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Paysign, Inc. Reports Second Quarter 2024 Financial Results

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Paysign, Inc. (NASDAQ: PAYS) reported strong Q2 2024 financial results, with total revenues up 29.8% to $14.33 million compared to Q2 2023. The company saw significant growth in both its plasma and pharma patient affordability businesses. Net income improved to $697,000, or $0.01 per diluted share, from a net loss in the same period last year. Adjusted EBITDA increased 95.8% to $2.24 million.

Key highlights include:

  • Plasma revenue up 12.6%, with 477 centers at quarter-end
  • Pharma patient affordability revenue up 266.8%, with 61 active programs
  • Gross profit margin increased to 52.9%, up 207 basis points
  • Unrestricted cash of $31.29 million and zero debt

Based on strong performance, Paysign raised its full-year 2024 guidance, now expecting total revenues between $56.5-$58.5 million and adjusted EBITDA of $9.0-$10.0 million.

Paysign, Inc. (NASDAQ: PAYS) ha riportato risultati finanziari molto positivi per il secondo trimestre del 2024, con un aumento del fatturato totale del 29,8%, arrivando a 14,33 milioni di dollari rispetto al secondo trimestre del 2023. L'azienda ha registrato una crescita significativa sia nel settore del plasma che nel settore della affordabilità per i pazienti farmaceutici. Il reddito netto è migliorato a 697.000 dollari, ovvero 0,01 dollari per azione diluita, rispetto a una perdita netta nello stesso periodo dell'anno scorso. L'EBITDA rettificato è aumentato del 95,8%, arrivando a 2,24 milioni di dollari.

I punti salienti includono:

  • Entrate dal plasma aumentate del 12,6%, con 477 centri alla fine del trimestre
  • Entrate sull'affordabilità per i pazienti farmaceutici aumentate del 266,8%, con 61 programmi attivi
  • Margine di profitto lordo aumentato al 52,9%, con un incremento di 207 punti base
  • Disponibilità di cassa illimitata di 31,29 milioni di dollari e zero debiti

In base alle forti performance, Paysign ha aumentato le previsioni per l'intero anno 2024, ora aspettandosi entrate totali tra 56,5 e 58,5 milioni di dollari e un EBITDA rettificato tra 9,0 e 10,0 milioni di dollari.

Paysign, Inc. (NASDAQ: PAYS) reportó resultados financieros sólidos para el segundo trimestre de 2024, con ingresos totales aumentaron un 29,8% alcanzando los 14,33 millones de dólares en comparación con el segundo trimestre de 2023. La compañía vio un crecimiento significativo tanto en su negocio de plasma como en el de asequibilidad para pacientes farmacéuticos. El ingreso neto mejoró a 697,000 dólares, o 0,01 dólares por acción diluida, tras una pérdida neta en el mismo periodo del año pasado. El EBITDA ajustado aumentó un 95,8% alcanzando los 2,24 millones de dólares.

Los puntos destacados incluyen:

  • Los ingresos del plasma aumentaron un 12,6%, con 477 centros al final del trimestre
  • Los ingresos por asequibilidad de pacientes farmacéuticos aumentaron un 266,8%, con 61 programas activos
  • El margen de ganancia bruta aumentó al 52,9%, subiendo 207 puntos básicos
  • Dinero disponible sin restricciones de 31,29 millones de dólares y sin deudas

Basándose en un rendimiento sólido, Paysign elevó su orientación para el año completo 2024, ahora esperando ingresos totales entre 56,5 y 58,5 millones de dólares y un EBITDA ajustado de 9,0 a 10,0 millones de dólares.

Paysign, Inc. (NASDAQ: PAYS)은 2024년 2분기 재무 결과를 발표했으며, 총 수익이 29.8% 증가하여 1,433만 달러에 달했습니다 2023년 2분기와 비교했을 때. 이 회사는 혈장과 제약 환자 적정 비율 사업 모두에서 상당한 성장을 보였습니다. 순이익은 697,000달러로 개선되었습니다, 즉 희석 주당 0.01달러이며, 작년 같은 기간의 순손실에서 벗어났습니다. 조정된 EBITDA는 95.8% 증가하여 224만 달러에 달했습니다.

주요 사항은 다음과 같습니다:

  • 혈장 수익은 12.6% 증가했으며, 분기 말 기준으로 477개의 센터가 있습니다
  • 제약 환자 저렴성 사업 수익은 266.8% 증가했으며, 61개의 활성 프로그램이 있습니다
  • 총 이익률은 52.9%로 증가했으며, 207bp 상승했습니다
  • 제한 없는 현금이 3,129만 달러이고, 부채는 없습니다

강력한 실적을 바탕으로 Paysign은 2024년 전체 연간 가이던스를 상향 조정했으며, 이제 총 수익이 5,650만 달러에서 5,850만 달러 사이와 조정된 EBITDA가 900만 달러에서 1,000만 달러 사이로 예상하고 있습니다.

Paysign, Inc. (NASDAQ: PAYS) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec des revenus totaux en hausse de 29,8% à 14,33 millions de dollars par rapport au deuxième trimestre 2023. La société a connu une croissance significative dans ses activités liées au plasma et à l'accessibilité des patients en pharmacie. Le revenu net a augmenté à 697 000 dollars, soit 0,01 dollar par action diluée, contre une perte nette à la même période l’année dernière. Le EBITDA ajusté a augmenté de 95,8% pour atteindre 2,24 millions de dollars.

Les faits saillants incluent :

  • Les revenus du plasma ont augmenté de 12,6 %, avec 477 centres à la fin du trimestre
  • Les revenus liés à l'accessibilité pharmaceutique des patients ont augmenté de 266,8 %, avec 61 programmes actifs
  • La marge brute est passée à 52,9 %, soit une hausse de 207 points de base
  • Des liquidités non restreintes de 31,29 millions de dollars et aucune dette

Sur la base de cette performance solide, Paysign a relevé ses prévisions pour l'année 2024, s'attendant maintenant à des revenus totaux compris entre 56,5 et 58,5 millions de dollars et un EBITDA ajusté de 9,0 à 10,0 millions de dollars.

Paysign, Inc. (NASDAQ: PAYS) hat starke Finanzresultate für das zweite Quartal 2024 gemeldet, mit einem Anstieg des Gesamtumsatzes um 29,8% auf 14,33 Millionen Dollar im Vergleich zum zweiten Quartal 2023. Das Unternehmen verzeichnete ein signifikantes Wachstum in seinen Geschäftsbereichen Plasma und Pharma-Patientenaffordabilität. Der Nettogewinn verbesserte sich auf 697.000 Dollar, oder 0,01 Dollar pro verwässerter Aktie, nach einem Nettoverlust im selben Zeitraum des Vorjahres. Das bereinigte EBITDA stieg um 95,8% auf 2,24 Millionen Dollar.

Zu den wichtigsten Höhepunkten gehören:

  • Plasma-Umsatz um 12,6% gestiegen, mit 477 Zentren zum Quartalsende
  • Umsatz aus Pharma-Patientenaffordabilität um 266,8% gestiegen, mit 61 aktiven Programmen
  • Die Bruttogewinnmarge stieg auf 52,9%, was einem Anstieg von 207 Basispunkten entspricht
  • Unbeschränkte liquiden Mittel in Höhe von 31,29 Millionen Dollar und keine Schulden

Aufgrund der starken Leistung hat Paysign seine Umsatzprognose für das Gesamtjahr 2024 angehoben und erwartet nun einen Gesamtumsatz zwischen 56,5 und 58,5 Millionen Dollar sowie ein bereinigtes EBITDA von 9,0 bis 10,0 Millionen Dollar.

Positive
  • Total revenues increased 29.8% year-over-year to $14.33 million
  • Net income improved to $697,000 from a net loss in Q2 2023
  • Adjusted EBITDA grew 95.8% to $2.24 million
  • Plasma revenue increased 12.6% with 8 net new centers added
  • Pharma patient affordability revenue surged 266.8% with 8 net new programs added
  • Gross profit margin expanded by 207 basis points to 52.9%
  • Raised full-year 2024 guidance for revenues and adjusted EBITDA
Negative
  • Selling, general and administrative expenses increased by 13.5%
  • Depreciation and amortization expense increased by 50.3%

Insights

Paysign's Q2 2024 results demonstrate robust growth and improved profitability, signaling positive momentum for the company. Total revenues increased by 29.8% year-over-year to $14.33 million, driven by strong performance in both the plasma and pharma patient affordability segments.

The company's plasma business showed steady growth, with revenue up 12.6% and eight net new centers added, bringing the total to 477. More impressive was the 266.8% surge in pharma patient affordability revenue, reflecting the addition of eight new programs for a total of 61 active programs.

Profitability metrics improved significantly:

  • Net income turned positive at $697,000 compared to a loss in Q2 2023
  • Adjusted EBITDA nearly doubled to $2.24 million
  • Gross margin expanded by 207 basis points to 52.9%

The company's balance sheet remains strong with $31.29 million in unrestricted cash and zero debt. The increase in restricted cash to $102.24 million reflects growth in customer programs and funds on cards.

Management's raised guidance for 2024 indicates confidence in continued growth, with revenue now expected to reach $56.5-58.5 million (up 20-24% YoY) and adjusted EBITDA of $9-10 million. The projected improvement in gross margins to 54-55% suggests ongoing benefits from the high-growth pharma segment.

While the growth story is compelling, investors should monitor operating expenses, which are projected to increase to $30-32 million as the company invests in people and technology. The sustainability of the pharma segment's explosive growth will be important for long-term performance.

Paysign's Q2 results reveal significant market traction in two key segments: plasma donor compensation and pharma patient affordability programs. The company's strategic focus on these areas is yielding impressive results.

In the plasma sector, Paysign has expanded its footprint to 477 centers, a net addition of eight in Q2 alone. This growth, coupled with increased donations and card loads, led to a 12.6% revenue increase. The average monthly revenue per center rose to $7,916, up 4.4% year-over-year, indicating improved penetration and usage within existing centers.

The pharma patient affordability segment is emerging as a major growth driver, with revenue skyrocketing 266.8%. The addition of eight new programs, bringing the total to 61, demonstrates Paysign's ability to rapidly scale in this market. This segment now contributes 18.7% of total revenue, up from just 6.6% a year ago, highlighting its increasing importance to Paysign's business model.

Market indicators are positive:

  • Gross dollar load volume up 12.7% YoY
  • Gross spend volume increased 11.2% YoY
  • Patient affordability claim volume surged 365.5% YoY

These metrics suggest strong user engagement and growing demand for Paysign's services. The company's ability to capitalize on the expanding patient affordability market while maintaining growth in its core plasma business positions it well in the evolving healthcare payments landscape.

However, the rapid growth in the pharma segment may present challenges in maintaining the current trajectory. Investors should watch for signs of market saturation or increased competition in this high-growth area.

  • Second quarter 2024 total revenues of $14.33 million, up 29.8% from second quarter 2023
  • Second quarter 2024 net income of $697 thousand, or diluted earnings per share of $0.01, versus net loss of $104 thousand, or diluted earnings per share of $(0.00) for second quarter 2023
  • Second quarter 2024 Adjusted EBITDA of $2.24 million, up 95.8% from $1.14 million for second quarter 2023, while diluted Adjusted EBITDA per share was $0.04 versus $0.02 for second quarter 20231
  • Total plasma center count increased by eight net new centers during second quarter 2024, exiting the quarter with 477 centers, contributing to a 12.6% increase in plasma revenue versus the same period last year
  • Added eight net new patient affordability programs during second quarter 2024, exiting the quarter with 61 active programs, leading to a 266.8% increase in pharma patient affordability revenue over the same period last year
  • Exited the quarter with $31.29 million of unrestricted cash and zero debt; $22.71 million related to payment timing on pass-through claim reimbursement receivables and related payables
  • Second quarter 2024 gross dollar load volume was up 12.7% compared to second quarter 2023
  • Second quarter 2024 gross spend volume was up 11.2% compared to second quarter 2023
  • Second quarter 2024 average revenue per plasma center per month of $7,916, up 4.4%, versus $7,581 for second quarter 2023
  • Second quarter 2024 patient affordability claim volume increased 365.5%, versus second quarter 2023

1Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP metrics used by management to gauge the operating performance of the business – see reconciliation of net income to Adjusted EBITDA at the end of the press release.

HENDERSON, Nev.--(BUSINESS WIRE)-- Paysign, Inc. (NASDAQ: PAYS), a leading provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services and integrated payment processing, today announced financial results for the second quarter 2024.

“We are extremely pleased with Paysign’s second-quarter financial results, as we continue to grow our business at a rapid pace,” stated Mark Newcomer, President & CEO of Paysign. “In the second quarter, revenues grew 29.8%, and adjusted EBITDA grew 95.8%, driven by double-digit revenue growth in our plasma donor compensation business and an outstanding 266.8% revenue increase in our patient affordability business. Our gross margin percentage increased by 207 basis points, and we expect to see continued margin expansion as patient affordability remains a dominant growth driver for the company. Looking forward, we anticipate maintaining our current trajectory across our two major businesses of plasma donor compensation and pharma patient affordability while seeking additional high growth opportunities within the payments space. We remain committed to delivering sustainable growth and maximizing shareholder value.”

Quarterly Results

The following additional details are provided to aid in understanding Paysign’s second quarter 2024 results versus the year-ago period:

  • Total revenues increased 29.8%, or $3.29 million. The increase was attributable to the following factors:
    • Plasma revenue increased $1.26 million, or 12.6%, primarily due to an increase in plasma locations, plasma donations and dollars loaded to cards with average monthly revenue per center up 4.4% to $7,916 versus $7,581 in the same period last year. Total plasma center count increased by eight net new centers, exiting the quarter with 477 centers.
    • Pharma patient affordability revenue increased $1.95 million, or 266.8%, primarily due to the growth and launch of new pharma patient affordability programs. We added eight net new patient affordability programs throughout the second quarter, exiting with 61 active programs.
    • Other revenue increased by $86 thousand, or 28.9%, primarily due to the growth in our payroll business and the growth and launch of new prepaid disbursement programs.
  • Cost of revenues increased 24.3%, or $1.32 million. Cost of revenues is comprised of transaction processing fees, data connectivity fees, data center expenses, network fees, bank fees, card production costs, postage costs, customer service, program management, application integration setup, fraud charges and sales and commission expense. The quarter-over-quarter increase in cost of revenues was primarily due to an increase in cardholder usage activity and associated network expenses such as interchange and ATM costs, an increase in network expenses and sales commissions related to the growth in our pharma patient affordability business, an increase in fraud charges, an increase in customer service expenses associated with wage inflation pressures and the overall growth in our business.
  • Gross profit increased by $1.97 million, or 35.1%, primarily due to increased plasma and pharma patient affordability revenue. Our gross profit margin increased to 52.9% versus 50.9% in the prior year, an increase of 207 basis points, primarily due to a greater revenue contribution from our patient affordability business (18.7% versus 6.6%).
  • Selling, general and administrative expenses (SG&A) increased by $716 thousand, or 13.5%, and consisted primarily of an increase in (i) compensation and benefits of approximately $1.30 million due to continued hiring to support the company’s growth, a tight labor market and increased benefit costs; (ii) technologies and telecom of approximately $372 thousand primarily related to ongoing platform security investments; and (iii) all other operating expenses of approximately $12 thousand. This increase was offset by a decrease in stock compensation of approximately $160 thousand, a decrease in non-IT professional services of approximately $162 thousand and a $647 thousand increase in the amount of capitalized platform development costs. We exited the quarter with 149 employees versus 108 employees at the end of the same period last year.
  • Depreciation and amortization expense increased by $482 thousand, or 50.3%, due mainly to the continued capitalization of new software development costs and equipment purchases related to the enhancement to our processing platform and ongoing hiring to support our growth.
  • Other income increased by $212 thousand primarily related to an increase in interest income resulting from higher average cash balances and higher interest rates.
  • Income tax provision increased as a result of tax benefits related to our stock-based compensation, changes to the company’s valuation allowance recorded on its net deferred tax assets and a pretax loss in the prior period. The effective tax rate was 25.8% versus (126.3%) compared to the same period last year.
  • Net income of $697 thousand, or $0.01 per diluted share, improved by $801 thousand compared to net loss of $104 thousand, or $(0.00) per diluted share, during the same period in the prior year. The overall change in net income relates to the factors mentioned above.
  • “EBITDA,” defined as earnings before interest, taxes, depreciation and amortization expense, which is a non-GAAP metric, increased by $1.25 million, or 403.1%, to $1.57 million due to the factors mentioned above.
  • “Adjusted EBITDA,” which excludes stock-based compensation from EBITDA, and which is a non-GAAP metric used by management to gauge the operating performance of the business, increased by $1.09 million, or 95.8%, to $2.24 million, or $0.04 per diluted share, due to the factors mentioned above.

Second Quarter 2024 Milestones

  • Exited the quarter with approximately 6.8 million cardholders and approximately 610 card programs.
  • Quarter-over-quarter revenue increased 29.8%.
  • Plasma revenue increased 12.6%.
  • Pharma patient affordability revenue increased 266.8%.
  • Added eight net new plasma donation centers, ending the quarter with 477 centers.
  • Added eight net new pharma patient affordability programs, ending the quarter with 61 active programs.
  • Restricted cash balances increased 10.7% from December 31, 2023, to $102.24 million, primarily due to increased funds on cards and growth in customer programs.

Balance Sheet at June 30, 2024

The company’s cashflows increased $24.18 million from December 31, 2023, largely related to the launch of new pharma patient affordability programs and new plasma centers.

Unrestricted cash increased $14.30 million to $31.29 million from December 31, 2023. The increase resulted primarily from payment timing on pass-through claim reimbursement receivables and related payables associated with our patient affordability business in the amount of $16.02 million. In addition to the impact of net pass-through claim reimbursements, the positive impact of net income and non-cash adjustments offset by investment in fixed assets and net increase in assets and liabilities lead to the increase in the unrestricted cash balance.

Restricted cash increased $9.88 million to $102.2 million from December 31, 2023, primarily due to increases in funds on cards of $3.74 million and customer deposits for our plasma and pharma customers of $6.15 million. Restricted cash are funds used for customer card funding and pharmaceutical claim reimbursements with a corresponding offset under current liabilities.

2024 Outlook

“We delivered another solid quarter with year-over-year quarterly revenues increasing 29.8% to $14.3 million and adjusted EBITDA increasing 95.8% to $2.2 million as our pharma patient affordability business continued its growth momentum. We exited the quarter with 477 plasma centers and 61 pharma patient affordability programs, an increase of 13 and 18, respectively, since the end of 2023,” said Jeff Baker, Paysign CFO.

“Due to the outperformance of our business during the first two quarters of the year relative to our initial expectations, we are raising our full year guidance as follows: total revenues are estimated to be in the range of $56.5 million to $58.5 million versus our initial guidance of $54.5 million to $56.7 million, reflecting year-over-year growth of 20% to 24%. Plasma revenues are estimated to account for approximately 78% of total revenue while pharma revenue is estimated to account for approximately 20% of total revenue. Full-year gross profit margins are expected to be between 54.0% and 55.0% versus our initial guidance of 52.0% to 54.0% reflecting increased revenue contribution from our pharma patient affordability business. Operating expenses are expected to be between $30.0 million and $32.0 million versus our initial guidance of $29.0 and $31.0 million as we continue to make investments in people and technology to support the growth of our business. Of this amount, depreciation and amortization are expected to remain unchanged between $6.0 million and $6.5 million, while stock-based compensation is expected to remain unchanged between $2.7 million and $3.0 million. Given the continued increases in our average daily balances of unrestricted and restricted cash and the current interest rate environment, we expect to generate interest income of $3.0 million to $3.2 million. We expect our tax rate to be between 28.0% and 29.0% and our fully diluted share count outstanding to be 55.8 million to 56.0 million. Taking all of the factors above into consideration, we expect net income to be in the range of $2.0 million to $3.0 million, or $0.04 to $0.06 per diluted share, and adjusted EBITDA to be in the range of $9.0 million to $10.0 million (15.0% to 17.0% of total revenues), or $0.16 to $0.18 per diluted share,” Baker concluded.

Second Quarter 2024 Financial Results Conference Call Details

The company will hold a conference call at 5:00 p.m. Eastern time on Wednesday, July 31, 2024, to discuss its second quarter 2024 financial results. The conference call may include forward-looking statements. The dial-in information for this call is 877.407.2988 (within the U.S.) and +1.201.389.0923 (outside the U.S.). A call replay will be available until October 29, 2024, and can be accessed by dialing 877.660.6853 (within the U.S.) and +1.201.612.7415 (outside the U.S.), using passcode 13747519.

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking under federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. All statements, besides statements of fact included in this release are forward-looking. Such forward-looking statements include, among others, our optimism that our business will continue to grow at a rapid pace; our expectation that we will see continued margin expansion as patient affordability remains a dominant growth driver for the company; our anticipation of maintaining our current trajectory across our two major businesses of plasma donor compensation and pharma patient affordability while seeking additional high growth opportunities with the payments space; our belief that our commitment remains firm on delivering sustainable growth and maximizing shareholder value; our expectations for total revenue, plasma revenue as a percentage of total revenue, pharma revenue as a percentage of total revenue, full-year gross profit margins, operating expenses, depreciation and amortization, stock-based compensation, interest income, tax rate, fully diluted share count, net income, and adjusted EBITDA for the full-year 2024. We caution that these statements are qualified by important risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the inability to continue our current growth rate in future periods; that a downturn in the economy, including as a result of COVID-19 and variants, as well as further government stimulus measures, could reduce our customer base and demand for our products and services, which could have an adverse effect on our business, financial condition, profitability and cash flows; operating in a highly regulated environment; failure by us or business partners to comply with applicable laws and regulations; changes in the laws, regulations, credit card association rules or other industry standards affecting our business; that a data security breach could expose us to liability and protracted and costly litigation; and other risk factors set forth in our Form 10-K for the year ended December 31, 2023. Except to the extent required by federal securities laws, the company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

About Paysign, Inc.

Paysign, Inc. (NASDAQ: PAYS) is a leading financial services provider uniquely positioned to provide technology solutions tailored to the healthcare industry. As an early innovator in prepaid card programs, patient affordability, digital banking services and integrated payment processing, Paysign enables countless exchanges of value for businesses, consumers and government agencies across all industry types.

Incorporated in southern Nevada in 1995, Paysign operates on a powerful, high-availability payments platform with cutting-edge fintech capabilities that can be seamlessly integrated with our clients’ systems. This distinctive positioning allows Paysign to provide end-to-end technologies that securely manage transaction processing, cardholder enrollment, value loading, account management, data and analytics and customer service. Paysign’s architecture is known for its cross-platform compatibility, flexibility and scalability – allowing our clients and partners to leverage these advantages for cost savings and revenue opportunities.

Through Paysign’s direct connections for processing and program management, the company navigates all aspects of the prepaid card lifecycle completely in house – from concept and card design to inventory, fulfillment and launch. The company’s 24/7/365 in-house, bilingual customer service is facilitated through live agents, interactive voice response (IVR) and two-way SMS alerts, reflecting the company’s commitment to world-class consumer support.

For more than two decades, Paysign has been a trusted partner for major pharmaceutical and healthcare companies, as well as multinational corporations, delivering fully managed programs built to meet their individual business goals. The company’s suite of offerings include solutions for corporate rewards, prepaid gift cards, general purpose reloadable (GPR) debit cards, employee incentives, consumer rebates, donor compensation, clinical trials, healthcare reimbursement payments and copay assistance. For more information, visit paysign.com.

Paysign, Inc.

Condensed Consolidated Statements of Operation (Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Plasma industry

 

$

11,273,262

 

 

$

10,014,461

 

 

$

21,641,296

 

 

$

19,374,528

 

Pharma industry

 

 

2,674,901

 

 

 

729,236

 

 

 

5,063,545

 

 

 

1,318,798

 

Other

 

 

383,436

 

 

 

297,354

 

 

 

816,832

 

 

 

491,015

 

Total revenues

 

 

14,331,599

 

 

 

11,041,051

 

 

 

27,521,673

 

 

 

21,184,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

6,745,836

 

 

 

5,425,311

 

 

 

12,996,659

 

 

 

10,520,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

7,585,763

 

 

 

5,615,740

 

 

 

14,525,014

 

 

 

10,663,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

6,020,464

 

 

 

5,304,625

 

 

 

11,931,662

 

 

 

10,250,075

 

Depreciation and amortization

 

 

1,439,622

 

 

 

958,001

 

 

 

2,726,027

 

 

 

1,803,017

 

Total operating expenses

 

 

7,460,086

 

 

 

6,262,626

 

 

 

14,657,689

 

 

 

12,053,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

125,677

 

 

 

(646,886

)

 

 

(132,675

)

 

 

(1,389,683

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

813,357

 

 

 

600,867

 

 

 

1,544,701

 

 

 

1,185,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax provision

 

 

939,034

 

 

 

(46,019

)

 

 

1,412,026

 

 

 

(204,619

)

Income tax provision

 

 

241,932

 

 

 

58,137

 

 

 

405,828

 

 

 

59,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

697,102

 

 

$

(104,156

)

 

$

1,006,198

 

 

$

(264,286

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

(0.00

)

 

$

0.02

 

 

$

(0.01

)

Diluted

 

$

0.01

 

 

$

(0.00

)

 

$

0.02

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

53,008,286

 

 

 

52,259,002

 

 

 

52,926,462

 

 

 

52,330,829

 

Diluted

 

 

55,861,786

 

 

 

52,259,002

 

 

 

55,374,336

 

 

 

52,330,829

 

Paysign, Inc.

Condensed Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

June 30,
2024

(Unaudited)

 

 

December 31,
2023

(Audited)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

31,290,865

 

 

$

16,994,705

 

Restricted cash

 

 

102,240,796

 

 

 

92,356,308

 

Accounts receivable, net

 

 

25,750,319

 

 

 

16,222,341

 

Other receivables

 

 

1,650,201

 

 

 

1,585,983

 

Prepaid expenses and other current assets

 

 

2,474,716

 

 

 

2,020,781

 

Total current assets

 

 

163,406,897

 

 

 

129,180,118

 

 

 

 

 

 

 

 

 

 

Fixed assets, net

 

 

1,107,852

 

 

 

1,089,649

 

Intangible assets, net

 

 

10,710,142

 

 

 

8,814,327

 

Operating lease right-of-use asset

 

 

3,006,844

 

 

 

3,215,025

 

Deferred tax asset, net

 

 

4,077,175

 

 

 

4,299,730

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

182,308,910

 

 

$

146,598,849

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

50,254,617

 

 

$

26,517,567

 

Operating lease liability, current portion

 

 

401,075

 

 

 

383,699

 

Customer card funding

 

 

102,079,826

 

 

 

92,282,124

 

Total current liabilities

 

 

152,735,518

 

 

 

119,183,390

 

 

 

 

 

 

 

 

 

 

Operating lease liability, long-term portion

 

 

2,721,724

 

 

 

2,928,078

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

155,457,242

 

 

 

122,111,468

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock; $0.001 par value; 150,000,000 shares authorized, 53,782,382 and 53,452,382 issued at June 30, 2024, and December 31, 2023, respectively

 

 

53,782

 

 

 

53,452

 

Additional paid-in capital

 

 

23,357,481

 

 

 

21,999,722

 

Treasury stock at cost, 698,008 shares

 

 

(1,277,884

)

 

 

(1,277,884

)

Retained earnings

 

 

4,718,289

 

 

 

3,712,091

 

Total stockholders’ equity

 

 

26,851,668

 

 

 

24,487,381

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

182,308,910

 

 

$

146,598,849

 

Paysign, Inc. Non-GAAP Measures

To supplement Paysign’s financial results presented on a GAAP basis, we use non-GAAP measures that exclude from net income the following cash and non-cash items: interest, taxes, depreciation and amortization and stock-based compensation. We believe these non-GAAP measures used by management to gauge the operating performance of the business help investors better evaluate our past financial performance and potential future results. Non-GAAP measures should not be considered in isolation or as a substitute for comparable GAAP accounting, and investors should read them in conjunction with the company’s financial statements prepared in accordance with GAAP. The non-GAAP measures we use may be different from, and not directly comparable to, similarly titled measures used by other companies.

“EBITDA” is defined as earnings before interest, taxes, depreciation and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude stock-based compensation charges.

EBITDA and Adjusted EBITDA are not intended to represent cash flows from operations, operating income (loss) or net income (loss) as defined by U.S. GAAP as indicators of operating performances. Management cautions that amounts presented in accordance with Paysign’s definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate Adjusted EBITDA in the same manner.

Paysign, Inc.

Adjusted EBITDA (Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Reconciliation of EBITDA and Adjusted EBITDA to net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

697,102

 

 

$

(104,156

)

 

$

1,006,198

 

 

$

(264,286

)

Income tax provision

 

 

241,932

 

 

 

58,137

 

 

 

405,828

 

 

 

59,667

 

Interest income, net

 

 

(813,357

)

 

 

(600,867

)

 

 

(1,544,701

)

 

 

(1,185,064

)

Depreciation and amortization

 

 

1,439,622

 

 

 

958,001

 

 

 

2,726,027

 

 

 

1,803,017

 

EBITDA

 

 

1,565,299

 

 

 

311,115

 

 

 

2,593,352

 

 

 

413,334

 

Stock-based compensation

 

 

670,138

 

 

 

830,426

 

 

 

1,334,089

 

 

 

1,448,670

 

Adjusted EBITDA

 

$

2,235,437

 

 

$

1,141,541

 

 

$

3,927,441

 

 

$

1,862,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.02

 

 

$

0.07

 

 

$

0.04

 

Diluted

 

$

0.04

 

 

$

0.02

 

 

$

0.07

 

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

53,008,286

 

 

 

52,259,002

 

 

 

52,926,462

 

 

 

52,330,829

 

Diluted

 

 

55,861,786

 

 

 

54,475,747

 

 

 

55,374,336

 

 

 

54,630,341

 

 

Paysign Investor Relations:

888.522.4810

ir@paysign.com

paysign.com/investors

Paysign Media Relations:

Alicia Ches

888.522.4850

pr@paysign.com

Source: Paysign, Inc.

FAQ

What was Paysign's (PAYS) revenue growth in Q2 2024?

Paysign's total revenues increased by 29.8% to $14.33 million in Q2 2024 compared to Q2 2023.

How many plasma centers did Paysign (PAYS) have at the end of Q2 2024?

Paysign exited Q2 2024 with 477 plasma centers, adding 8 net new centers during the quarter.

What was Paysign's (PAYS) net income in Q2 2024?

Paysign reported a net income of $697,000, or $0.01 per diluted share, in Q2 2024.

How much did Paysign's (PAYS) pharma patient affordability revenue grow in Q2 2024?

Paysign's pharma patient affordability revenue increased by 266.8% in Q2 2024 compared to Q2 2023.

What is Paysign's (PAYS) updated revenue guidance for full-year 2024?

Paysign raised its full-year 2024 revenue guidance to a range of $56.5 million to $58.5 million.

Paysign, Inc.

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