PAYS - Paysign GAAP EPS of $0.00 beats by $0.01 revenue of $10.14M misses by $0.11M

2023-05-10 16:32:34 ET

• Paysign press release ( NASDAQ: PAYS ): Q1 GAAP EPS of $0.00 beats by $0.01 .
• Revenue of $10.14M (+23.4% Y/Y) misses by $0.11M .
• First quarter Adjusted EBITDA of $0.7 million, down 22% from $0.9 million a year ago, while diluted Adjusted EBITDA per share was $0.01 versus $0.02 for the first quarter 2022.
• Added 10 plasma donation centers during the first quarter, exiting the quarter with 439 centers
• Launched seven new patient affordability programs during the first quarter, exiting the quarter with 26 active programs
• First quarter gross dollar load volume up 17.1% versus the year-ago period
• First quarter gross spend volume was up 31.2% versus the year-ago period.
• 2023 Outlook: "The first quarter has historically been our weakest financial quarter due to slower plasma donations during tax season as individuals receive their refund checks from the Federal government. The first quarter is also when we experience our greatest usage of cash as we incur a lot of prepaid expenses. Additionally, this quarter we were able to repurchase 200,000 shares of our common stock at an average price of $3.33. Based on our expectations for the remainder of the year, which remain unchanged from the guidance we gave in March, we expect our financial results and unrestricted cash balances to improve sequentially each quarter," said Jeff Baker, Paysign CFO.
• "For the second quarter of 2023, we expect total revenue to increase 15% to 20% and Adjusted EBITDA to increase 5% to 10% from the second quarter of 2022," Baker concluded.

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