Progyny Inc. (PGNY) stock plummeted 5.07% during intraday trading on Friday, following the release of the company's fourth-quarter earnings report and analyst commentary expressing concerns over its growth prospects.

In the Q4 2024 earnings call, Progyny reported revenue growth of 11% year-over-year, but provided a muted outlook for 2025, with revenue guidance of $1.175 billion to $1.225 billion, reflecting growth of only 1% to 5%. The company cited the loss of a large client and potential variability in member engagement as factors impacting its 2025 guidance.

Analysts raised concerns about Progyny's ability to sustain strong growth in the coming years. JMP Securities analyst Constantine Davides maintained a "Neutral" stance on PGNY stock, noting that "the balanced outlook and conservative projections reflect the transition challenges the company is facing." Canaccord Genuity also maintained a "Hold" rating on the stock, citing potential headwinds to growth.

While Progyny highlighted the success of its new product offerings in maternity, postpartum, and menopause, with 40% of new clients adopting these services, analysts remain cautious about the company's ability to offset the loss of the large client and maintain its historical growth trajectory.