Business
Paysign, Inc. Reports First Quarter 2022 Financial Results
First quarter total revenues of $8.2 million, an increase of $1.9 million from first quarter 2021 First quarter net loss of $0.3 million, or diluted net loss
About this update from Paysign, Inc.
[{"type":"text","content":"\n\nFirst quarter total revenues of $8.2 million, an increase of $1.9 million from first quarter 2021\n\n\nFirst quarter net loss of $0.3 million, or diluted net loss per share of ($0.01)\n\n\nFirst quarter adjusted EBITDA of $0.9 million, or diluted adjusted EBITDA per share of $0.02\n\n\nFirst quarter gross dollar load volume up 16.2% versus the year-ago period and 7.6% versus the previous quarter\n\n\nFirst quarter purchase volume up 24.7% versus the year-ago period\n\n\nFirst quarter unrestricted cash increased by $1.1 million to $8.5 million\n\n\n HENDERSON, Nev.--(BUSINESS WIRE)--\nPaysign, Inc. (NASDAQ: PAYS), a leading provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services and integrated payment processing, today announced financial results for the first quarter of 2022.\n\n“We are pleased with our Q1 2022 results with good revenue growth as our key performance indicators return to a pre-pandemic normalcy,” said Mark Newcomer, Paysign CEO. “We continue to win new deals and onboard new plasma centers and pharma clients. We’re seeing strong interest in our pharma solutions as the industry navigates the upcoming CMS 2023 rule changes.”\n\nQuarterly Results\n\nThe following additional details are provided to aid in understanding Paysign’s first quarter 2022 results versus the year-ago period:\n\n\nRevenues increased $1.9 million (31%) versus the year-ago period. The change was driven by the impact of the following factors:\n\n\nPlasma revenue increased $2.0 million (37%) primarily due to an increase in plasma donations and dollars loaded onto cards. The average monthly revenue per plasma center increased to $6,672 versus $5,260 during the same period a year ago. We added nine new plasma centers during the quarter, exiting the quarter with 375 centers. This compares to 366 centers at the end of 2021 and 343 centers at the end of Q1 2021.\n\n\nPharma revenue decreased $76 thousand (-9%) primarily driven by the ending of four pharma prepaid programs throughout 2021 and the recognition of settlement income in Q1 2021 from one of those programs, offset with the addition of seven new pharma copay programs that have launched since March 31, 2021.\n\n\n\n\n\nCost of revenues decreased by $225 thousand (-7%). Cost of revenues comprises of transaction processing fees, data connectivi...