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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a comparison table to highlight the disparity between PGNY clients and the US general workforce.",
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      "text": "#3 Different Patient Demographics",
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      "text": "PGNY's client base is skewed toward large technology companies and other knowledge workers. Most of these companies are located in major metropolitan areas where quality healthcare is more accessible, and the employee demographics at these companies do not mirror the general workforce.",
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      "text": "Median Compensation: $259,657",
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      "text": "We believe Google, Microsoft, Amazon, and Meta Platforms have all been 10% customers of PGNY since 2018, and in 2021 PGNY's top two customers accounted for 34% of revenue in 2021, suggesting these clients contribute disproportionately to total lives. However, we find that the demographic mix and income levels of these employees are not representative of the general US workforce. It should surprise no one that multiple studies have found that healthcare outcomes, including those related to fertility, in the US are impacted by race and income.",
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      "text": "PGNY's client base is skewed toward large technology companies and other knowledge workers. Most of these companies are located in major metropolitan areas where quality healthcare is more accessible, and the employee demographics at these companies do not mirror the general workforce. Moreover, employees at these companies, as well as the employees within PGNY clients most likely to pursue a premium benefit, are certain to have dramatically higher incomes than that of the general population. Income inequality is a major driver of healthcare outcomes.",
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      "text": "A 2019 study titled “Trends in Health Equity in the United States by Race/Ethnicity, Sex, and Income, 1993-2017” found that income was the biggest predictor of differences in health outcomes and that health inequality has actually worsened over the past 25 years.",
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      "text": "Source: Alphabet diversity report and proxy, Microsoft diversity report and proxy, Amazon diversity report, Meta Platforms diversity report and proxy, BLS 2020 US Workforce Composition, BLS Q3 2022 Weekly Earnings Report, Trends in Health Equity in the United States by Race/Ethnicity, Sex, and Income, 1993-2017, Infertility, Inequality, and How Lack of Insurance Coverage Compromises Reproductive Autonomy",
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      "text": "PGNY Client demographics vs US General Workforce",
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      "text": "PGNY Patients Have Superior Access To Quality Healthcare And Are Younger, Wealthier, and White/Asian; As A Result, They Have Better Outcomes",
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