05:55 PM EDT, 09/18/2024 (MT Newswires) -- Progyny ( PGNY ) shares were down 21% in late-hours activity Wednesday after the company said a big client has elected to exercise a 90-day option to terminate its services agreement, effective Jan. 1.

The client accounts for 12% of Progyny's ( PGNY ) revenue for the six months until June 30, and 13% during the 12 months ended Dec. 31, 2023, the company said in a regulatory filing.

The client was a "smaller" percentage of its adjusted earnings before interest, tax, depreciation, and amortization. No client accounts for more than a single-digit percentage of its sales or adjusted EBITDA.

The client has confirmed that they had "no issues of concern" over a multi-year relationship with the company, the company said. It added there have "not been any disputes" with the client.

Price: 19.34, Change: -5.10, Percent Change: -20.87