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Dec 31, 2022
Paysign Q4 2022 Earnings Report
Reported strong financial results with growth in the plasma business and patient affordability programs.
Key Takeaways
Paysign reported strong financial results for Q4 2022, driven by continued growth in the plasma business and the expansion of patient affordability programs. The company added 91 new plasma centers during the year and more than doubled the number of active patient affordability programs.
Fourth quarter gross spend volume increased by 51.3% compared to the previous year.
Added 91 plasma centers during the year, resulting in a net gain of 78 centers.
More than doubled the number of patient affordability programs, ending the year with 19 active programs.
Launched 7 new patient affordability programs in 2023 and have commitments for 19 additional programs in the next six months.
Paysign
Paysign
Forward Guidance
Paysign anticipates continued growth in 2023, with total revenue expected to be in the range of $44.0 million to $46.0 million, representing a 16% to 21% year-over-year increase. The company expects plasma to make up approximately 90% of total revenue. Net income is projected to be between $2.5 million and $3.5 million, or $0.05 to $0.06 per diluted share, and adjusted EBITDA is forecasted to be in the range of $6.0 million to $7.5 million, or $0.11 to $0.14 per diluted share.
Positive Outlook
- Continued addition of new plasma centers.
- Increasing demand for plasma by the medical industry.
- Growth in the pharma copay business.
- Expects to add 45 to 55 new centers in 2023 with at least 7 being added in the first quarter.
- Pharma revenue is expected to grow at least 30% year-over-year despite the loss of $1.5 million of pharma prepaid revenue in 2022.
Challenges Ahead
- Impact from plasma customers rationalizing unprofitable centers.
- Impact from plasma customers selling a number of their centers.
- Impact from one plasma customer shutting down.
- Lower pharma copay margins versus the pharma prepaid margins.
- Higher costs related to inflationary pressures experienced in the second half of 2022.