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  "docSlug": "bcbeb3ac7b21",
  "documentTitle": "Progyny, Inc. (PGNY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
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      "kind": "callout",
      "text": "Fundamental to the PGNY sales pitch to employers is the prospect of trading cost volatility resulting from pre-term pregnancies (most often the result of multiple births) for certainty, albeit at a higher standalone benefit cost. We find that PGNY exaggerates the cost of multiple births to US employers resulting from IVF.",
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      "kind": "callout",
      "text": "We find that PGNY exaggerates the cost of multiple births to US employers resulting from IVF.",
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      "kind": "metric",
      "text": "IVF cycle contribution to excess births: 2%",
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      "kind": "paragraph",
      "text": "In the Company's August 2021 Investor Presentation, PGNY implies that pre-term births resulting from fertility treatments cost US employers about $40 billion. However, this figure represents the costs resulting from ALL pre-term births in the US.",
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      "kind": "source-note",
      "text": "Source: CDC 2019 Assisted Reproductive Technology, Fertility Clinic and National Summary Report, CDC National Vital Statistics Reports, Volume 70 Number 2, Births: Final Data For 2019",
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      "kind": "table",
      "text": "Table comparing Births from CDC Data, Implied Deliveries, and Births in Excess of Deliveries for Singleton, Twin, Triplet, Quadruplet, and Quintuplet+.",
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      "kind": "title",
      "text": "We Believe PGNY Overstates The Cost To Employers of Pre-Term And/Or Multiple Births",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document concludes with a detailed analysis of PGNY's valuation and downside risk.",
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