{ "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": 61, "pageCount": 100, "prevPage": 60, "nextPage": 62, "slideType": "comparison_table", "function": "compare_peers", "density": "overcrowded", "nDataPoints": 8, "notes": "Uses a split-panel comparison structure with qualitative expert quotes to validate the strategic positioning of both firms.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/61", "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-61", "components": [ { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "callout", "text": "In the market for 25 years, WINFertility leads PGNY in clients and lives and has exceptionally strong payer relationships, which differentiates it from other competitors. With its unique vertically integrated model, Kindbody has put the industry on notice with exceptionally strong client and member growth and its recent Walmart win.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8db0753b-7bd6-434d-b4aa-c4bf00435595", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "In the market for 25 years, WINFertility leads PGNY in clients and lives and has exceptionally strong payer relationships, which differentiates it from other competitors.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b61-7647-86f1-cb8d36ca93e5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.47, "x": 0.51, "y": 0.33 }, "kind": "quote", "text": "If somebody is currently working with one of the Blues as their health plan payer, they generally have a working understanding of WIN, right, because WIN has really grown up servicing a lot of the Blue Cross Blue Shield plans right across the country. So they know who they are.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7c239100-a2bc-445c-96bb-2a8ffbff7189", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.47, "x": 0.51, "y": 0.61 }, "kind": "quote", "text": "Kindbody has the reputation of being...an up and comer or a fast charger...They're gaining more ground...I think they just got some additional funding. They seem to be making a marketing push, right?", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "99c9431a-e5e5-4073-a9b2-ba0da7adb61d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.47, "x": 0.51, "y": 0.75 }, "kind": "quote", "text": "...if you've got a large employer who's got a geographic density of employees... Kindbody can say, \"Hey, we're going to come in and we're going to stand up a fertility clinic right in your area.\" So that kind of gives people good access to it and then Kindbody gets to control all the costs and all the profit there.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bdcb959d-2583-4a72-b8df-12db7a611b7d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"If somebody is currently working with one of the Blues as their health plan payer, they generally have a working understanding of WIN, right, because WIN has really grown up servicing a lot of the Blue Cross Blue Shield plans right across the country. So they know who they are.\" — Director of Health and Benefits at Willis Towers Watson, Tegus, 4/15/22; \"Kindbody has the reputation of being...an up and comer or a fast charger...They're gaining more ground...I think they just got some additional funding. They seem to be making a marketing push, right?\" — Director of Health and Benefits at Willis Towers Watson, Tegus, 4/15/22; \"...if you've got a large employer who's got a geographic density of employees... Kindbody can say, 'Hey, we're going to come in and we're going to stand up a fertility clinic right in your area.' So that kind of gives people good access to it and then Kindbody gets to control all the costs and all the profit there.\" — Former Director at PGNY, Tegus, 4/4/22", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b61-7647-86f1-cd132d9bfd03", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point Research, Barclays Research, WINFertility website, Kindbody website, fiercehealthcare, fiercehealthcare Tegus", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bb64b538-5fad-47a0-9275-e443737abbeb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.38, "w": 0.96, "x": 0.02, "y": 0.56 }, "kind": "table", "text": "Kindbody: Aggressive Grower Pursuing Vertical Integration", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bb2fb9c6-2cd6-47d0-b3c5-3eaa0432a46b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "WINFertility: Leader in Covered Lives is Dominant with Payers", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f174dc89-60de-4b5f-8a00-b6dca2c8e12d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "WINFertility Has Scale, While Kindbody Is Pursuing Aggressive Growth", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b634fb66-4c5f-42f4-922c-43543c8c29b8", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "comparison_frame", "slug": null, "matchId": "8cbaf9da-755c-4889-bf82-d2009df860eb", "evidence": "Side-by-side comparison of two competitors with supporting qualitative evidence.", "confidence": 0.9 } ], "arcBeats": [ { "to": 100, "from": 61, "beatId": "470ad4dd-317c-46c8-baea-551e7894c3b9", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Resolution", "beatSlug": "mountain-resolution", "evidence": "The document concludes with a detailed analysis of PGNY's valuation and downside risk.", "position": 4, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [ { "to": 100, "from": 61, "name": "Mece Breakdown", "slug": "40-mece-breakdown", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "matchId": "db636762-5e9e-4cb6-8376-e0923a5a5438", "evidence": "The document presents a detailed analysis of PGNY's valuation and downside risk.", "position": 3, "objective": "How do PGNY's issues impact its valuation?", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "confidence": 0.7, "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }