Paysign, Inc. (NASDAQ: PAYS) recently released its financial results for the fiscal quarter ended September 30, 2024, demonstrating a significant growth trajectory. The company reported total revenues of $15.26 million for the third quarter of 2024, marking a substantial 23.0% increase from the same quarter in 2023. Net income for the quarter amounted to $1.44 million, equating to diluted earnings per share of $0.03, compared to net income of $1.10 million in the third quarter of 2023.
During the quarter, Paysign also achieved a noteworthy 20.6% rise in Adjusted EBITDA, reaching $2.83 million. The company exited the quarter with several key achievements, including a total of 478 plasma centers, contributing to a 3.4% increase in plasma revenue, and 66 active patient affordability programs, leading to a substantial 219.1% surge in revenue from pharma patient affordability over the previous year.
The third-quarter results also showcased significant improvements in gross margins, increasing by 440 basis points to 55.5% compared to the same period in 2023, primarily driven by the growth in higher-margin patient affordability programs. The company’s earnings announcement can be accessed in more detail in the Form 8-K filing submitted to the SEC.
Looking forward, Paysign remains optimistic about its future performance, indicating that full-year 2024 pharma patient affordability revenue is on track to represent approximately 20.0% of total revenues. Despite facing challenges in the plasma business due to adverse weather conditions and other factors impacting cardholders’ spending, Paysign remains positive about sustaining its growth and achieving the financial outlook provided.
Investors and interested parties can access further details and additional financial statements in Paysign’s current Form 8-K filing with the Securities and Exchange Commission. For more in-depth information, Paysign will be hosting a conference call at 5:00 p.m. Eastern Time on Tuesday, November 5, 2024, to discuss its third quarter 2024 financial results, including forward-looking statements.
Please note that all the financial figures and data mentioned above are based on the company’s 8-K SEC filing, available to the public for review.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Paysign’s 8K filing here.
Paysign Company Profile
Paysign, Inc provides prepaid card programs, comprehensive patient affordability offerings, digital banking services, and integrated payment processing services for businesses, consumers, and government institutions. Its product offerings include solutions for corporate rewards, prepaid gift cards, general purpose reloadable debit cards, employee incentives, consumer rebates, donor compensation, clinical trials, healthcare reimbursement payments and pharmaceutical payment assistance, and demand deposit accounts accessible with a debit card.
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