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

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PAYS

PAYS fundamentals

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