PR

Progyny (formerly Apryl) Financial Model

Three core modules delivered via a Member Portal web app:

1. Know your options - personalized, self-guided knowledge center (education on fertility treatments, IVF, etc.) tailored by age, gender, relationship status, timing.
2. Find the right partners - curated clinic and service-provider navigation so employees skip the "jungle of clinics."
3. Leverage your budget - reimbursement management that maximizes employer benefit budget against insurance coverage.

360° concierge: personal fertility or adoption expert available on-demand (via WhatsApp and scheduled video calls shown in portal UI).

Product UI is branded "OVIAVO" in some portal screenshots - appears to be an earlier or white-label brand name.

Employer value prop: attract/retain millennial talent by demonstrating a family-first culture; D&I-inclusive (no marriage or heterosexual relationship required).

No explicit TAM/SAM/SOM figures presented.

Market context data provided:

• 15% of the global population struggles with infertility.
• Median age at first birth: 30+.
• 63% of same-sex couples plan to start a family requiring fertility or adoption support.
• Average cost of fertility treatments in Europe: €10k.
• 95% of female egg cell reserve is gone by age 35.
• Sources cited: Eurostat 2020, Family Equality (2019), American Urological Association, Carl Djerassi.

No market growth rate, addressable employer count, or revenue market size stated.

Not explicitly stated in deck. Model is inferred from product architecture:

• Primary revenue: SaaS/subscription fee charged to employers (per-employee-per-month or annual contract), giving employees access to the platform and care team.
• Benefit budget: Employers fund a per-employee budget (deck shows €10,000 as a benefit allocation in the product UI - this appears to be a configurable employer-funded benefit wallet, not Apryl's revenue directly).
• Possible add-ons: Premium concierge hours, clinic referral fees, or admin fees on reimbursement processing.

No pricing page, contract structure, PEPM rate, or revenue figures disclosed in deck.

• Trustpilot score: 4.8 out of 5.
• Four named user testimonials (K.S. Frankfurt, Sarah Munich, Ivana Berlin, Chiara Berlin).
• No revenue figures, no customer/employer count, no GMV, no MRR/ARR, no growth rates disclosed.

Implied moat from product:

• Concierge care model creates switching cost for employees mid-treatment.
• Employer relationships/integrations (HR system) create enterprise stickiness.
• European-first positioning (Progyny is US-only at this stage).

Team (8 people total):

• Jenny Saft - Co-founder; former VP Business Development at Adyen; previously Fyber and Deutsche Telekom. Sales, Marketing, IR.
• Tobias Kaufhold - Co-founder; former Senior Consultant at OC&C Strategy Consultants. Product, Operations, Finance.
• Marick Ballay - Product & Experience
• Jasmin Becher - Sales
• Melvyn Sopacua - Development
• Lisa Kapla - Member Experience
• My Le - People & Finance
• Amir Off - Development

Previous employer logos shown: CoachHub, Adyen, OC&C, Adobe, Fyber, Jochen Schweizer. Team headline: "more than 10 years of experience in building and selling digital products."

• Archetype: B2B SaaS + employee benefits platform - employer-count-driven ARR model with a PEPM (per-employee-per-month) revenue layer and a separate benefit wallet flow-through.
• Why: Revenue is driven by employer contracts (ARR); the benefit budget (€10k/employee) flows through the platform but is employer-funded, not Apryl's top-line revenue. Model structure mirrors Progyny (NASDAQ: PGNY) - separate lines for platform fees vs. benefit utilization.

• Forecast horizon & granularity: 3 years monthly (Year 1–2 monthly buildout; Year 3 annual); critical to model employer sales cycle (~3–6 month enterprise sale).

• Key drivers & assumptions:
• Number of employer clients signed (start: 0, ramp from Y1):
• Average employees per employer client enrolled in program:
• PEPM platform fee (e.g. €5–15/enrolled employee/month):
• Benefit budget per employee (€10,000 stated as example in portal UI):
• Average benefit utilization rate (% of enrolled employees who activate):
• Concierge consultation rate (% of members using paid consults):
• Gross margin on platform fee revenue:
• Care team headcount vs. member ratio:
• Sales cycle: 3–6 months;
• New employer wins per quarter:
• Churn rate (employer-level):
• CAC (per employer):
• Germany-focused in Y1, expand to additional EU markets in Y2–3:

• Scenarios (Base / Bull / Bear - which variables flex):
• Base: Moderate employer wins (3–5/quarter by Y2), mid-market clients, €10 PEPM
• Bull: Faster enterprise land (10+/quarter by Y2), large employers (1,000+ employees), higher PEPM (€15), lower churn
• Bear: Slow sales cycle, smaller SMB clients, lower utilization, competitive pressure on PEPM pricing

• Required sheets / outputs:

1. Assumptions dashboard (all drivers centralized)
2. Employer cohort build (new wins, retained, churned by quarter)
3. Revenue bridge: platform fee ARR + benefit wallet volume (pass-through)
4. P&L: Revenue → Gross Profit → EBITDA (care team, engineering, sales, G&A)
5. Headcount plan (care experts scale with member count)
6. Cash flow & runway (critical pre-revenue burn context)
7. Unit economics summary: CAC, LTV, LTV/CAC, payback period