Amazon is mentioned as a former major client of Progeny, and the creator speculates whether Amazon might consider returning if Progeny's current strategy isn't working out for them.
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No Amazon, No Problem? This US Company Marches On! Or Does It?
Aug 9, 2026
The creator discusses Progyny (PGNY), a fertility and women's health benefits business for large employers. Despite losing Amazon as its largest customer, Progyny showed strong underlying growth in its second quarter of 2026, with revenue increasing 11% when adjusted for the loss. The company maintains a clean balance sheet with no debt and has seen growth in client count and member access to its services.
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Progeny is tricky to value but is in a better position than 5 years ago, with potential for multiple expansion as growth impacts net income more directly.
Progenity's underlying business is healthier than headline growth suggested, with improving margins and de-risked renewal risk, making it a defensible niche.
Progyny (PGNY) is a company with a defensible niche in fertility and women's health benefits, showing strong underlying growth even after losing Amazon as a client.
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