Thank you for holding. We sincerely appreciate it.
Good afternoon. I'm Peter Anevski, Chief Executive Officer of Progyny and a member of the Board of Directors. I'm very happy to welcome you to the Progyny 2025 Annual Stockholders' Meeting. Before I call the meeting to order, I'd like to welcome our board members in attendance and introduce the business team members who are with us today. The other officers of Progyny in attendance are David Schlanger, Executive Chairman, Michael Sturmer, President, Mark Livingston, Chief Financial Officer, and Allison Swartz, General Counsel, who will also be acting as Secretary for today's meeting. I'd also like to introduce John Baugh of Ernst & Young, LLP, Progyny's independent auditors, who is available to respond to appropriate questions. We thank all of you for joining us today. The meeting will now officially come to order.
We will proceed with the formal business of the meeting as set forth in your Notice of Annual Meeting and Proxy Statement. After the formal part of the meeting, we will give you an opportunity to ask any questions you may have. We'll begin the meeting with a brief update on the business. As a reminder, remarks made today and in response to any questions may include forward-looking statements. Forward-looking statements involve risks, uncertainties, and other important factors that are described in our SEC filings, including our first quarter Form 10-Q, and our actual results may differ materially from such statements. Any forward-looking statements that we make during the meeting are based on our beliefs and assumptions today, and we have no obligation to update them. In addition, we may also reference certain non-GAAP financial measures during this meeting.
For a reconciliation of each of these measures to the most directly comparable GAAP metric, please refer to our quarterly press releases that are available on our Investor Relations website. We are holding today's meeting virtually. We believe that a virtual format enables easier access and participation by our stockholders, helps increase stockholder attendance, and saves the company and its investors time and money in addition to being an environmentally friendly and sustainable format. Before we move on to the formal business of today's annual meeting, I'd like to provide a few highlights of what we accomplished in 2024. Although 2024 unfolded somewhat differently than what we had originally expected, we nonetheless achieved record levels of both revenue with $1.17 billion and profitability with nearly $200 million in adjusted EBITDA.
In addition, we had yet another strong sales and product development season, resulting in an incremental 1.1 million new covered lives, which was our fourth straight year of adding at least 1 million lives, as well as more than 80 new logos. We also had one of our most successful sales years amongst jumbo accounts, where we competed against all competitors, including the VC-backed competitors, and won every jumbo opportunity that came to a decision last year. With 6.7 million members in 2025, we're nearly five times our size when compared to just over five years ago. In 2024, we also achieved our lowest number of absolute client losses since 2021, though one of those losses was a large client.
Though we never wanted to lose any client, we believe this client's decision pertained to factors specific to them, as we earned the continued commitment for more than 99% of our clients for 2025. We also had a strong year for product expansions and upsells. Because of our sustained success in managing a complex, high-cost, and high-impact disease category for our clients, those clients frequently told us of other gaps in women's health and family health that they believe we could also address. Capitalizing these opportunities, we've been following a multi-year product roadmap to allow us to profitably expand our platform to solve for these gaps while simultaneously enhancing our strengths within the core offering as well. Leveraging investments we made in our product organization, in 2024, we launched our newest solutions in maternity, postpartum, and menopause.
In our first year of offering these services, we saw a remarkable response with 20% of our existing clients and 40% of our newest logos adopting one or more of these programs. That's more than 1.5 million of our 6.7 million lives today with access to these services, affirming not only the need within the market but also validating our approach and model. To further service our clients' needs, we also completed our first acquisitions with assets that are complementary to both our existing solution as well as our long-term product roadmap. The first complements our global capabilities, while the second adds a solution that we can build upon to address all aspects of an employer's benefit ecosystem as it pertains to parenting and women's health.
Both dovetail with our string of pearl strategy, where we cultivate individual gems that are valuable on their own merits but can be linked together into a more coherent and valuable whole within the Progyny suite of services. In 2025, we're focusing on enhancing our solution with a comprehensive set of digital tools capable of delivering a best-in-class experience, one that seamlessly integrates all aspects of our solutions, including our recent acquisitions. This year, we're making additional investments to integrate these acquisitions to fully realize their value by creating a linked platform across our high-touch care management services. Think of this as a personalized digital engagement for all our core constituencies, patient providers, and clients, surrounded by a better front-end user experience than anyone else in the market.
We've expanded the solution even further in 2025, adding dual services to our comprehensive maternity offering and launching a parent and child well-being program. This season, we're incredibly excited about launching with Cigna as our first-ever national health plan partner, which, along with Blue Cross Blue Shield of North Carolina and Blue Cross Blue Shield of Alabama, adds to the robust ecosystem we've built with large regional health plans and TPAs. Through the combination of our channel partnerships, expanded product portfolio, and investment in member experience, we believe we're well-positioned for further success. We look forward to updating you on our progress in future quarterly earnings calls. With that, we'll now move on to the next portion of today's meeting. Will the Secretary please report at this time with respect to the list of stockholders of record and the mailing of the notice of the meeting?
I have at this meeting a complete list of stockholders of record of our common stock on March 28, 2025, the record date for this meeting. This list is available for viewing and has been available for inspection for the past 10 days at 1359 Broadway, Second Floor, New York, New York. I also have an affidavit certifying that on April 11, 2025, a notice of annual meeting of stockholders of Progyny was deposited in the United States Mail to stockholders of record at the close of business on March 28, 2025. The affidavit of mailing will be filed with the records of the meeting.
At this time, I'd like to introduce Kayla Walsh of ComputerShare, who has been appointed to act as Inspector of Election at this meeting. Ms. Walsh has taken and subscribed the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of the meeting. Her function is to decide upon the qualifications of voters, accept their votes, and, when balloting on all matters is completed, to tally the final votes. Will the Secretary please report at this time with respect to the existence of a quorum?
I have been informed by the Inspector of Election that proxies have been received for approximately 88% of the outstanding shares of common stock entitled to vote at this meeting. This constitutes a quorum for the meeting today, and we may now carry out the official business of the meeting.
We will now proceed with the formal business of this meeting. There are three proposals to be considered by the stockholders of this meeting.
The time is now 3:11 P.M. on Thursday, May 22, 2025, and the polls are now open for voting on all matters to be presented. The polls will be closed to voting after we go through the matters to be voted on. We will address questions during the Q&A portion of the meeting. If you have a question, please submit it by emailing investors@progyny.com.
First item of business is the election of three Class III directors to serve until the 2028 Annual Meeting of Stockholders and until their successors are duly elected. The nominees for Class III directors are Dr. Norman Payson, Deborah Morris, and Elizabeth Beerbaur. No other persons having been nominated in accordance with the company's bylaws, the nominations are now closed. The second item of business today is the ratification of the selection by the Audit Committee of the Board of Directors of Ernst & Young, LLP, as Progyny's independent registered public accounting firm for the fiscal year ending December 31, 2025. The third item of business today is the approval on an advisory and non-binding basis of the composition of the company's named executive officers. That was the final proposal for today's meeting. The Secretary will now describe the voting procedures.
If you have already voted, there is no need to vote now unless you would like to change your vote. If you have not voted and you would like to vote now, or if you would like to change your vote, please go to www.investorvote.com/pgny. Enter your control number from the notice and vote your shares. We'll pause for a moment to give anyone who hasn't yet voted a chance to vote. Each share of common stock is entitled to one vote. Please note that this is the last call for votes. The time is now 3:14 P.M., and the polls are closed for voting. The preliminary report of the Inspector of Election covering the proposals presented at the meeting is as follows. The proposal to elect each of Dr. Norman Payson, Deborah Morris, and Elizabeth Beerbaur as Class III directors of the company is approved.
The selection of Ernst & Young, LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025, is ratified. The compensation of the company's named executive officers on an advisory and non-binding basis is not approved. The Board of Directors values the opinions of our stockholders, and our Compensation Committee will consider this outcome when considering future decisions on executive compensation. We expect to report our final voting results on a current report on Form 8-K to be filed with the SEC within four business days of the conclusion of this meeting. The preliminary inspector certificate of the votes cast is accepted as presented. We thank all of the stockholders for their participation. The formal portion of this meeting is now adjourned.
This concludes the formal portion of today's meeting. We will now answer questions from stockholders. There being no questions, the meeting is now adjourned. Thank you all for attending the Progyny 2025 Annual Meeting and for your continued support.