What factors drove the changes in Paysign's revenue and profit?

What is the market's earnings forecast for Paysign next quarter?

What does Paysign do and what are its main business segments?

What is Paysign's gross profit margin?

What guidance did Paysign's management provide for the next earnings period?

What is the revenue and EPS growth rate for Paysign year over year?

What is Paysign's latest dividend and current dividend yield?

What were the key takeaways from Paysign's earnings call?

- **Revenue Growth**: 40.5% YoY to $82 million, with pharma industry revenue surging 167.8%.
- **Profitability**: Net income up 98% to $7.6 million, operating margin expands to 9%.
- **Patient Affordability Dominance**: 79% claims growth, $150M client savings, and 55 new programs added.
- **2026 Outlook**: $106.5-$110.5M revenue target, 60-62% gross margin, and 20% operating expense growth.
- **Strategic Strengths**: 97% maximizer detection rate, payments tech differentiation, and $150M+ client savings.

**【CEO Summary Section】**
- Full-year 2025 revenue increased 40.5% to $82 million, driven by 167.8% growth in pharma industry revenue ($33.9 million) and 4% growth in plasma revenue ($45.6 million). 
- Net income rose 98% to $7.6 million, with adjusted EBITDA up 107% to $19.9 million. Operating margins expanded 723 basis points to 9%.
- Patient affordability business highlights: 79% increase in claims processed, 55 new programs added, and $150 million in savings for clients via dynamic business rules technology.
- Plasma business: 115 new centers opened, reaching 595 total centers, with 50% market share maintained.

**【CFO Financial Commentary】**
- 2025 financials: GAAP net income $7.6 million, non-GAAP EPS $0.12, and free cash flow $21.1 million.
- 2026 outlook: Revenue $106.5-$110.5 million (30-35% growth), gross margin 60-62%, operating expenses up 20% to $50 million.
- Q1 2026 guidance: Revenue $27-$27.5 million, operating margin 20-22%, net margin 17-19%.

**【Q&A Key Highlights】**
- Pharma industry activity: No slowdown observed; Lilly, Pfizer, and others investing heavily in innovation.
- GLP-1 opportunity: Targeting 12-18 months to win diabetes-focused GLP-1 program; retail GLP-1s not profitable for co-pay programs.
- Cost structure: Fixed costs plateauing at $41 million (2025 level), with 2026 SG&A growth driven by acquisition amortization ($1.5 million) and stock comp.
- Competition: Differentiated by payments expertise, transparent pricing, and 97% efficacy in detecting maximizer programs.
- Regulatory risk: ERISA limits state law impact; dynamic business rules demand grows as clients seek cost control.

Paysign Inc (PAYS) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue up 41.6% YoY to $21.6 million, driven by 142% pharma growth and resilient plasma business.
- **Margin Expansion**: Gross margin 56.3%, operating expenses 48.9% of revenue, with EBITDA up 78% to $5 million.
- **Strategic Initiatives**: New patient support center and BECCS platform position Paysign for long-term growth in healthcare payments and plasma tech.
- **Guidance Uptick**: Full-year revenue raised to $80.5-81.5 million, reflecting confidence in pharma pipeline and plasma recovery.

**【CEO Opening Remarks】**
- **Record Financial Performance**: Q3 2025 revenue reached $21.6 million (+41.6% YoY), Adjusted EBITDA $5 million (+78%), and net income $2.2 million (+54%).
- **Patient Affordability Growth**: Pharma revenue surged 142% to $7.9 million, with 105 active programs (up from 76 in Q3 2024). 13 new programs launched in October, targeting 125-135 by year-end.
- **Plasma Business Resilience**: Despite 12 center closures, plasma revenue grew 12.4% to $12.9 million. Average donor compensation per donation increased, signaling potential organic growth.
- **Operational Expansion**: Opened a 30,000 sq ft patient support center, quadrupling capacity and enhancing service delivery.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Pharma (36.7%) vs. Plasma (59.7%). Gross profit margin improved 720bps to 56.3%, driven by cost control (SG&A 32.9% of revenue).
- **Guidance Update**: Full-year revenue raised to $80.5-81.5 million (+38.7% YoY), EBITDA $19-20 million. Plasma margins expected to improve as new centers mature.
- **Cash Flow Strength**: $16.9 million unrestricted cash, zero debt, and operating cash flow growth.

**【Q&A Highlights】**
- **Retail vs. Specialty Pharma**: Retail programs generate higher claim volumes (e.g., 12 fills/year vs. 2-3 for specialty), though offer values are lower. Pipeline tilts toward retail due to higher patient engagement.
- **Gross Margin Dynamics**: New plasma centers weigh on margins, but 90-day inactivity fees will drive future margin expansion. Patient support center ramp-up supports EBITDA growth.
- **BECCS Platform**: FDA approval delayed to Q1 2026, but interest from domestic/international plasma operators is strong. Potential new revenue stream via SaaS subscriptions.
- **Seasonality Note**: Sequential pharma revenue comparisons are misleading; focus on YoY trends (Q4 2025 pharma revenue per program +32% vs. Q4 2024).

Paysign, Inc. (PAYS) Q3 2025 Earnings Call Transcript

- **Record Revenue Growth**: Q2 2025 revenue of $19.1 million (+33% YoY), with pharma business up 190% YoY.
- **Margin Expansion**: Gross margin improved to 61.6%, driven by cost control and new program launches.
- **Strategic Investments**: New contact center and plasma centers to scale operations, with 2025 revenue guidance raised to $76.5-78.5 million.
- **FDA Approval Update**: Donor management system expected to receive FDA approval by end of 2025.
- **Plasma Market Leadership**: 50% market share with 607 centers, positioning for 2026 industry recovery.

**【CEO Opening Remarks】**
- Q2 2025 revenue reached **$19.1 million**, up 33% YoY, with **$7.75 million (190% YoY growth)** from the patient affordability business.
- Gross margin improved 870 basis points to **61.6%**, driven by cost control and new program launches.
- Added **123 plasma centers** late Q2, bringing total to **607 centers** (50% market share), with 9 more added in July.
- Patient affordability programs grew to **97 active programs**, processing claims up **80% YoY**, with 30-40 new programs expected by year-end.
- Launched a **state-of-the-art contact center** in Q3 to scale patient services, enhancing service delivery for pharma clients.

**【CFO Financial Commentary】**
- Adjusted EBITDA doubled to **$4.5 million (102% YoY growth)**, despite $300,000 one-time onboarding costs.
- Net income rose 99% to **$1.4 million**, with GAAP EPS of $0.02 and Non-GAAP EPS of $0.08.
- Updated 2025 guidance: **$76.5-78.5 million revenue** (32.7% YoY growth), with pharma accounting for **40.5% of revenue**.
- Q3 2025 revenue expected at **$19.5-20.5 million**, with plasma revenue at 60% of total.
- Full-year gross margins projected at **61-62%**, supported by cost savings from the Gamma acquisition.

**【Q&A Highlights】**
- **Pharma Program Mix**: 50% new clients, 50% existing clients, with 60% being transition programs.
- **Plasma Center Impact**: New centers offset 22 closures, maintaining donor retention through nearby facilities.
- **Donor Management System**: FDA approval expected by end of 2025, with international expansion discussions.
- **Revenue Dynamics**: 20-30% of pharma revenue from claims, 20-30% from setup/management fees, and 40-50% from non-claim services.
- **Plasma Business Outlook**: 2026 organic growth expected as industry inventory normalizes, with 132 new centers driving 2025 momentum.

Paysign, Inc. (PAYS) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: Q1 2025 revenue up 41% to $18.6 million, driven by 261% growth in patient affordability business.
- **Profitability Boost**: Net income jumps 737% to $2.59 million; adjusted EBITDA rises 193% to $4.9 million.
- **Gamma Synergies**: $4-5 million annual cash flow savings from Gamma acquisition, offsetting plasma segment decline.
- **Future Growth**: Patient affordability revenue expected to more than double in 2025, with pharma revenue growing >135%.
- **Margin Expansion**: Gross margin expands to 62.9%, up 10.3 points YoY, reflecting higher-margin pharma business mix.


**【CEO Summary Section】**
- **Revenue Growth**: Q1 2025 revenue reached $18.6 million, up 41% YoY, driven by a 261% surge in patient affordability business to $8.6 million.
- **Profitability**: Net income jumped 737% to $2.59 million, while adjusted EBITDA rose 193% to $4.9 million. Gross margin expanded to 62.9%, up 10.3 points YoY.
- **Patient Affordability Momentum**: Added 14 new programs (vs. 10 last year), now supporting 90 active programs. Dynamic business rules saved clients over $100 million in 2024, with savings already surpassing last year's total.
- **Plasma Challenges**: Plasma revenue declined 9.2% to $9.4 million due to industry supply surpluses. However, the acquisition of Gamma Innovation is expected to add $4-5 million annual cash flow through operational efficiencies.
- **Pipeline Confidence**: Q1 pipeline activity and Asembia Summit engagement suggest patient affordability revenue will more than double in 2025.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Pharma (patient affordability) now accounts for 46.3% of revenue (vs. 18.1% last year), while plasma contributes 51% (down from 67%).
- **Cost Efficiency**: Operating expenses rose 27.8% to $9.2 million, driven by headcount growth (190 employees vs. 132 last year). However, Gamma-related synergies are expected to lower 2025 operating expenses by $4-5 million.
- **Liquidity**: Ended Q1 with $6.9 million in cash, no debt, and $0.05 EPS (vs. $0.01 EPS last year). Full-year net income guidance is $6-7 million, up from 2024's $3.1 million.
- **2025 Outlook**: Total revenue expected $72-74 million (25% YoY growth), with pharma revenue growing >135% and plasma declining 8-10%. Gross margins projected 62-64%, up from 52.6% in Q1 2024.

**【Key Acquisitions & Innovations】**
- **Gamma Integration**: Launched a full front-end engagement platform for plasma donors, including a CRM, donor management system, and app. Industry response is strong, with plans to expand into broader healthcare sectors.
- **Operational Impact**: Gamma-related cost savings are expected to reduce reliance on third-party services and improve cash flow by $4-5 million annually.


PaySign (PAYS)-8 May 25-2025 Q1 Earnings call transcript

- **Revenue growth accelerates**: 23.5% YoY to $58.4M, driven by 212% jump in patient affordability segment to $12.7M.
- **Margin expansion**: Adjusted EBITDA up 43.3% to $9.6M, with margins improving 230bps to 16.5%.
- **2025 outlook**: Patient affordability revenue to double, total revenue $68.5-70M (+17.5-20%).
- **Strategic acquisition**: Gamma Innovation adds SaaS capabilities, targeting high-margin software solutions.
- **Plasma headwinds**: Q4 down 6.2% due to industry oversupply, but 50% variable costs provide resilience.
- **Q1 2025 strength**: Pharma segment to account for 40-45% of $17.5-18M revenue, adjusted EBITDA $4-5M.

**【CEO Summary Section】**
- Full-year 2024 revenue grew 23.5% to $58.4 million, driven by 212% YoY growth in the patient affordability segment ($12.7M vs. $4.1M). Adjusted EBITDA rose 43.3% to $9.6 million, with margins improving 230bps to 16.5%.
- Patient affordability claims processed increased 272%, with 33 net programs added (77% YoY growth). 2025 revenue target: at least double 2024 patient affordability revenue.
- Plasma donor compensation revenue rose 4.6% to $43.9 million, but Q4 was down 6.2% due to industry oversupply and hardware upgrades reducing donations.
- Acquired Gamma Innovation to expand into SaaS, adding software tools for patient engagement and market intelligence. Expected to enhance total addressable market and margins.

**【CFO Financial Commentary】**
- Q4 2024 total revenue $15.6 million (+14% YoY), with pharma patient affordability contributing 21.7% ($3.4M) vs. 8.6% in Q4 2023.
- Gross profit margin improved to 58.9% (vs. 52.2%), with operating expenses up 34.2% to $8.7 million due to IT and employee investments.
- 2025 guidance: $68.5-70M revenue (+17.5-20%), with pharma patient affordability growing >100% YoY. Net income expected breakeven, adjusted EBITDA $12.5-13.5M.
- Q1 2025 revenue $17.5-18M, with pharma segment 40-45% of total. Gross margin 63-64%, adjusted EBITDA $4-5M (21.7-27.2% of revenue).

**【Q&A Highlights】**
- Patient affordability growth: 14 new programs added in Q1 2025, targeting 77% YoY program growth. 20%+ of new drug launches won in 2024, trending higher in 2025.
- Gamma acquisition: Minimal current revenue ($1M/year), but strategic to add SaaS capabilities. Contingent consideration tied to gross revenue targets.
- Plasma challenges: Industry oversupply and hardware upgrades reducing donations. 50% variable cost structure to mitigate downside. 4 new centers added in Q1 2025, targeting 10-15 total for year.
- Liquidity: $10.8M cash at year-end, no debt. Managing plasma business seasonality with patient affordability's Q1 strength offsetting plasma weakness.

Actual								0.05	0	-0.14	0.01	-0.03	-0.02	-0.01	0	-0.01	0	0.02	0.01	0	0	0.02	0.1	0.01	0.01	0.03	0.02	0.05	0.02	0.04	0.02
Forecast								0.048	0.036	0.012	0.0051	0.005	-0.0119	0	0.012	0.0097	0.0075	0.0067	0.01	-0.0067	0	0.0133	0.0167	0	0.01	0.01	0.02	0.0167	0.035	0.02	0.02
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+4.17%	-100.00%	-1266.67%	+96.08%	-700.00%	-68.07%	0.00%	-100.00%	-203.09%	-100.00%	+198.51%	0.00%	+100.00%	0.00%	+50.38%	+498.80%	0.00%	0.00%	+200.00%	0.00%	+199.40%	-42.86%	+100.00%	0.00%

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PAYS

PAYS fundamentals

PAYS Q4 2025 Earnings

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