“JR” of Jehoshaphat Research makes the case that Progyny (PGNY) has employed several not-so-subtle accounting changes to project the illusion of robust profit margins. While the sell-side believes this company is a major growth story, JR believes that the underlying business is terrible, and were it not for distorted financials, investors would realize that the numbers simply don’t make sense. With a vastly overstated total addressable market, there are serious questions about the underlying growth potential in the face of a deteriorating macroeconomic backdrop.