PAYS - Paysign Reports Q4 and FY 2023 Financial Results

2024-03-27 07:32:49 ET

DENVER, Colo., Mar 27, 2024 ( 247marketnews.com )- Paysign, Inc. (NASDAQ: PAYS ) reported, after yesterday’s market close, its fourth quarter and full-year 2023 financial results.

“We are exceptionally pleased with our financial performance in 2023, as it marked a year of continued strong growth for our company. Our year-over-year revenue grew by 24%, and our adjusted EBITDA increased by 21%. Notably, plasma revenue also grew by 21%. Additionally, our patient affordability business has emerged as a significant growth driver, experiencing an impressive 172% revenue growth,” stated Mark Newcomer, President & CEO of Paysign. “Looking ahead to the current year, we anticipate continued upward trajectory across all our business units. Our patient affordability business in particular, is poised for triple-digit year-over-year growth. Our patient affordability solutions have gained traction among major players in the pharmaceutical industry, and our robust pipeline positions us well for the future. We are strategically leveraging recent disruptions in the pharmaceutical payments space to our advantage. Our unwavering commitment to sustainable top and bottom-line growth remains steadfast. We firmly believe that our ongoing investments in this business unit will play a pivotal role in delivering long-term shareholder value.”

Paysign’s full-year 2023 total revenues were $47.3 million, a 24% increase, or $9.2 million gain, compared to full-year 2022, while its full-year 2023 net income was $6.5 million, or 12-cents diluted earnings per share, versus net income of $1.0 million, or diluted earnings per share of $0.02 for full-year 2022

“We delivered solid fourth quarter and full-year 2023 financial results, meeting or exceeding our revenue and adjusted EBITDA guidance that we laid out over a year ago. Revenue for the year increased 24% to $47.3 million and adjusted EBITDA increased 21% to $6.7 million. We exited the year with 464 plasma centers, representing approximately 39% market share in the United States, and 43 pharma patient affordability programs, more than double the number of programs we had at the end of 2022. Our decision five years ago to invest in our pharma patient affordability business as another growth engine is paying off and we expect that momentum to continue throughout 2024,” said Jeff Baker, Paysign CFO.

“For the full-year 2024, we expect total revenues to be in the range of $54.5 million to $56.7 million, reflecting year-over-year growth of 15% to 20%, with plasma making up between 80% to 85% of total revenue. Pharma revenue is expected to grow at least 100% year-over-year as we receive a full-year benefit for all pharma patient affordability programs added in 2023 and continue to add new pharma patient affordability programs throughout 2024. To date this year we have already added five new plasma centers and launched ten new pharma patient affordability programs. Full-year gross profit margins are expected to be between 52.0% to 54.0% reflecting increased revenue contribution from our pharma patient affordability business. Operating expenses are expected to be between $29.0 and $31.0 million as we continue to make investments in people and technology. Of this amount, depreciation and amortization are expected to be between $6.0 million and $6.5 million, while stock-based compensation is expected to be between $2.7 million and $3.0 million. Given our large unrestricted and restricted cash balances and the current interest rate environment, we expect to generate interest income of $2.6 million to $2.9 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 $8.0 million to $9.0 million, or $0.15 to $0.17 per diluted share.”

“For the first quarter of 2024, we expect total revenue to be in the range of $12.0 million to $13.0 million, reflecting the seasonal impact of tax refunds on our plasma business, with gross profit margins between 52.0% to 53.0% driven largely by an increased revenue contribution from our pharma patient affordability business. Operating expenses are expected to be between $7.0 million to $7.5 million, of which depreciation and amortization will be approximately $1.3 million. This reflects investments largely required to support our pharma patient affordability growth. Adjusted EBITDA is expected to be in the range of $1.20 million and $1.50 million,” Baker concluded.

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