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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-02-07 00:00:00",
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      "text": "In its 2019 IPO prospectus, PGNY references its treatment outcomes (most often referred to as \"superior\" or \"optimal\") a whopping 57 times, and the Company frequently references its superior outcomes data relative to non-members, both in-network and outside the PGNY network of clinics. We believe these claims are disputable.",
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      "text": "PGNY Focus on Outcomes",
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      "kind": "paragraph",
      "text": "The Fertility Clinic Success Rate and Certification Act of 1992 mandated national public reporting of clinical outcomes to the CDC. In addition, the Society for Assisted Reproductive Technologies (SART), an industry group, maintains a voluntary reporting system that shares data with the CDC. PGNY has long compared its clinical outcomes with this national data and recently commissioned a third-party actuarial firm, Milliman, to assess the Company's reporting methodologies.",
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      "text": "\"...we've seen our market share continue to grow... given our track record of success in helping companies more efficiently manage their healthcare spend while simultaneously enhancing the patient experience through our superior clinical outcomes.\"",
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      "text": "\"...we've seen our market share continue to grow... given our track record of success in helping companies more efficiently manage their healthcare spend while simultaneously enhancing the patient experience through our superior clinical outcomes.\" — CEO Peter Anevski on PGNY Q3 2022 Earnings Call 11/3/22",
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      "text": "Source: PGNY IPO Prospectus, PGNY website (here and here), PGNY Q3 2022 earnings call",
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      "text": "PGNY's Claims of \"Superior\" Outcomes Have Long Been A Cornerstone of Its Pitch To Clients And Investors",
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