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Progyny (PGNY) stock fell 6% as Q3 sales guidance missed expectations, despite Q2 results beating Wall Street estimates.
Progyny (NASDAQ: PGNY), a fertility benefits management company, saw its shares fall 6% on Friday after the company reported second-quarter results showing a 5% increase in sales (or 11% excluding the loss of a major client last year) and a 15% increase in adjusted earnings per share, both exceeding Wall Street expectations. However, management's guidance for third-quarter sales growth of only 7% to 11%, along with an anticipated slight sequential decline in earnings, triggered a negative market reaction.
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