Progyny (PGNY) stock soared 7.74% in the pre-market session on Friday, driven by the company's robust fourth-quarter 2024 earnings and positive outlook for continued growth.

The fertility benefits provider reported impressive financial results for Q4 2024:

• Revenue increased 11% year-over-year to $298.4 million, exceeding guidance.
• Adjusted EBITDA rose 10% to $47.5 million, with a margin of 15.9%.
• Achieved record quarterly ART cycle volume of over 15,800 cycles.

For the full year 2024, Progyny's revenue grew 7% to $1.17 billion, marking its ninth consecutive year of growth. The company's strong performance was driven by several factors:

• Added over 80 new clients, including its first national health plan partner, Cigna.
• Expanded services offerings in areas like maternity, postpartum, and menopause.
• Retained 99% of existing clients, reflecting high satisfaction.
• Continued investments in digital assets and product development.

While Progyny expects variability in member engagement and the loss of a large client (Amazon) in 2025, the company remains optimistic about its growth prospects. It plans to expand its global offerings and leverage strategic partnerships to drive further adoption of its comprehensive fertility solutions.