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Medical technology and health companies · United States

Progyny

progyny.com ↗

Progyny runs employer-paid fertility benefits, connecting patients to vetted clinics and covering the bill.

Protection under test
Assessed 22 July 2026 · Evidence as of 22 July 2026
Something worth protecting exists and is being tested right now.
On the recordSince 22 July 2026 · Checkable from FY2027 · Every call on the record Checkpoint: Progyny Select fully-insured product results plus next major employer renewal cycle
The call

Progyny is profitable and growing but just watched its biggest client walk to a rival, so the next few renewals will show whether that was a one-time loss or a pattern.

Progyny sells fertility and family-planning benefits to large employers, helping their workers access treatments like IVF through a network of doctors and pharmacies. The company built real advantages by signing 590+ employers and covering 7.2 million workers, but those advantages just cracked when Amazon, one of its biggest clients, switched to a competitor called Maven Clinic in early 2025. The big health insurance companies (UnitedHealth and Cigna) could copy Progyny's model by building their own fertility services in-house instead of paying Progyny to do it, which means the question is whether Progyny can keep its remaining giant employers or if more will leave like Amazon did.

Why
01
AI pressure: Maven Clinic. Maven's telehealth-first, AI-assisted care model already pulled Amazon's 670K members away in 2025, proving big accounts can move. Could AI do the core job? Unlikely.
02
Bigger players: UnitedHealth Group / Cigna. Insurers could bundle fertility into existing health plans and cut Progyny out, but neither has shipped a full standalone carve-out yet. Could a giant copy it? Probably.
03
What protects it. 590+ employer contracts, 7.2M covered lives, and a provider network that took years to build; no client is over 10% of revenue now.
What would change this call
Progyny loses another top-10 client to Maven Clinic, Carrot Fertility, or Kindbody within 12 months. Would show the Amazon defection is a pattern, not a one-off.
UnitedHealth Group or Cigna launches a standalone fertility carve-out that wins a re-bid against Progyny. Would show an incumbent insurer converting from partner to direct competitor.
Progyny Select's FY2027 revenue contribution and broker/general-agent adoption reported in 2026-2027 earnings. Would show whether new insurance licensure creates a durable distribution edge.
Key numbers
  • FY2025 revenue $1.289B, up 10% (2025-12-31)
  • Amazon was ~13% of 2023 revenue, left for Maven (2024-12-31)
  • $225M cash, debt-free balance sheet (2025-12-31)
Named risks
  • Client concentration and renewal loss after Amazon defected to Maven in Jan 2025. Severity: high
  • Insurer incumbents (UnitedHealth, Cigna) shifting from partner to standalone competitor. Severity: medium
  • Progyny Select revenue contribution delayed to FY2027 with execution risk on broker distribution. Severity: medium
  • Active federal litigation, ProgenyHealth LLC v. Progyny Inc., pending as of June 2026. Severity: low
  • Securities class action solicitation by plaintiffs firm Pomerantz, merits unclear. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Maven Clinicgaining onWon Amazon's fertility contract from Progyny, effective Jan 1, 2025
Carrot FertilitycontestingActive reimbursement-based rival competing for employer fertility contracts
KindbodycontestingVertically integrated clinic and benefits rival with 27 owned clinics as of Oct 2025
UnitedHealth Groupgaining onBuilding in-house fertility offerings that could bundle away Progyny's carve-out
CignacontestingBoth a distribution partner since Jan 2025 and potential future in-house competitor
Questions people ask
Is Progyny profitable in 2026?
Yes. Progyny posted FY2025 net income of $58.5 million on revenue of $1.289 billion, its 10th consecutive year of revenue growth, and followed with a record Q1 2026 revenue of $328.5 million reported May 8, 2026, beating consensus estimates.
Did Progyny lose the Amazon contract?
Yes. Amazon, which represented about 13% of Progyny's 2023 revenue and roughly 670,000 members, switched its fertility benefit to competitor Maven Clinic effective January 1, 2025, Progyny's largest known client defection to date.
Who is Progyny's biggest competitor?
Maven Clinic is the most direct threat, having won the Amazon account from Progyny in 2024 and valued at $1.35 billion per a 2025 report; Carrot Fertility and Kindbody are also active rivals, while UnitedHealth and Cigna are building in-house fertility offerings.
Could AI replace Progyny's services?
AI is being applied to administrative tasks like prior authorizations and scheduling, per Progyny's April 2026 blog post, but its core value is contracted distribution with 590+ employers, a network of 1,000+ providers, and Progyny Rx pharmacy management, none replicable by AI alone.
Who owns Progyny?
Progyny is publicly traded on Nasdaq as PGNY, having IPO'd October 25, 2019 at $13.00/share raising about $130 million; no founder holds controlling ownership today, with a market cap around $2.5 billion as of July 22, 2026.
What is Progyny Select and when did it launch?
Progyny Select is Progyny's first fully insured fertility and family-building plan aimed at small U.S. employers, launched April 16, 2026 and sold through brokers and general agents; its financial impact is expected to begin in FY2027.
Timeline
  • 2026-05-08Q1 2026 record revenue of $328.5M reported, beating consensus
  • 2026-04-16Launched Progyny Select, fully insured plan for small employers
  • 2026-03-13Shareholder derivative settlement over director pay announced
  • 2026-02-26FY2025 results: $1.289B revenue, 10th straight year of growth
  • 2025-12-31President Michael Sturmer departed, ~$7.7M accelerated vesting charge
  • 2025-10-21Added as women's health partner on Transcarent benefits marketplace
  • 2025-01-13Expanded fertility partnership with Cigna Healthcare announced
  • 2025-01-01Amazon fertility contract moved to Maven Clinic, effective date
  • 2024-06Acquired Apryl, rebranded as Progyny Global for international expansion
  • 2019-10-25IPO on Nasdaq at $13.00/share, raising about $130M
Revision history
22 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
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