PaySign Inc Class B ( (PAYS) ) has released its Q3 earnings. Here is a breakdown of the information PaySign Inc Class B presented to its investors.
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Paysign, Inc. is a financial services company specializing in prepaid card programs, patient affordability solutions, digital banking services, and integrated payment processing, primarily serving the healthcare industry.
In its third quarter of 2024, Paysign, Inc. reported a significant financial upturn with a 23.0% increase in total revenues, reaching $15.26 million. The company also noted a substantial rise in net income to $1.44 million, up from $1.10 million in the same period of the previous year.
Key financial highlights include a 20.6% increase in Adjusted EBITDA to $2.83 million and a 219.1% rise in pharma patient affordability revenue. The company ended the quarter with 478 plasma centers and 66 active patient affordability programs, highlighting a notable expansion in its service offerings. Gross profit margins improved to 55.5%, driven largely by the growth in higher-margin patient affordability programs.
Looking ahead, Paysign’s management remains optimistic about future growth, underpinned by strong relationships with leading pharmaceutical companies and a focus on expanding its payment solutions. The company anticipates maintaining its upward trajectory in revenues and profitability despite the challenges faced in the plasma business due to external factors like weather conditions and employment shortages.
