Business
Paysign, Inc. Reports First Quarter 2023 Financial Results
First quarter total revenues of $10.1 million, up 23% from first quarter 2022First quarter net loss of ($0.2) million, or diluted loss per share of
About this update from Paysign, Inc.
[{"type":"text","content":"First quarter total revenues of $10.1 million, up 23% from first quarter 2022First quarter net loss of ($0.2) million, or diluted loss per share of ($0.00)First quarter Adjusted EBITDA of $0.7 million, down 22% from $0.9 million a year ago, while diluted Adjusted EBITDA per share was $0.01 versus $0.02 for the first quarter 2022 (Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP metrics used by management to gauge the operating performance of the business - see reconciliation of net loss to Adjusted EBITDA at the end of the press release)Added 10 plasma donation centers during the first quarter, exiting the quarter with 439 centersLaunched seven new patient affordability programs during the first quarter, exiting the quarter with 26 active programsFirst quarter gross dollar load volume up 17.1% versus the year-ago periodFirst quarter gross spend volume was up 31.2% versus the year-ago periodHENDERSON, NV / ACCESSWIRE / May 10, 2023 / Paysign, 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 2023.\"We are pleased to report a solid Q1 2023 with revenue growth of 23% compared to last year, reflecting our continued expansion in the plasma and patient affordability verticals,\" said Mark Newcomer, CEO. \"Our commitment to innovation and superior service in our patient affordability business has led to new program acquisitions, increased claim volumes and the ability to outperform larger competitors, positioning us for sustained growth in the industry. The investments we have made over the past three years in this channel should lead to positive returns for the company and our shareholders.\"Quarterly ResultsThe following additional details are provided to aid in understanding Paysign's first quarter 2023 results versus the year-ago period:·Revenues increased by $1.9 million, or 23%, versus the year-ago period. The impact of the following factors drove the change: oPlasma revenue increased by $2.0 million, or 27%, primarily due to an increase in plasma locations, plasma donations and dollars loaded to cards as individuals looked for opportunities to supplement their income and Mexican nationals were once again allowed to cross the border to donate pl...