Paysign(PAYS) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2024 were $15.26 million, representing a 23.0% increase from Q3 2023[2] - Net income for Q3 2024 was$ 1.44 million, or $0.03 per diluted share, compared to$ 1.10 million, or $0.02 per diluted share in Q3 2023[2] - Adjusted EBITDA for Q3 2024 increased by 20.6% to$ 2.83 million, or $0.05 per diluted share[2] - Total revenues for the three months ended September 30, 2024, increased to$ 15,256,431, up 23.5% from $12,400,325 in the same period of 2023[22] - Net income for the three months ended September 30, 2024, was$ 1,436,837, compared to $1,100,604 for the same period in 2023, representing a 30.5% increase[22] - Adjusted EBITDA for the three months ended September 30, 2024, was$ 2,828,969, an increase of 20.6% from $2,345,359 in the same period of 2023[28] - The company’s diluted net income per share for the three months ended September 30, 2024, was$ 0.03, compared to $0.02 for the same period in 2023[22] Revenue Sources - Pharma patient affordability revenue surged by 219.1% year-over-year, contributing to 21.5% of total revenues[4][12] Operational Metrics - The company exited Q3 2024 with 478 plasma centers, a net increase of one center during the quarter[5][8] - Active patient affordability programs increased to 66, with five new programs added in Q3 2024[5][8] Profitability and Expenses - Gross profit margin improved to 55.5%, up 440 basis points from 51.1% in the prior year[6] - Selling, general and administrative expenses rose by 32.4% to$ 6.20 million, primarily due to increased compensation and benefits[6] - The company reported a gross profit of $8,473,314 for the three months ended September 30, 2024, compared to$ 6,332,118 in the same period of 2023, marking a 33.9% increase[22] - Selling, general and administrative expenses rose to $6,217,844 for the three months ended September 30, 2024, up from$ 4,696,509 in the same period of 2023, reflecting a 32.3% increase[22] Cash and Assets - The company ended Q3 2024 with $10.29 million in unrestricted cash and zero debt[2][10] - Cash and cash equivalents decreased to$ 10,293,207 as of September 30, 2024, down from $16,994,705 at December 31, 2023[24] - Accounts receivable increased significantly to$ 32,796,871 as of September 30, 2024, compared to $16,222,341 at December 31, 2023, reflecting a 102.5% increase[24] - Total assets grew to$ 166,974,064 as of September 30, 2024, up from $146,598,849 at December 31, 2023, indicating a 13.9% increase[24] - Total liabilities increased to$ 138,467,755 as of September 30, 2024, compared to $122,111,468 at December 31, 2023, representing a 13.4% rise[24] Future Guidance - Full-year 2024 revenue guidance is projected to be between$ 56.5 million and $58.5 million, with adjusted EBITDA expected between$ 9.0 million and $10.0 million[14]