Progyny (NASDAQ:PGNY), Inc., a provider of miscellaneous health and allied services with a market capitalization of $1.77 billion, announced the appointment of Debra Morris to its board of directors, effective Thursday. According to InvestingPro data, the company maintains a "GREAT" financial health score and has demonstrated strong profitability with $57.27 million in net income over the last twelve months. In a recent 8-K filing with the Securities and Exchange Commission, Progyny detailed the background of Morris and the terms of her directorship.
Morris, who has been the President of AccessHope, LLC since November 2024, brings a wealth of experience from various leadership roles, including Executive Vice President and Chief Financial Officer of Apria, Inc. (NASDAQ:APR) and Chief Financial Officer of Americas for Sitel Group. Her history of executive positions spans several industries, with past roles at Tatum LLC and CBRE Group, Inc. (NYSE:NYSE:CBRE). She also holds a B.S. in Business Administration from Colby Sawyer College.
The appointment, set to begin on January 16, 2025, places Morris on the Compensation Committee of the Board. Her term will expire at the company's 2025 annual meeting of stockholders. According to the filing, there are no familial or transactional conflicts of interest between Morris and other directors or executive officers within the company.
In line with Progyny's compensation policy for non-employee directors, Morris will receive a $40,000 annual cash retainer, paid quarterly. Additionally, she was granted options to purchase 44,000 shares of Progyny's common stock, which will vest over a four-year period, contingent upon her continued service.
The stock has shown strong momentum with a 20.29% return year-to-date, according to InvestingPro, which offers 15+ additional investment tips for this stock. Future compensation includes annual option grants and restricted stock units, vesting on the anniversaries of their respective grant dates, again dependent on her ongoing service.
Progyny, headquartered in New York and incorporated in Delaware, operates under the ticker symbol PGNY on the Nasdaq Global Select Market. The company's focus is on providing specialized healthcare services, as indicated by its classification under the Standard Industrial Classification code 8090.
In other recent news, Progyny, a provider of fertility and women's health benefits, announced significant developments. The company welcomed healthcare veteran Debra Morris to its board of directors. Morris, with her three-decade-long experience in the healthcare industry, is expected to contribute significantly to Progyny's mission.
On the financial front, Progyny reported a 2% year-over-year revenue increase to $286.6 million in its third quarter, exceeding initial projections. The company also added 1.1 million new covered lives and over 80 new clients, demonstrating resilience amidst market challenges.
In terms of analyst projections, Leerink Partners increased the price target on Progyny stock to $20.00, while JPMorgan (NYSE:JPM) and Jefferies reduced their price targets but maintained positive ratings. Cantor Fitzgerald also reduced its price target but held an Overweight rating on the company's shares. These adjustments come as recent developments in Progyny's performance and market position.
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