Paysign Inc (PAYS) 2025 Q1 法說會逐字稿

Good afternoon. My name is Chelsea, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Paysign Inc first quarter 2025 earnings conference call.

午安.我叫切爾西，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Paysign Inc 2025 年第一季財報電話會議。

The comments on today's call regarding PaySign's financial results will be on a GAAP basis unless otherwise noted. PaySign's earnings release was disseminated to the SEC earlier today and could be found on the investor relations section of our website PaySign.com, which includes reconciliations of non-gap measures to GAAP reported amounts.

除非另有說明，今天電話會議上有關 PaySign 財務業績的評論將以 GAAP 為基礎。PaySign 的收益報告已於今天稍早分發給美國證券交易委員會 (SEC)，您可以在我們網站 PaySign.com 的投資者關係部分找到，其中包括非差距指標與 GAAP 報告金額的對帳。

Additionally, as set forth in more detail on our earnings release, I would like to remind everyone that today's call will include forward-looking statements regarding pay sign's future performance. Actual performance could differ materially from these forward-looking statements.

此外，正如我們的收益報告中更詳細地闡述的那樣，我想提醒大家，今天的電話會議將包括有關支付標誌未來表現的前瞻性陳述。實際表現可能與這些前瞻性陳述有重大差異。

Information about the factors that could affect future performance is summarized at the end of PaySign's earnings release and in our recent SEC filings. Lastly, a replay of this call will be available until August 8, 2025. Please see PaySign's first quarter 2025 earnings call announcement for details on how to access the replay.

有關可能影響未來業績的因素的資訊已在 PaySign 的收益報告末尾和我們最近提交給美國證券交易委員會的文件中進行了總結。最後，本次通話的重播將保留至 2025 年 8 月 8 日。有關如何存取重播的詳細信息，請參閱 PaySign 2025 年第一季度收益電話會議公告。

It is now my pleasure to turn the call over to Mr. Mark Newcomer, CEO. Please go ahead.

現在我很高興將電話轉給執行長馬克紐科默先生。請繼續。

Thank you, Chelsea, and good afternoon, everyone. We appreciate you joining us today to go over our first quarter of 2025 results. I am Mark Newcomer, President and Chief Executive Officer, and I am joined by our CFO Jeff Baker.

謝謝你，切爾西，大家下午好。感謝您今天加入我們，共同探討 2025 年第一季的表現。我是總裁兼執行長馬克紐科默 (Mark Newcomer)，與我一起的還有我們的財務長傑夫貝克 (Jeff Baker)。

Also, with us for Q&A portion are Matt Turner, President of Patient affordability, and Matt Lanford, our Chief Payments Officer. Earlier today, we released our Q1 results, and I'm pleased to say it was another record-setting quarter for PaySign.

此外，病患負擔能力總裁 Matt Turner 和首席支付長 Matt Lanford 也與我們一起參與問答環節。今天早些時候，我們發布了第一季業績，我很高興地說，這是 PaySign 另一個創紀錄的季度。

We are continuing to see strong momentum across the board. Revenue, operating income, and adjusted IEA all hit new highs, and the fundamental of our business remains exceptionally healthy. Let us dive into the Q1 numbers. Revenue grew 41% year over year to $18.6 million, up from $13.2 million in Q1 of last year.

我們繼續看到各方面都呈現強勁勢頭。收入、營業收入和調整後的 IEA 均創下新高，我們的業務基礎仍然非常健康。讓我們深入了解第一季的數據。營收年增 41% 至 1,860 萬美元，高於去年第一季的 1,320 萬美元。

Net income surged to $2.59 million. That's a 737% increase over Q1 2024. Adjusted EETA jumped 193% to $4.9 million, and we saw a major boost in gross margin, which expanded over 10 points to 62.9%. That's not just growth, it's efficient, high quality growth.

淨收入飆升至259萬美元。這比 2024 年第一季成長了 737%。調整後的 EETA 躍升 193% 至 490 萬美元，毛利率也大幅提升，擴大了 10 個百分點，達到 62.9%。這不僅僅是成長，而是高效率的、高品質的成長。

Our patient affordability business continued to outperform expectations. Revenues rose 261% year over year to 8.6 million. Claims processed grew by more than 160%, and we added 14 new programs this quarter, already outpacing the 10 new programs we added in the same period last year.

我們的患者可負擔性業務持續超出預期。營收年增261%至860萬美元。處理的索賠增加了 160% 以上，本季我們增加了 14 個新項目，已經超過了去年同期增加的 10 個新項目。

We now support 90 active programs spanning retail and specialty therapies, including pharmacy and medical benefit designs across a wide range of therapeutic areas. This is a real vote of confidence for the demand for our solutions and in the value, we bring with our dynamic business rules technology.

我們目前支持 90 個活躍項目，涵蓋零售和專業療法，包括廣泛治療領域的藥房和醫療福利設計。這是對我們的解決方案的需求以及我們透過動態業務規則技術帶來的價值的真正信任。

In 2024, dynamic business rules saved our clients more than $100 million by mitigating the impact of co-pay maximize. As of today, we've already topped last year's savings total, which speaks volume about the tangible return on investments our platform delivers to pharmaceutical manufacturers.

2024 年，動態業務規則透過減輕共同支付最大化的影響，為我們的客戶節省了超過 1 億美元。截至今天，我們的儲蓄總額已超過去年，這充分說明了我們的平台為製藥商帶來的實際投資回報。

At the end of April, our team attended the Assembia Summit 2025 here in Las Vegas. It's a flagship event for our industry, bringing together pharmaceutical manufacturers, hub service providers, specialty pharmacies, payers, and technology vendors.

四月底，我們的團隊參加了在拉斯維加斯舉行的 2025 年 Assembia 高峰會。這是我們行業的旗艦活動，匯集了製藥商、樞紐服務提供者、專業藥房、付款人和技術供應商。

We brought a full cross-functional team to engage with current and prospective clients. We hosted more than 40 meetings and events that provided direct access to key decision makers, and the response to our solutions was extremely positive.

我們組建了一支跨職能團隊來與現有客戶和潛在客戶溝通。我們舉辦了 40 多次會議和活動，直接與關鍵決策者接觸，我們的解決方案得到了非常積極的迴響。

Thanks to this engagement and the strong execution of our sales teams, our sales cycle continues to be efficient, typically ranging between 90 and 120 days. Based on what we are seeing in the pipeline and results from this quarter, we believe patient affordability revenue will more than double again in 2025.

由於這種參與以及我們銷售團隊的強大執行力，我們的銷售週期繼續保持高效，通常在 90 到 120 天之間。根據我們本季看到的情況和結果，我們相信到 2025 年患者可負擔收入將再次增加一倍以上。

Now let's touch on the plasma donor compensation. Revenue in this segment came in at $9.4 million, down $9.2% from $10.3 million in Q1 2024.

現在我們來談談血漿捐贈者的補償。該部門營收為 940 萬美元，較 2024 年第一季的 1,030 萬美元下降 9.2%。

We ended the quarter with 484 centres, adding 4 new centres during the period, and we expect to onboard 5 to 10 more during the remainder of this year. we have mentioned before, this segment is facing headwinds due to continued source plasma supply surpluses and improved collection efficiencies at the centre level. We expect these conditions to persist throughout the rest of the year.

截至本季末，我們擁有 484 個中心，在此期間增加了 4 個新中心，我們預計在今年剩餘時間內將新增 5 至 10 個中心。我們之前提到過，由於持續的血漿供應過剩和中心層面收集效率的提高，這一領域正面臨阻力。我們預計這些情況將在今年剩餘時間內持續下去。

That said, we are investing in innovation here too. In late March, we acquired Gamma Innovation, a move that strengthens our tech stack and positions us to offer a full front end engagement platform integrated with our core payment solutions, starting with the plasma industry. This includes a donor engagement app, a plasma-specific CRM, and a donor management system, all seamlessly integrated with our existing payments infrastructure.

也就是說，我們也在這裡投資創新。三月下旬，我們收購了 Gamma Innovation，此舉增強了我們的技術實力，使我們能夠提供與我們的核心支付解決方案整合的完整前端參與平台，首先是等離子產業。這包括一個捐贈者參與應用程式、一個血漿專用 CRM 和一個捐贈者管理系統，所有這些都與我們現有的支付基礎設施無縫整合。

The industry response has been enthusiastic. We will be showcasing these solutions at the International Plasma Protein Congress later this month. This is a key and strategic opportunity to expand our presence in the plasma market and introduce new capabilities to both existing and prospective clients.

業界反應熱烈。我們將於本月稍後在國際血漿蛋白大會上展示這些解決方案。這是擴大我們在等離子市場的影響力並向現有和潛在客戶推出新功能的關鍵策略機會。

We believe this enhanced offering positions us to unlock additional revenue streams, expand our total addressable market, and strengthen our competitive differentiation in the plasma space.

我們相信，這款增強型產品將使我們能夠開拓更多收入來源、擴大我們的整體潛在市場並增強我們在等離子領域的競爭差異化。

We see the opportunity to take this integrated model beyond plasma and into the broader pharmaceutical and healthcare sectors where engagement, patient adherence, and retention is mission critical for drug manufacturers, providers, and payers alike.

我們看到了將這種綜合模式推廣到血漿以外的更廣泛的製藥和醫療保健領域的機會，在這些領域中，參與度、患者依從性和保留率對於藥品製造商、供應商和付款人來說都至關重要。

Operationally, the gamma acquisition is already paying off. We're implementing a set of efficiency measures that once fully realized, are expected to add $4 to $5 million in annual cash flow. To wrap up, 11 was a strong start to the year.

從營運角度來看，伽瑪收購已初見成效。我們正在實施一系列效率措施，一旦全面實施，預計每年將增加 400 萬至 500 萬美元的現金流。總而言之，11 是今年的一個好開始。

We have scaling efficiently, solving real world problems for our customers, and executing with discipline. I am incredibly proud of the team and excited about what lies ahead. We're confident in our growth trajectory and committed to delivering long term value to our shareholders. With that, I'll hand it over to Jeff to walk you through the financials in more details.

我們有效率地擴展規模，為客戶解決實際問題，並嚴格執行。我為這個團隊感到無比自豪，對未來充滿期待。我們對我們的成長軌跡充滿信心，並致力於為股東創造長期價值。接下來，我會把主題交給傑夫，讓他更詳細地向您介紹財務狀況。

Thank you, Mark. Good afternoon, everyone. As Mark said, we had a solid first quarter driven by momentum we're experiencing with our patient affordability business. Our results for the quarter exceeded our expectations despite weakness in our plasma business related to excess industry-wide inventory levels as we discussed on our last conference call. Our plasma business declined 9.2% to $9.4 million. And our revenue per plasma center declined to $6,517.

謝謝你，馬克。大家下午好。正如馬克所說，得益於患者可負擔業務的強勁發展勢頭，我們第一季表現穩健。正如我們在上次電話會議上討論的那樣，儘管我們的血漿業務因全行業庫存水平過高而表現疲軟，但本季度的業績仍超出了我們的預期。我們的血漿業務下降了 9.2%，至 940 萬美元。我們每個血漿中心的收入下降到 6,517 美元。

We added four net plasma centers exiting the quarter with 484 centers. Gross dollars loaded to cards decreased 4.5%. Total number of loads decreased 9.3%, and gross spend volume decreased 9.4%. Moving to our patient affordability business.

本季我們淨增了 4 個血漿中心，總數達到 484 個。信用卡總儲值金額下降了 4.5%。總裝載次數下降 9.3%，總支出量下降 9.4%。轉向我們的患者可負擔性業務。

First quarter pharma revenues of $8.6 million was up 260.8% and accounted for 46.3% of quarterly revenues. This is a significant increase from the 18.1% of revenues that Pharma represented during the same period last year. We added 14 net programs, exiting the quarter with 90 pharma patient affordability programs.

第一季製藥收入為 860 萬美元，成長 260.8%，佔季度營收的 46.3%。這比去年同期製藥業所佔營收的 18.1% 有了顯著成長。我們增加了 14 個淨項目，本季結束時製藥患者可負擔性項目總數達到 90 個。

Early operating efficiencies from our gamma acquisition are very promising as we look to reduce the reliance of third party professional services that have historically been capitalized as part of our platform development costs. By the end of our 2nd quarter, we expect to be on an annual run rate for cash cost savings of $4 to $5 million.

我們對 Gamma 收購的早期營運效率非常有希望，因為我們希望減少對第三方專業服務的依賴，這些服務過去一直被資本化為我們平台開發成本的一部分。到第二季末，我們預計年度現金成本節省將達到 400 萬至 500 萬美元。

As in previous calls with all the details we provided in the press release and that will be available in our 10K filing tomorrow morning, I will simply hit the financial highlights for the first quarter of 2025 versus the same period last year. First quarter of 2025, total revenues of $18.6 million increased $5.4 million or 41%. Gross profit margin for the quarter was 62.9% versus 52.6% during the same period last year.

與之前的電話會議一樣，我們在新聞稿中提供了所有詳細信息，這些詳細信息將於明天早上在我們的 10K 文件中提供，我將簡單介紹 2025 年第一季度與去年同期相比的財務亮點。2025 年第一季度，總營收為 1,860 萬美元，增加 540 萬美元，成長 41%。本季毛利率為 62.9%，去年同期為 52.6%。

SGNA for the quarter, excluding depreciation and amortization and stock-based compensation, increased 28.2% to $6.7 million with total operating expenses increasing 27.8% to $9.2 million. We have made significant investments in IT and employees over the past year to support the continued growth of our businesses. Exiting the quarter with 190 employees versus 132 employees during the same period last year.

本季的 SGNA（不包括折舊和攤提以及股票薪酬）成長 28.2% 至 670 萬美元，總營運費用成長 27.8% 至 920 萬美元。過去一年，我們在 IT 和員工方面進行了大量投資，以支持業務的持續成長。本季末員工總數為 190 人，去年同期為 132 人。

For the quarter, we posted a net income of $2.6 million or $0.05 per fully diluted share versus $300,000 or $0.01 per fully diluted share for the same period last year. First quarter adjusted IBEDA, which is a non-gap measure that adds back stock compensation to IBEDA, was $5 million or $0.09 per diluted share versus $1.7 million or $0.03 per diluted share for the same period last year.

本季度，我們的淨收入為 260 萬美元，即每股攤薄收益 0.05 美元，而去年同期的淨收入為 30 萬美元，即每股攤薄收益 0.01 美元。第一季調整後的 IBEDA（一項將股票補償加回 IBEDA 的非差距指標）為 500 萬美元或每股攤薄收益 0.09 美元，而去年同期為 170 萬美元或每股攤薄收益 0.03 美元。

The fully diluted share account for the quarters used in calculating the per share amounts was 5 55.1 million and 54.8 million respectfully. Regarding the health of our company. We exited the quarter with $6.9 million in unrestricted cash and zero debt.

用於計算每股金額的季度完全稀釋股份帳戶分別為 5,510 萬股和 5,480 萬股。關於我們公司的健康。本季末，我們擁有 690 萬美元的非限制性現金，且無債務。

The first quarter is typically our highest uses of cash as we pay accrued liabilities from the previous year. This year also included a $2 million cash payment for our gamma acquisition and the repurchase of 100,000 shares of stock for approximately $376,000.

第一季通常是我們現金使用量最高的季度，因為我們要支付上一年度的應計負債。今年還包括支付 200 萬美元現金用於收購 Gamma，並以約 376,000 美元的價格回購 100,000 股股票。

Now turning your attention to our revised guidance for 2025, which now incorporates Q1 axuals and the substantially completed purchase price allocation related to the gamma acquisition, we expect total revenues to be in the range of $72 million to $74 million reflecting year over year growth of 25% at the midpoint. Plasma is estimated to make up approximately 57% of total revenue, representing a year over year decline of 8 to 10%, while pharma revenue is expected to make up approximately 43% of total revenue, representing year over year growth of over 135%.

現在請您關注我們對 2025 年的修訂指南，該指南現已納入 Q1 的財報和與 Gamma 收購相關的基本完成的購買價格分配，我們預計總收入將在 7200 萬美元至 7400 萬美元之間，中點同比增長 25%。血漿收入預計佔總收入的約 57%，年減 8% 至 10%，而製藥收入預計佔總收入的約 43%，年增超過 135%。

Given the seasonality we see with our patient affordability business and trends in our pharma business, we continue to forecast revenue to be slightly higher in the first half of the year compared to the second half of the year with a corresponding impact on operating income.

鑑於我們的患者可負擔性業務的季節性以及製藥業務的趨勢，我們仍然預測上半年的收入將略高於下半年，並對營業收入產生相應的影響。

Fo year gross profit margins are expected to be between 62% to 64%, reflecting stable margins in our plasma business and increased revenue contribution from our higher margin pharma patient affordability business.

預計今年的毛利率將在 62% 至 64% 之間，這反映了我們血漿業務的穩定利潤率以及利潤率更高的製藥患者可負擔業務的收入貢獻增加。

Operating expenses are being revised lower due to operational synergies driven by the gamma acquisition, as well as revisions to stock compensation and amortization following the purchase price allocation for Gamma. Operating expenses are now expected to be between $41 million and $43 million dollars, with depreciation and amortization expense of approximately $8 million and stock-based compensation of approximately $3.8 million.

由於收購 Gamma 帶來的營運協同效應，以及 Gamma 收購價格分配後對股票薪酬和攤銷的修訂，營運費用被下調。目前預計營運費用在 4,100 萬美元至 4,300 萬美元之間，折舊和攤提費用約為 800 萬美元，股票薪酬約為 380 萬美元。

Interest income is expected to be approximately $2.9 million. Taking all the factors above into consideration, we now expect net income to be between 6 and $7 million for the year, or $0.10 to $0.12 per fully diluted share.

預計利息收入約 290 萬美元。考慮到以上所有因素，我們現在預計全年淨收入將在 600 萬至 700 萬美元之間，或每股完全稀釋收益 0.10 美元至 0.12 美元。

Adjusted EIDA is expected to be in the range of $16 to $17 million or $0.28 to $0.30 per fully diluted share. The diluted share count for the year is estimated to be around 56 million shares.

調整後的 EIDA 預計在 1,600 萬至 1,700 萬美元之間，或每股完全稀釋收益 0.28 美元至 0.30 美元。預計本年度稀釋股數約為 5,600 萬股。

For the second quarter of 2025, we expect total revenue to be in the range of $18.5 million to $19 million reflecting continued strength from our patient affordability business offset by weakness with our plasma business. We expect plasma revenues to be approximately 54% to 55% of revenue and patient affordability to be approximately 41% to 42% of revenue.

對於 2025 年第二季度，我們預計總收入將在 1,850 萬美元至 1,900 萬美元之間，這反映了我們患者可負擔業務的持續強勁表現，但被血漿業務的疲軟所抵消。我們預計血漿收入約佔收入的 54% 至 55%，患者負擔能力約佔收入的 41% 至 42%。

Gross profit margins are expected to be 63% to 64%.

預計毛利率為63%至64%。

Operating expenses are expected to be between $10 million and $11 million dollars, of which depreciation and amortization will be approximately $2 million and stock-based compensation will be approximately $1 million. Adjusted IBEDA is expected to be in the range of 4.5 to $5 million or approximately 25.5% of revenue. With that, I would like to turn the call back over to Chelsea for questions and answers.

預計營運費用在 1,000 萬美元至 1,100 萬美元之間，其中折舊和攤提約為 200 萬美元，股票薪酬約為 100 萬美元。調整後的 IBEDA 預計在 450 萬至 500 萬美元之間，約佔營收的 25.5%。說完這些，我想把電話轉回給切爾西，讓他回答問題。

Thank you.

謝謝。

At this time, if you would like to ask a question. All right, well, we have no questions in the queue at this time.

這時，如果您想問一個問題。好的，目前我們沒有問題。

Ladies and gentlemen, I would like to thank you for your participation. This does conclude today's program, and you may disconnect your line at any time.

女士們、先生們，感謝各位的參與。今天的節目到此結束，您可以隨時斷開線路。