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Mar 31, 2021
Paysign Q1 2021 Earnings Report
Paysign's financial performance was impacted by stimulus check distributions and unemployment subsidies, but the company added three new plasma centers and signed agreements with four new entrants in the plasma collection space.
Key Takeaways
Paysign reported financial results for the first quarter of 2021, which were negatively impacted by stimulus measures. However, the company is optimistic about a rebound as vaccinations increase and restrictions lift. Paysign added three new plasma centers during the quarter and expects to add a total of 60 new plasma centers this year. The company anticipates revenue to reach between $29.0 million and $32.0 million for the full year 2021.
First quarter results were impacted by stimulus check distributions and unemployment subsidies.
Three new plasma centers were added during the quarter.
Agreements signed with four new entrants in the plasma collection space.
Expects to exit 2021 with at least 400 plasma centers.
Forward Guidance
For the full year 2021, Paysign expects total revenue to be in the range of $29.0 million to $32.0 million, reflecting growth of 20% to 32%, and adjusted EBITDA to be in the range of $0.35 million to $1.90 million. Gross profit margins are expected to be approximately 45.0%, or an increase of 640 basis points over 2020. Operating expenses are expected to increase modestly to $18.0 million to $18.5 million, or 2.0% to 4.9%.
Positive Outlook
- Total revenue expected to be in the range of $29.0 million to $32.0 million, reflecting growth of 20% to 32%.
- Adjusted EBITDA expected to be in the range of $0.35 million to $1.90 million.
- Gross profit margins are expected to be approximately 45.0%, an increase of 640 basis points over 2020.
- Plasma revenue could reach $27.5 million for the full year 2021.
- Plasma revenue increase by an additional $10.0 million in 2022.
Challenges Ahead
- First quarter continued to be impacted by COVID-19 and government stimulus measures.
- Second-quarter results are expected to be only slightly better than the first-quarter results.
Historical Earnings Impact
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