Fertility startup Progyny files to go public
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