Paysign affirms FY24 revenue view of $56.5M-$58.5M, consensus $57.5M

The company states: “We executed on another positive quarter with year-over-year quarterly revenues increasing 23.0% to $15.26 million and adjusted EBITDA increasing 20.6% to $2.83 million as our pharma patient affordability business continued its growth momentum. Pharma patient affordability revenue equated to 21.5% of total revenues, up from 8.3% of total revenues for the same quarterly period last year. We exited the quarter with 478 plasma centers and 66 pharma patient affordability programs, an increase of 14 and 23, respectively, since the end of 2023. Full-year 2024, pharma patient affordability revenue is on track to equal approximately 20.0% of total revenues. Despite headwinds in our plasma business related to difficult weather conditions, employment conditions and a slowdown in spending by cardholders, we still experienced growth this quarter of 3.4% when compared to the same period in the prior year. The only update to the guidance that we provided during our second-quarter conference call relates to legal fees that we expect to expense during the fourth quarter related to the settlement of our class action and derivative lawsuits as further disclosed in our 10-Q that will be released prior to the market opening tomorrow. This expense was not anticipated at the time we provided financial guidance but we still anticipate our operating results to be within the ranges we provided despite this one-time expense. To reiterate, we expect total revenues to be in the range of $56.5 million to $58.5 million, and adjusted EBITDA to be in the range of $9.0 million to $10.0 million (15.0% to 17.0% of total revenues), or $0.16 to $0.18 per fully diluted share.”