Progyny: BofA Conference Takeaways: Commercial activity firing on all cylinders

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Progyny: BofA Conference Takeaways: Commercial activity firing on all cylinders

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Progyny

BofA Conference Takeaways: Commercial

activity firing on all cylinders

Maintain Rating: BUY | PO: 29.00 USD | Price: 23.45 USD

Pipeline favorable to last year, market growing HSDs+ 12 May 2026

We hosted a fireside chat with Progyny’s CEO Pete Anevski and CFO Mark Livingston to Equity

discuss selling season activity, utilization trends, distribution partnerships, and the

Allen Lutz, CFA

broader FY26 setup. Management is notably constructive on the pipeline versus this Research Analyst

point last year, citing better pipeline build, earlier commitments, and more favorable BofAS +1 646 855 4380

average deal size. RFP activity also appears elevated, particularly versus standalone allen.lutz@bofa.com

competitors. Importantly, renewals also appear strong with two large clients up for Dev Weerasuriya

renewal having already committed and one also having discussions around potential Research Analyst BofAS

expansion. Overall, PNGY’s commercial execution looks promising with better pipeline +1 646 855 5707

activity, key renewals locked in, and expanding distribution partnerships. Management dev.weerasuriya@bofa.com

also noted that utilization remains healthy. Lastly, PGNY continues to see a large green HannaResearchLeeAnalyst

and brownfield opportunity, supported by durable macro trends including declining BofAS

+1 646 855 3682

fertility rates, women having children later, and an IVF market growing at a roughly 9- hanna.y.lee@bofa.com

10% a year. We anticipate PGNY will continue to be a share gainer supporting a low-

double digit revenue CAGR. Maintain Buy rating.

New products, distribution partnerships, and investments Stock Data