Paysign(PAYS)2025-03-25 20:03Financial Performance - Full-year 2024 total revenues reached $58.38 million, representing a 23.5% increase from 2023[3] - Full-year 2024 net income was $3.82 million, or diluted earnings per share of $0.07, down from $6.46 million, or $0.12 per share in 2023[3] - Full-year 2024 Adjusted EBITDA increased by 43.3% to $9.62 million, with diluted Adjusted EBITDA per share at $0.17 compared to $0.12 in 2023[3] - Fourth quarter 2024 total revenues were $15.61 million, up 14.0% from the same quarter in 2023[8] - Fourth quarter 2024 net income was $1.37 million, or diluted earnings per share of $0.02, down from $5.62 million, or $0.10 per share in Q4 2023[8] - Fourth quarter 2024 Adjusted EBITDA was $2.86 million, a 14.3% increase from $2.51 million in Q4 2023[8] - For full-year 2025, total revenues are expected to be between $68.5 million and $70.0 million, representing year-over-year growth of 17.5% to 20.0%[15] - Net income for full-year 2025 is expected to be approximately break-even, or $0.00 per diluted share[15] - For the year ended December 31, 2024, net income was $1,372,872, a decrease from $5,622,409 in 2023[30] - Adjusted EBITDA for the year ended December 31, 2024, was $9,621,083, up from $6,712,966 in 2023, representing a 43.5% increase[30] - The company reported a net income margin of 6.5% for 2024, down from 13.7% in 2023[32] Revenue Sources - Patient affordability revenue surged by 214.5% to $8.63 million, contributing 21.7% of total revenue in 2024, expected to rise to over 37.0% in 2025[7][14] - Plasma revenue is projected to account for approximately 57.5% of total revenue, while pharma revenue is expected to grow at least 100% year-over-year[15] Operational Metrics - The total plasma center count increased by 16 to 480 centers, leading to a 4.6% increase in plasma revenue[3] - The company added 16 net plasma donation centers, ending the year with a total of 480 centers, and added 33 net pharma patient affordability programs, bringing the total to 76 active programs[16] Future Projections - For Q1 2025, total revenue is expected to be between $17.5 million and $18.0 million, with gross profit margins projected at 63.0% to 64.0%[15] - Full-year gross profit margins for 2025 are anticipated to be between 62.0% and 64.0%[15] - Operating expenses for 2025 are expected to be between $47.5 million and $50.0 million, including costs related to a recent acquisition[15] - Adjusted EBITDA for full-year 2025 is projected to be in the range of $12.5 million to $13.5 million, or $0.22 to $0.24 per diluted share[15] Cash and Debt Management - The company exited 2024 with $10.77 million in unrestricted cash and zero debt, having repurchased 136,700 shares for $495 thousand[3] - Restricted cash balances increased by 20.8% from December 31, 2023, to $111.58 million, primarily due to growth in customer programs[16] - The company expects to generate interest income of approximately $2.8 million in 2025[15] Cost and Expense Analysis - Stock-based compensation expense was $2,604,589 for the year ended December 31, 2024, down from $2,853,643 in 2023[30] - The income tax provision for 2024 was a benefit of $(137,265), compared to a benefit of $(4,259,730) in 2023[30] - Interest income, net, was $(3,116,689) for 2024, compared to $(2,531,071) in 2023[30] EBITDA and Margins - The Adjusted EBITDA margin improved to 16.5% in 2024 from 14.2% in 2023[32] - The EBITDA margin also increased to 12.0% in 2024 compared to 8.2% in 2023[32] - Basic Adjusted EBITDA per share remained stable at $0.05 for both 2024 and 2023[30] - The weighted average common shares for diluted calculations were 55,527,689 in 2024, compared to 53,773,758 in 2023[30]