Business
Paysign Reports First Quarter 2020 Financial Results
2020 First Quarter Revenues up 46% to a Record $10.6 Million, Drives Net Income of $1.5 Million, an increase of 77%, and Adjusted EBITDA of $2.6 Million, an
About this update from Paysign, Inc.
[{"type":"text","content":"\n2020 First Quarter Revenues up 46% to a Record $10.6 Million, Drives Net Income of $1.5 Million, an increase of 77%, and Adjusted EBITDA of $2.6 Million, an increase of 52%\n\n HENDERSON, Nev.--(BUSINESS WIRE)--\nPaysign, Inc. (NASDAQ: PAYS), a vertically integrated provider of innovative prepaid card programs, digital banking and processing services for corporate, consumer and government applications, today reported financial results for the quarter ended March 31, 2020.\n\n\nFinancial Highlights\n\n\n\nRevenues for the quarter ended March 31, 2020 were $10.6 million, an increase of 48% compared to $7.3 million for the same period in the prior year.\n\n\nGross profit for the quarter ended March 31, 2020 increased 52% to $5.7 million, or 54% of revenues, compared to $3.8 million, or 52% of revenues, for the same period in the prior year.\n\n\nTotal operating expenses for the quarter ended March 31, 2020 were $4.3 million compared to $3.0 million for the same period in the prior year.\n\n\nNet Income attributable to Paysign for the quarter ended March 31, 2020 was $1.5 million, an increase of 77% compared to $0.9 million for same period in the prior year. Earnings per basic share were $0.03 versus $0.02 for same period in the prior year.\n\n\nNon-GAAP Adjusted EBITDA for the quarter ended March 31, 2020 was $2.6 million, an increase of 52% compared to $1.7 million in 2019. Non-GAAP Fully Diluted EPS was $0.05 as compared to $0.03 for the same period in the prior year.\n\n\nOur revenue conversion rate of gross dollar volume loaded on cards was 3.24%, or 324 bps for the quarter ended March 31, 2020 compared to 3.38%, or 338 bps, in the same period in the prior year.\n\n\n\n2020 Financial Guidance\n\n\n\nDue to the uncertainty surrounding the COVID-19 pandemic the company will refrain from providing 2020 financial guidance at this time, to allow for further evaluation.\n\n\n\n2020 First Quarter Financial Results\n\n\nRevenues for the quarter ended March 31, 2020 were $10,576,473, an increase of $3,319,183, or 46% compared to the quarter ended March 31, 2019, when revenues were $7,257,290. The increase in revenue was primarily due to an increase in the number of new corporate incentive prepaid card programs and growth within our existing programs.\n\n\nCost of revenues for the quarter ended March 31, 2020 was $4,855,520, an increas...