Progyny (PGNY) presented at the Wells Fargo 21st Annual Healthcare Conference on Tuesday, September 8, 2026, with Chief Financial Officer Mark Livingston saying the company's growth runway remains wide. The session was moderated by Wells Fargo healthcare technology analyst Stan Berenstain. Progyny, which has been public for seven years and has offered benefits for more than 10 years, said it serves 7.2 million eligible lives and targets adding about 1 million lives per year.
The company described its core business as comprehensive fertility benefits for self-insured employers with at least 1,000 employees. It said the self-insured total addressable market is 106 million lives, including federal and public marketplaces. Through Progyny Select, the company sees an incremental fully insured opportunity of about 50 million lives. Progyny Select is a risk-based model for smaller employers with 100 to 1,000 employees, using Smart Cycle limits, utilization caps and a risk premium in pricing. It is sold through broker channels, general agents, health plans and consultants rather than direct sales teams. Livingston said modest sales are expected by the end of 2026, with meaningful traction anticipated in 2027.
Progyny's market capitalization was approximately $2.1 billion, with last-twelve-month revenue of $1.31 billion and a PEG ratio of 0.46. The stock was referenced at $27.49, up $1.55, or 5.98%, on September 9, 2026, while Wall Street analyst price targets ranged from $30 to $40. The company said first-half 2024 results tracked within guidance and near the high end of quarterly expectations, but guidance was adjusted in August because first-half performance would not push the full year to the high end of the prior range. The low end of guidance had been reset in May 2024 and adjusted again in August 2024. Price increases have been maintained at mid-single digits over multiple years.
Progyny also outlined expanded women's health and family platform offerings, including pregnancy care, postpartum care, menopause and midlife care, grief navigation, and parent and child well-being. Add-ons are priced on a case-rate basis, providing 12 months of member access, and are distinct from claims-based fertility charges. The company said it completed a global product acquisition about two years earlier to accelerate global product development.
The presentation also addressed the economics of fertility benefits. Without benefits, the cost of IVF or fertility treatment can create $50,000, $60,000 or $70,000 of debt for a family, while an alternative benefit model may use a $10,000 lifetime cap reimbursement. Livingston said Progyny's incremental benefit spend typically represents 1% to 3% of an employer's total benefits spend. The discussion referenced Cigna, and Livingston said it is easy for a payer to activate CPT codes in and around fertility, but that approach has not yielded better clinical outcomes. He added that most deals Progyny does not win in a year are deferrals rather than outright rejections, especially for greenfield clients facing a meaningful incremental investment.
