Paysign NASDAQ: PAYS operates in two healthcare-focused businesses: payment services for plasma donors and pharmaceutical patient-affordability programs, Chief Financial Officer Jeff Baker said during a company presentation.
Baker described the company as both a payments and life sciences business. Its plasma operation manages and processes payments to donors, while its patient-affordability unit administers pharmaceutical co-pay programs designed to help privately insured patients afford prescribed therapies.
The company has built an approximately 45.5% share of the U.S. plasma-payment market since entering the business in 2011, Baker said. Paysign serves 561 plasma collection facilities and has 8.4 million cardholders, according to the presentation.
Patient-Affordability Business Expands
Paysign’s pharmaceutical patient-affordability business has been growing rapidly, Baker said. The business generated more than 85% revenue growth in the first half, according to the presentation, and the company expects the segment to produce roughly $60 million in revenue for the current year, compared with $34 million in the prior year.
The company reported 157 active patient-affordability programs in its latest published figure. It added 51 programs last year and expects to add between 50 and 60 this year. Baker said Paysign has relationships with nine of the 20 largest pharmaceutical companies and sees substantial room to add programs, citing more than 3,000 drugs with co-pay programs listed in FDA reference books.
Under the company’s model, pharmaceutical companies pay fees for services such as program setup, monthly administration, claim processing, dynamic business rules and call-center support. Patient enrollment can occur through a physician voucher, at a pharmacy, or through a drug manufacturer’s website, Baker said.
Baker said the company does not conduct direct-to-consumer advertising for drug programs. Pharmaceutical manufacturers are responsible for marketing their therapies and promoting available affordability assistance, while Paysign facilitates co-pay payments and reimbursements.
The company also uses what Baker called proprietary “dynamic business rules” to identify transactions associated with maximizer programs, which he described as intermediaries that can draw funds from pharmaceutical co-pay programs. He said Paysign identified such transactions with 97% accuracy on the first prescription fill and saved customers more than $325 million last year. The company had already surpassed $300 million in savings in the current year and expects the figure to exceed $500 million by year-end, according to Baker.
Plasma Payments and Software Opportunity
In its plasma business, Paysign provides card-based payment services to people who donate plasma. Donors receive their full payment, which Baker said is roughly $60 per donation, while Paysign earns revenue from payment-card usage, including interchange, ATM-related fees, point-of-sale transactions and inactivity fees.
Baker said the company’s revenue conversion rate on donor payments is approximately 2.6% to 2.7%. The plasma business is generally recurring and grows about 5% in a normal year, he said, though current-year growth is expected to be stronger following customer wins and a comparison with a prior period affected by industry plasma inventory oversupply.
Paysign expects plasma revenue to rise to just under $57 million in the current year from roughly $44 million in 2024, Baker said. He added that the plasma business has funded the company’s expansion in patient affordability.
The company is also developing and marketing Apherian, a software platform acquired through the purchase of Gamma Innovation last year. The platform includes payment, donor engagement and customer relationship management capabilities designed to help plasma centers consolidate services from multiple vendors. Its core BEX system, which Baker described as a system of record for plasma-center operations, is pending FDA 510(k) clearance.
Financial Outlook and Operating Leverage
Paysign reported $82 million in revenue for 2025, compared with $58.4 million in 2024, Baker said. The company’s guidance calls for current-year revenue of $114 million to $117 million, adjusted EBITDA of $35 million to $38 million, and net income of $21.5 million to $23 million.
That compares with nearly $20 million of adjusted EBITDA and $5.7 million to $6 million of net income in 2025, according to the presentation. Baker said gross-margin guidance is approximately 60% to 62%, versus 59.4% last year.
Baker attributed the margin outlook to operating leverage from a shared infrastructure platform that supports both businesses, including payment-processing rails, a contact center, fraud and dispute handling, and compliance capabilities. He said selling, general and administrative expenses rose 31% last year while revenue increased 40.5%, contributing to a 107% increase in adjusted EBITDA.
The company has no bank debt and more than $30 million of unrestricted cash, Baker said. He also said Paysign has not lost a patient-affordability program due to performance, although some programs have ended following customer acquisitions or low claims activity.
About Paysign (NASDAQ:PAYS)
Paysign, Inc NASDAQ: PAYS is a U.S.-based financial technology company specializing in prepaid payment solutions. Through its cloud-based platform, the company enables corporations, government agencies and payroll providers to issue and manage stored-value cards, digital wallets and disbursement programs. Paysign's offerings span gift and incentive cards, payroll and earned-wage access cards, government benefit distribution, tax refund solutions and health savings account disbursements.
The company's flagship Paysign Experience Platform provides configurable card programs with real-time transaction reporting, fraud monitoring and regulatory compliance tools.
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