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Paysign
🇺🇸 NASDAQ:PAYS
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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.

Total Revenue
$6.28M
Previous year: $10.6M
-40.6%
EPS
-$0.03
Previous year: $0.05
-160.0%
Avg. Revenue/Center
$5.26K
Gross Profit
$2.83M
Previous year: $5.72M
-50.5%
Cash and Equivalents
$65.3M
Previous year: $54.8M
+19.1%
Free Cash Flow
$9.78M
Previous year: $9.8M
-0.2%
Total Assets
$77.7M
Previous year: $63.9M
+21.6%

Paysign

Paysign

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.
  • Recovery in the business is dependent on unemployment subsidies ending in early September.
  • Operating expenses are expected to increase modestly to $18.0 million to $18.5 million, or 2.0% to 4.9%.
  • Uncertainty remains around the extent and timing of the potential future spread or mitigation of COVID-19.

Company Overview

Full financial data and analysis

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