Progyny's (PGNY) stock plummeted 11.21% during intraday trading on Friday, following a significant decline in pre-market activity.
The sharp drop comes after the company issued financial guidance that fell short of analyst expectations. Progyny's outlook for the first quarter of 2026 and its adjusted earnings per share guidance for the full year 2026 were both below market expectations, triggering negative investor sentiment.
Further pressure stemmed from the company's projection of slower revenue growth for fiscal year 2026, estimated between 5.1% and 9%, which represents a deceleration from the 10% growth achieved in 2025. The first-quarter 2026 revenue growth guidance of just 2.5% was particularly disappointing to analysts. The company also confirmed the loss of a large client that did not renew its contract, and reported a 1.1% revenue decline in its pharmacy benefit services segment during the latest quarter.
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