05:41 AM EDT, 09/19/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Progyny ( PGNY ) shares fell 24% in premarket activity Thursday after the company said a big client elected to exercise a 90-day option to terminate its services agreement, effective Jan. 1.

The company said in a Wednesday filing that 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 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, Progyny ( PGNY ) said. It added that there have "not been any disputes" with the client.

Price: 18.28, Change: -6.16, Percent Change: -23.85