Paysign, Inc. Reports Third Quarter 2024 Financial Results

In This Article:

  • Third quarter 2024 total revenues of $15.26 million, up 23.0% from third quarter 2023

  • Third quarter 2024 net income of $1.44 million, or diluted earnings per share of $0.03, versus net income of $1.10 million, or diluted earnings per share of $0.02 for third quarter 2023

  • Third quarter 2024 Adjusted EBITDA of $2.83 million, up 20.6% from $2.35 million for third quarter 2023, while diluted Adjusted EBITDA per share was $0.05 versus $0.04 for third quarter 20231

  • Exited the quarter with 478 plasma centers, contributing to a 3.4% increase in plasma revenue versus the same period last year

  • Exited the quarter with 66 active patient affordability programs, leading to a 219.1% increase in pharma patient affordability revenue over the same period last year

  • Exited the quarter with $10.29 million of unrestricted cash and zero debt

  • Third quarter 2024 gross dollar load volume was up 1.8% compared to third quarter 2023

  • Third quarter 2024 gross spend volume was up 0.4% compared to third quarter 2023

  • Third quarter 2024 average revenue per plasma center per month of $7,991, down slightly from $8,041 for third quarter 2023

  • Third quarter 2024 patient affordability claim volume increased 429.6%, versus third 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., November 05, 2024--(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 third quarter 2024.

"We are pleased to report strong third-quarter results, achieving 23.0% revenue growth and a 20.6% increase in adjusted EBITDA," said Mark Newcomer, President & CEO of Paysign. "Revenue from patient affordability programs rose by 219.1% year-over-year, and we ended the quarter with 66 active programs. Gross margins also saw a strong improvement, increasing by 440 basis points to 55.5% compared to third quarter 2023, driven by growth in our higher-margin patient affordability programs. We expect this upward trend to continue. Our patient affordability pipeline remains highly robust as we add new customers, new programs, expand programs and maintain strong relationships with some of the world’s leading pharmaceutical companies, further affirming their confidence in our offerings. We are focused on identifying and leveraging additional high-growth opportunities in the payments sector to expand our current product portfolio. As always, we are committed to growing our company and maximizing long-term shareholder value."

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