{
  "docId": "019dd923-622c-750b-8b99-4fdf89a4b224",
  "docSlug": "bcbeb3ac7b21",
  "documentTitle": "Progyny, Inc. (PGNY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 46,
  "pageCount": 100,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide highlights that medical revenue misses were offset by pharmacy gains, but argues future pharmacy growth is limited.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/46",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-46",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "PGNY has failed to meet fertility benefit revenue expectations set when it went public. However, the rapid adoption of the pharmacy benefit by existing customers has offset those misses. Importantly, we believe there is little juice to squeeze from pharmacy adoption going forward.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5447d5d0-64e7-4415-a0a8-6098cdd16771",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue performance vs expectation: -18%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86ef-fc42dd5b743c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "(1) 2022E segment revenue from Jefferies Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2303ad78-241a-4a33-8074-a010a88a3bde",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "table",
      "text": "Medical and Pharmacy Revenue Performance Versus Expectations at IPO",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6259c472-9ddd-482b-96b8-dcaecf9ab042",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Compared With Analyst Expectations Directly After PGNY's 2019 IPO, Disappointing Medical Revenues Have Been Offset By Recent Pharmacy Outperformance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80cf21f0-10ea-4f38-8628-36cf0a29204a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 41,
      "beatId": "5b6f79c3-fa08-43d8-9381-f563badaa4cd",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Climax",
      "beatSlug": "mountain-climax",
      "evidence": "The document highlights significant concerns about PGNY's business model and competitive position.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 41,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "5bfedd73-ff97-471a-8921-89fcfab889c8",
      "evidence": "The document highlights significant downside risk to PGNY's stock price.",
      "position": 2,
      "objective": "What are the consequences of not addressing PGNY's issues?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}