Progyny Loses Its Largest Customer
Fertility benefits company Progyny's (Nasdaq: PGNY) stock is selling off 33% in today's trading session after announced it's losing its largest customer who accounted for 13% of the previous year's revenue. This customer was unnamed, but it's most likely Amazon. Even though Progyny has historically had nearly 100% client retention and receives excellent net promoter scores, this could be a red flag for investors. 7investing CEO Simon Erickson shares his thoughts about the company's previous struggles, the Alabama Supreme Court's recent ruling about IVF embryos, and how investors should think about Progyny's stock going forward.