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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.

Go deeper: The booming business of fertility

Go deeper

Pfizer testing oral pill for prevention of COVID

Photo: Soumyabrata Roy/NurPhoto via Getty Images

Pfizer announced Monday that it is testing an oral antiviral drug that would help prevent COVID-19.

Why it matters: This drug is one of several antiviral pills that could have a massive impact on coronavirus treatment since not everyone will get a vaccine, and it may take years to fully vaccinate people in certain countries, per Axios' Alison Snyder.

Scoop: Dems' sneaky sabotage

Virginia gubernatorial candidate Glenn Youngkin. Photo: Win McNamee/Getty Images

A group tied to prominent Democratic strategists is posing as a conservative outfit to try to drive a wedge between the Republican candidate for Virginia governor and his core voters, Axios has learned.

Why it matters: The state's gubernatorial race is expected to be tight and could be a national bellwether. As Republican candidate Glenn Youngkin's campaign hypes improving poll numbers, Democrats are trying to chip away at his support in GOP strongholds.

House coalescing around infrastructure deal

Rep. Peter DeFazio (D-Ore.) is seen leaving a meeting of the House Democratic caucus on Monday. Photo: Bill Clark/CQ-Roll Call via Getty Images

House Democrats started Monday to coalesce around a deal to pass President Biden's signature Build Back Better infrastructure package, with progressive opposition weakening and House Speaker Nancy Pelosi (D-Calif.) seeming to de-link the biggest components of it.

What they're saying: “We can’t be ready to say, 'Until the Senate passes the [$3.5 trillion reconciliation] bill, we can’t do BIF,'" the speaker told House Democrats, using shorthand for the Bipartisan Infrastructure Framework. She indicated the House would vote on the $1.2 trillion bipartisan bill — focused on roads and bridges — on Thursday.

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