduling? you then I'm change, guess so been magnitude June just early July, now think what's much to of the lower struggling about how I month scheduling still with a recovered. trying and and or is. like it

Pete Anevski

weeks week is the I the Yes, the think it you literally leveled off let literally now question this new of book answer said, first drop of like first. – – aside is July. It It so this happened the into And like improving. of me the of across quickly first June business. terms in started level this COVID last three and of and put for aside from week

we it what So now the gotten from level expected, it's but is down better. would we're roughly have roughly XX% right. of

real terms recovered of month recent so recover, of people, starting hasn't as to the imagine right. And schedule math, out, just might activity again, fully recent a the generally only in activities or so, because because you out strong yet has been about but

or looking And we're most the so and that the so. in then now activity in terms worsening activity that And of of we're and at. positive the of turn flattening pacing scheduling – that activity, not activity the first that's the seeing that recent week

that for that it both our we giving as our said, well recovering don't reasons be we that the that of a already clinics their with business. and they're the combined in very optimism what's short-term in what as conversations see of that it's fact dramatically us seeing it that's to book so largest fact with the And dropped anomaly generally seems terms

us expectations, quarter, our at commented and for be who is And of the down. too – that started at terms now, And high for above the an of knows. continues, X% the so, it's it call. in when we just sort prior the end, it's anomaly. says our that the hopefully, And versus the it's we'll view short-term or and either QX as Right improvement this but the of date if view the collective I've you, gives to remind on think mid-point the question, improvement

Ralph Giacobbe

to fair with the more, but if right, All that's I growth want squeeze figured think I it straightforward, at XXXX, could, enough. is ask. line think Okay. I revenue And in. I'd I just mid-point. the one math – about a in increase XXXX just XX% The

looking the about Just want next right and of million confirm for to $XXX would we're guide of the sort midpoint that numbers at the current suggest off year. revenue of

Pete Anevski

Yes.

XX% You're right. that. right. be around That would around That's off comparable the mid-point and it's

Ralph Giacobbe

Okay. much. very All Thanks great. right,

Operator

floor Thank Q&A back turn closing to the like now to you. portion today's concludes call. James would the This I remarks. of Hart for

James Hart

Otherwise, joining with you any you look free quarter to again. for for speaking feel next follow-ups. Thank to and Catherine, out everyone us today, reach we thank you, forward

Operator

Thank conference you, ladies today's and gentlemen, call. this does conclude

Thank participation. a your day. your disconnect time lines may this You in you wonderful for phone at

Progyny (PGNY) 8 Aug 212021 Q2 Earnings call transcript