Employer-focused Progyny acquires Berlin-based fertility benefits platform Apryl

Publicly traded employer-focused fertility and family building company Progyny announced it acquired Berlin-based fertility benefits platform Apryl, expanding its global reach. 

The New York-based company offers benefits packages focusing on family building, fertility and women’s reproductive health, including IVF, adoption, IUI and surrogacy.

Apryl, which also focuses on the employer benefits market, allows companies to customize their offerings to supply specific services to their employees. The platform offers guidance, fertility planning services, reproductive technology, and adoption and surrogacy services. 

The company says it also helps employees navigate local regulations and requirements within different countries and has a database of clinics globally and their unique data points.

“This acquisition is exciting because it furthers our mission to increase access to fertility and family building care around the world. We are now able to work with global employers to provide family building benefits in over 100 countries, supporting patients in over 225 languages,” Pete Anevski, CEO of Progyny, told MobiHealthNews in an email. 

THE LARGER TREND

Progyny, which went public in 2019 under the ticker symbol PGNY, saw its stock price rise 0.31% today to $25.94 per share, below this year’s high of $40.78 in February. 

In May, the company reported its first quarter 2024 earnings, noting revenue of $278.1 million compared to $258.4 million in Q1 2023, a 7.6% increase.

It reported an 8% increase in revenue from its fertility benefit services from $157.1 million in the first quarter of last year to $169.8 million in Q1 of this year. 

Its pharmacy benefit services first-quarter revenue increased 7% this year compared to last year, from $101.2 million in 2023 to $108.3 million in 2024. 

The company reported a gross profit of $62.4 million in the first quarter of the year compared to $58.6 million last year and net income of $16.9 million in Q1 2024 compared to $17.7 million in the same period the previous year. 

Adjusted EBITDA was $50.3 million in the first quarter of 2024 compared to $46.4 million in the same period last year.