Sep 30, 2019 - Economy

Fertility startup Progyny files to go public

Bob Herman

A baby in a hospital in Birmingham, England. Photo: Christopher Furlong/Getty Images

Progyny is ready to go public, and unlike a lot of other health care startups that have slid into the public markets, the fertility benefits company is already profitable.

The big picture: Employers rarely covered in vitro fertilization, egg freezing and other fertility care in the past, and those services are expensive when paying out of pocket — in vitro could cost $25,000 per try.

Progyny is capitalizing on companies increasingly offering fertility benefits as a way to attract and keep employees.

By the numbers: Progyny's revenue in the first half of this year was $103 million, and it turned a $4 million profit, according to its IPO documents.

Progyny's largest customers, Google and Microsoft, together account for 28% of its revenue.

Worth noting: 2 of Progyny's largest investors are big pharmaceutical companies — GlaxoSmithKline and Merck KGaA.

Merck KGaA is a major provider of the fertility treatments that Progyny covers.

Go deeper: The booming business of fertility

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Fertility startup Progyny files to go public

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