Progyny (NASDAQ:PGNY) stock is falling hard on Friday after the fertility and family-building benefits solutions company announced earnings results for its first quarter of 2024.

The bad news for PGNY investors starts with its revenue of $278.08 million during the quarter. That’s less than the $289.09 million that Wall Street was expecting from the company. That’s despite it increasing 7.6% from $258.39 million in the first quarter of 2023.

Progyny CEO Pete Anevski provides the following insight on the revenue miss.

“March was modestly below our expectations, coinciding with the national conversations concerning fertility treatments and access to maternal healthcare following the Alabama Supreme Court ruling. This, in combination with the previously-disclosed unfavorable treatment mix shift that we experienced for a limited period of time earlier in the first quarter, lowered our first quarter revenue growth rate.”

Even though it missed revenue expectations, Progyny’s adjusted EPS of 39 cents is better than analysts’ estimate of 34 cents. It’s also an improvement over the 34 cents reported in the same period of the year prior.

What’s Next for PGNY Stock?

Progyny’s outlook for Q1 2024 includes revenue ranging from $300 million to $310 million. That would see it miss Wall Street’s estimate of $334.14 million for the quarter.

When it comes to the full year of 2023, Progyny is expecting revenue to come in between $1.23 billion and $1.27 billion. Yet again, this would have it missing analysts’ revenue estimate of $1.29 billion for the year.

PGNY stock is down 26.5% as of Friday morning.

There are more stock market stories traders are going to want to read about today!

Luckily, we have all of that news ready to go with our coverage of the latest market news for Friday. That includes what’s happening with shares of Macrogenics (NASDAQ:MGNX) stock, AEye (NASDAQ:LIDR) stock and Novavax (NASDAQ:NVAX) stock this morning. All of that news is ready to go at the links below!

More Stock Market News for Friday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.