{ "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": 55, "pageCount": 100, "prevPage": 54, "nextPage": 56, "slideType": "competitive_analysis", "function": "compare_peers", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses expert testimony and service-offering breakdowns to highlight competitive disadvantage.", "elementsJson": [ "headline_text", "callout_box", "icon_grid", "screenshot", "data_table" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/55", "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-55", "components": [ { "bbox": { "h": 0.1, "w": 0.45, "x": 0.02, "y": 0.36 }, "kind": "callout", "text": "Not only has Kindbody expanded its service breadth, but it has brought key capabilities in-house through acquisitions: Alternative Reproductive Resources (gestational surrogacy) and Phosphorus Labs (genetic testing).", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f7f2ba5-2d6e-4f52-bd1d-13e09acc8149", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.35, "x": 0.02, "y": 0.51 }, "kind": "callout", "text": "Maven is widely considered to offer the greatest benefit coverage, including numerous relevant services that benefit members beyond fertility.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f099f659-edb1-4905-9416-fb125b245510", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "PGNY is a fertility pure-play in a market where we find fertility benefits becoming largely commoditized, and fast-growing competitors are driving differentiation and competitive advantage through significantly broader treatment coverage capturing the broader lifecycle of fertility, pregnancy, parenting, and ancillary services such as mental health.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b61-7647-86f0-c264c43b3941", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.52, "y": 0.41 }, "kind": "image", "text": "Maven service platform icons", "attrs": null, "subkind": "infographic", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0ac11069-d6a1-407f-a1cd-e49a88281a3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.55, "x": 0.42, "y": 0.54 }, "kind": "image", "text": "Maven service categories grid", "attrs": null, "subkind": "infographic", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "df3c99a8-0995-451c-b370-b9384729d2c1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.18 }, "kind": "paragraph", "text": "PGNY is a fertility pure-play in a market where we find fertility benefits becoming largely commoditized, and fast-growing competitors are driving differentiation and competitive advantage through significantly broader treatment coverage capturing the broader lifecycle of fertility, pregnancy, parenting, and ancillary services such as mental health.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "07dbe18a-b35a-4fe4-9c0a-d91dd7347a60", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.17, "y": 0.81 }, "kind": "quote", "text": "...Progyny has really honed in on IVF...whereas the other guys are more diversified and it's more of a family planning kind of service and not just like a fertility benefit.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "074a285d-13c1-4212-bf6d-a2b3122a10b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.17, "y": 0.69 }, "kind": "quote", "text": "Progyny's biggest con is that it only focuses on infertility. It is unclear how it will fare with companies that want an integrated family benefit.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "abc31521-331e-4249-b572-863c9e50e5cc", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Progyny's biggest con is that it only focuses on infertility. It is unclear how it will fare with companies that want an integrated family benefit.\" — Benefits Consultant, Willis Towers Watson, Spruce Point Interview, 11/21/22; \"...Progyny has really honed in on IVF...whereas the other guys are more diversified and it's more of a family planning kind of service and not just like a fertility benefit.\" — Benefits Lead at Technology Company, Tegus, 11/17/22", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b61-7647-86f0-c710cd683bb9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point Research, Kindbody website, Maven website, Tegus", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f5ec153-377e-4ee0-b35e-bfb41185bd95", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Unlike PGNY, Competitors Have Expanded Their Benefit Coverage Beyond Fertility", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "548358a2-40f8-4b40-9284-2547fcfb5bba", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "comparison_frame", "slug": null, "matchId": "3c70a5e4-b031-4c0a-8ba9-a6b93d714917", "evidence": "Contrasting PGNY's narrow focus with competitor breadth", "confidence": 0.9 } ], "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 }