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  "documentTitle": "Progyny, Inc. (PGNY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
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      "kind": "callout",
      "text": "Questionable PGNY Management Comments Regarding National Outcomes Trends",
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      "kind": "callout",
      "text": "In contrast to Schlanger's and Anevski's statements, national averages improved (often dramatically) in 4 of 5 metrics, while PGNY performance deteriorated in 4 of 5 metrics.",
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      "kind": "paragraph",
      "text": "As discussed, PGNY frequently compares its results to national data from earlier periods. We show that Schlanger made factually incorrect statements regarding outcomes data on PGNY's Q2 2021 earnings call. Trends in key metrics were much better for national averages than PGNY over the period of available comparable data.",
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      "kind": "paragraph",
      "text": "We compare 2018 to 2019/2020 available data. In contrast to Schlanger's and Anevski's statements, national averages improved (often dramatically) in 4 of 5 metrics, while PGNY performance deteriorated in 4 of 5 metrics. Even giving them the benefit of looking at 2020 data where available, PGNY's scale of improvement lagged national averages.",
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      "kind": "quote",
      "text": "First, our outcomes continued to significantly outperform the national averages as they have done each year over the past five years. And second, our outcomes have continued to improve each year while the national averages have stayed largely the same over those five years.",
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      "text": "\"First, our outcomes continued to significantly outperform the national averages as they have done each year over the past five years. And second, our outcomes have continued to improve each year while the national averages have stayed largely the same over those five years.\" — Then-CEO David Schlanger on PGNY Q2 2021 Earnings Call; \"...the national averages haven't been improving...\" — CEO Peter Anevski at 2023 JPMorgan Conference, 1/10/23",
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      "kind": "source-note",
      "text": "Source: PGNY Q2 2021 earnings call transcript, PGNY 10-Ks for 2019, 2020, and 2021, PGNY website",
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      "kind": "table",
      "text": "Comparison table of National vs PGNY IVF metrics 2018-2020",
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      "kind": "title",
      "text": "We Believe PGNY's Management Mischaracterizes The Superiority Of Its Outcomes",
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      "arcName": "Overcoming the Monster",
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