{ "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": 62, "pageCount": 100, "prevPage": 61, "nextPage": 63, "slideType": "competitive_analysis", "function": "compare_peers", "density": "overcrowded", "nDataPoints": 10, "notes": "Uses a comparison frame to contrast two competitors in the fertility/women's health space.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/62", "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-62", "components": [ { "bbox": { "h": 0.12, "w": 0.8, "x": 0.105, "y": 0.0017 }, "kind": "callout", "text": "Carrot is the clear leader in offering fertility benefits internationally, creating an avenue to penetrate existing PGNY clients and compete for their US business. Maven became the first women's health unicorn by leveraging technology and telehealth to revolutionize care delivery and has demonstrated strong Fortune 500 penetration.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "07785d96-4f7d-4a12-949e-4b231b7e410d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Carrot is the clear leader in offering fertility benefits internationally, creating an avenue to penetrate existing PGNY clients and compete for their US business.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b61-7647-86f1-54cd0e6d6063", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.02, "y": 0.0033 }, "kind": "list", "text": "Founded in 2016, Carrot has differentiated itself by offering a simple, highly flexible, and customizable benefit structure and building the leading international presence. Carrot is unique in offering debit cards loaded by employers to simplify payments. Carrot Rx pricing is ~67% less than national averages. Carrot services over 450 clients in over 120 countries and provides access to over 8,000 clinics, agencies, pharmacies, and legal service partners around the world.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "537f5535-18f2-44e2-a3cd-33f73c5295cf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.02, "y": 0.0068 }, "kind": "list", "text": "Founded in 2014, Maven is a global virtual care provider that focuses on a broad range of women's health issues. Facilitates access to over 30 types of medical specialists and dedicated patient advocates through its app/web-based solution and in-person referral network. Has supported >15 million women to date in 175 countries. Gained 1.2 million lives across 150 clients for menopause and ongoing care program within first 6 weeks of launch. Says 60% of multinational clients use Maven for employees outside US", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ad5e69f2-a15e-4a9b-89ca-979222b14db5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.31, "x": 0.67, "y": 0.0033 }, "kind": "quote", "text": "So yes, like just period full stop, we saw a number of takeaways this year. What's much more common, however, is that we would hear from a company and they would say, look, we've got Progyny in the U.S. We've got two more years on our contracts. We're pretty happy with them, but they can't support us globally. So we'll give you the global business. And then when the time is right, we'll have a competitive bid for the U.S. business.. that happens all the time.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "44c0cb33-aa96-4414-b49c-f89051a46aef", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.31, "x": 0.67, "y": 0.0068 }, "kind": "quote", "text": "Maven is an example of that broader family building offering as opposed to just infertility...they are one of the best in terms of navigation and advocacy...they were started by a woman who really understood the issues...I think they do a wonderful job. That will be the wave of the future if you can tie into the OB-GYN and get the referrals from their practice, which is really what Maven's trying to do.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ac8649ac-ee01-46f5-a9be-05ee05995f59", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"So yes, like just period full stop, we saw a number of takeaways this year. What's much more common, however, is that we would hear from a company and they would say, look, we've got Progyny in the U.S. We've got two more years on our contracts. We're pretty happy with them, but they can't support us globally. So we'll give you the global business. And then when the time is right, we'll have a competitive bid for the U.S. business.. that happens all the time.\" — Vice President of Sales, Carrot Fertility, Tegus, 3/28/22; \"Maven is an example of that broader family building offering as opposed to just infertility...they are one of the best in terms of navigation and advocacy...they were started by a woman who really understood the issues...I think they do a wonderful job.\" — Benefits Consultant, Willis Towers Watson, Spruce Point Interview, 11/21/22; \"That will be the wave of the future if you can tie into the OB-GYN and get the referrals from their practice, which is really what Maven's trying to do.\" — Consultant, Spruce Point Interview, 11/17/22", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b61-7647-86f1-5a97566d30f7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Spruce Point Research, Barclays Research, Carrot blog, Fiercehealthcare, Maven 2022 press release and 2021 press release Tegus", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3cfe9312-2b5f-49b6-a761-de5c04eeb683", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "Carrot Is The International Leader, While Maven Leverages Technology To Deliver the Broadest Coverage", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6d14fd10-4f33-40e4-94f1-9e461b78c2d2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.0063 }, "kind": "title", "text": "Maven: Offering a Technology-Enabled Broad Women's Health Platform", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "514a1cfc-1304-4a00-b43d-9afaaa912823", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.0028 }, "kind": "title", "text": "Carrot: The International Leader Offering a Highly Flexible Benefit For Employees Abroad", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c2ba0997-56cc-490b-8dac-845eb60b7b70", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "comparison-frame", "slug": null, "matchId": "8d3c4cf4-96b8-41c7-99f1-fec955927360", "evidence": "Side-by-side analysis of two competitors with structured data and testimonials.", "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 }