AI-generated analysis. Always verify with the original filing.
PaySign, Inc. (PAYS) reported strong FY 2025 results with total revenues of $82.0M, up 40.5% YoY from $58.4M, driven by robust growth in pharma industry revenue at $33.9M (+167.8% YoY) from 55 net new patient affordability programs, plasma at $45.6M (+4.0% YoY) with 115 net new centers, and other revenue at $2.5M (+36.2% YoY). Gross profit rose 51.3% YoY to $48.7M, with gross margin expanding to 59.4% from 55.1%, reflecting higher-margin pharma contributions. Operating income surged 620.8% to $7.4M, while net income increased 97.9% to $7.6M. Operating cash flow strengthened to $52.5M from $22.9M prior year, supporting $10.1M in investing activities including platform enhancements and the Gamma acquisition. Balance sheet remains solid with $276.3M total assets, $21.1M cash, $143.9M restricted cash, and $48.5M equity. These results highlight Paysign's execution in high-growth verticals like pharma and plasma, positioning it for sustained expansion amid prepaid card market growth projected at 8% CAGR through 2029.
PaySign, Inc. delivered robust FY 2025 performance with total revenues of $82.0M, a 40.5% YoY increase from $58.4M. Gross profit expanded 51.3% YoY to $48.7M, achieving a 59.4% margin versus 55.1% prior year. Income from operations jumped 620.8% to $7.4M, supported by controlled expense growth. Net income rose 97.9% to $7.6M, with net margin at 9.2% from 6.5%. Key drivers included pharma revenue surge to $33.9M (+167.8%) and plasma at $45.6M (+4.0%). Operating cash flow strengthened to $52.5M from $22.9M, funding $10.1M investing outflows. Balance sheet shows $276.3M assets, $240.1M current assets, and $48.5M equity.
Revenues grew 40.5% YoY to $82.0M, led by pharma segment at $33.9M (+167.8% YoY) due to 55 net new patient affordability programs boosting claims processing (up 79% YoY), management fees, and services. Plasma revenue increased 4.0% to $45.6M from 115 net new centers, despite lower donations amid elevated inventory. Other revenue rose 36.2% to $2.5M from payroll, retail, and incentives growth. Gross dollar volume loaded on cards hit $1,935M from $1,783M, with revenue conversion at 4.24% (up from 3.27%). No geographic breakdown disclosed; focus on U.S. plasma (48% market share) and pharma.
Gross margin improved to 59.4% from 55.1%, driven by higher pharma mix (elevated margins) despite cost of revenues up 27.2% to $33.3M from call center (+$2.1M), commissions (+$0.9M), and network fees (+$2.8M). SG&A rose 31.2% to $33.0M on hiring, stock comp (+$1.7M), and tech investments. D&A increased 38.8% to $8.3M from software capex and Gamma acquisition. Operating margin reached ~9.0%. Adjusted EBITDA margin hit 24.3% from 16.5%, reflecting operational leverage.
Operating cash flow surged to $52.5M (from $22.9M), aided by $7.6M net income, $8.3M D&A, $4.3M stock comp, and $18.5M net working capital from pharma growth. Investing used $10.1M on software ($6.8M), fixed assets ($1.2M), and $2.0M Gamma cash. Financing provided $0.3M from options, offset by $0.4M repurchases. Cash + restricted rose $42.6M to $165.0M ($21.1M unrestricted). Total assets $276.3M (up), liabilities $227.8M, equity $48.5M. No debt noted.
Management plans 2026 investments in technology, sales/marketing, cybersecurity, fraud, customer service, and compliance using internal funds. Expects cash sufficiency through 2028. Targets plasma, pharma affordability, corporate incentives; monitors bank health. Risks include regulation, competition, cyber threats, and economic conditions impacting prepaid loads. Prepaid market forecast: 8% CAGR to $450B open-loop loads by 2029.
Revenue
$82.0M
Net Income
$7.6M
Gross Margin
59.4%
Gross Profit
$48.7M
Operating Income
$7.4M