Paysign Inc (PAYS) 2025 Q2 法說會逐字稿

Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the pay signing 2nd quarter 2025 earnings conference call. After the speaker's remarks, there'll be a question and answer session. You may be placed into question queue by pressing 1 on your telephone keypad. As a reminder, this conference call is being recorded.

午安.我叫凱文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 2025 年第二季薪資簽約收益電話會議。演講者發言後，將進行問答環節。您可以按下電話鍵盤上的 1 進入問題佇列。提醒一下，本次電話會議正在錄音。

The comments on today's call regarding Payside's financial results will be on a GAAP basis unless otherwise noted.

除非另有說明，今天電話會議上有關 Payside 財務業績的評論將以 GAAP 為基礎。

PaySign's earnings release was disseminated to the SEC earlier today and can be found on the investor relations section of our website PaySign.com, which includes reconciliations of non-gap measures to GAAP reported amounts. Additionally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding PaySign's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance is summarized at the end of PaySign's earning release and in our recent SEC filings. Lastly, replay of this call will be available until November 5, 2025. Please see PaySign 2nd quarter of 2025 earnings call announcement for details on how to access to replay. It's not my pleasure to turn the over to Mr. Mark Newcomer, President and CEO. Please go ahead.

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。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 PaySign 未來業績的前瞻性陳述。實際表現可能與這些前瞻性陳述有重大差異。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 11 月 5 日。有關如何存取重播的詳細信息，請參閱 PaySign 2025 年第二季財報電話會議公告。我不太願意把這個任務交給先生。總裁兼執行長馬克紐科默 (Mark Newcomer)。請繼續。

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

Thank you for joining us as we review our second quarter 2025 results. I'm Mark Newcomer, President and CEO of PaySign.

感謝您與我們一起回顧 2025 年第二季的業績。我是 PaySign 總裁兼執行長 Mark Newcomer。

Joining me today is our CFO Jeff Baker, along with Matt Turner, President of Patient Affordability, and Matt Lanford, our Chief Payments Officer, who will be available for Q&A.

今天與我一起參加的是我們的財務長 Jeff Baker、患者可負擔性總裁 Matt Turner 和我們的首席支付長 Matt Lanford，他們將接受問答。

This was another standout quarter for pay sign.

這是薪酬標誌的另一個突出的季度。

Earlier today we reported record revenue of 19.1 million, up 33% compared to the second quarter last year, and a meaningful improvement in gross margins, raising 870 basis points to 61.6%. Even with one-time expenses of about 300,000 related to the onboarding of 123 transitioning plasma centers late in the quarter, we doubled adjusted IBIDA to 4.5 million, up 102% from second quarter 2024, and nearly doubled net income to 1.4 million, up 99% from second quarter 2024.

今天早些時候，我們公佈了創紀錄的1,910萬美元營收，較去年第二季成長33%，毛利率也顯著提升，上升了870個基點，達到61.6%。即使考慮到本季末與123家過渡血漿中心的啟用相關的約30萬美元的一次性費用，我們的調整後IBIDA仍翻了一番，達到450萬美元，較2024年第二季度增長102%，淨收入也幾乎翻了一番，達到140萬美元，較2024年第二季度增長99%。

Our patient affordability business is driving much of this momentum.

我們的患者可負擔性業務在很大程度上推動了這一勢頭。

Revenue grew 190% year over year to 7.75 million, and revenue per program rose over 83%, reflecting the strong confidence our pharmaceutical partners place in our solutions as claims process grew by more than 80%.

營收年增 190% 至 775 萬美元，每個專案的收入成長超過 83%，反映出我們的製藥合作夥伴對我們的解決方案充滿信心，因為索賠流程成長了 80% 以上。

We launched 7 programs this quarter, 21 in the first half of the year, already surpassing last year's pace of 18 programs launched, exiting the quarter with 97 active programs while expecting another 30 to 40 programs prior to year end.

我們本季推出了 7 個項目，今年上半年推出了 21 個項目，已經超過了去年推出的 18 個項目的速度，本季度結束時共有 97 個活躍項目，同時預計在年底前還會再推出 30 到 40 個項目。

Our pipeline remains robust, with demand accelerating from both new and existing clients where over half our transition programs, which ramp very quickly.

我們的通路依然強勁，新舊客戶的需求不斷成長，其中超過一半的過渡項目都在快速成長。

The fact that existing clients are expanding their programs with us is one of the strongest validations of our ability to scale, deliver results, and solve real industry challenges.

現有客戶與我們一起擴展他們的專案這一事實是對我們擴展規模、交付成果和解決實際行業挑戰的能力的最有力證明之一。

In order to meet this growing demand, we are planning to open a new state of the art patient services contact center during the 3rd quarter. This facility will increase our support capacity 4fold, ensuring our ability to effectively scale operations and ensure the highest level of service for both pharmaceutical companies and patients.

為了滿足日益增長的需求，我們計劃在第三季開設一個新的最先進的病患服務聯絡中心。該設施將使我們的支援能力提高四倍，確保我們能夠有效地擴大營運規模，並確保為製藥公司和患者提供最高水準的服務。

One of our biggest differentiators responsible for this surge in demand is our proprietary dynamic business rules technology. DBR operates in real time during the point of sale adjudication process, helping manufacturers and patients overcome tactics used by co-pay maximizer, ensuring assistant reaches patients as intended. It's innovation where few people see it inside the transaction itself, and it's making a meaningful difference by generating significant savings for pharmaceutical manufacturers. Overall, we're not just moving payments, we're reshaping how financial support is delivered within healthcare, removing financial barriers to treatment and providing measurable savings to patients in need and pharmaceutical manufacturers. We remain extremely pleased with the performance of our patient affordability business and expect its continued growth trajectory well into the 2026 and beyond.

我們專有的動態業務規則技術是我們需求激增的最大差異化因素之一。DBR 在銷售點裁決過程中即時運行，幫助製造商和患者克服共同支付最大化者使用的策略，確保助手按預期到達患者。很少有人在交易本身中看到這種創新，它透過為製藥商節省大量成本而產生了有意義的變化。總的來說，我們不僅僅是轉移支付方式，我們還在重塑醫療保健領域的財務支持方式，消除治療的財務障礙，並為有需要的患者和製藥商提供可衡量的節省。我們對患者可負擔性業務的表現仍然非常滿意，並預計將在 2026 年及以後繼續保持成長軌跡。

In our plasma compensation business, revenue was 10.7 million, down 4.7% year over year, but up 14.2% sequentially.

我們的血漿補償業務收入為 1,070 萬美元，年減 4.7%，但較上季成長 14.2%。

We ended the second quarter with 607 centers, having onboarded 123 of the 132 centers awarded to us in mid-Junne, bringing our market share to approximately 50%.

截至第二季度，我們擁有 607 個中心，其中 6 月中旬我們已獲得 132 個中心中的 123 個，市佔率達到約 50%。

We expect to onboard an additional 10 to 13 centers in the second half of the year.

我們預計今年下半年將新增 10 至 13 個中心。

We were recently informed that a plasma customer will be closing 22 underperforming donation centers as of August 15th. We believe that a majority of those donors will continue to donate at nearby centers. Additionally, an existing client has also informed us of their intention to open 6 to 8 new centers in the next 10 months, as well as an additional 6 to 8 centers in the following year.

我們最近獲悉，一家血漿客戶將於 8 月 15 日起關閉 22 家業績不佳的捐獻中心。我們相信，大多數捐贈者會繼續在附近的中心進行捐贈。此外，一位現有客戶也告知我們，他們打算在未來 10 個月內開設 6 到 8 個新中心，並在接下來的一年內再開設 6 到 8 個中心。

As we previously noted, the plasma business continues to face headwinds driven by an oversupply of source plasma and increased collection efficiencies at the center level.

正如我們之前所指出的，血漿業務繼續面臨阻力，原因是源血漿供應過剩以及中心級收集效率的提高。

While these pressures will likely persist through 2025, we anticipate a return to organic center level growth to start during 2026 as the plasma collection cycle improves.

雖然這些壓力可能會持續到 2025 年，但隨著血漿收集週期的改善，我們預計 2026 年開始恢復有機中心水準成長。

In the meantime, we're confident that the addition of 132 newly awarded centers, 123 that went live late June, and 9 that went live late July will return the business to year over year revenue growth. This positions us exceptionally well to capture additional upside when the industry enters its next growth cycle.

同時，我們相信，新增的 132 個中心、6 月底投入使用的 123 個中心以及 7 月底投入使用的 9 個中心將使業務收入實現同比增長。當產業進入下一個成長週期時，這將使我們處於非常有利的位置來獲取更多的上漲空間。

A major part of our strategy is to expand our value proposition in plasma with new software solutions.

我們策略的主要部分是透過新的軟體解決方案來擴展我們在等離子領域的價值主張。

In May at the International Plasma Protein Congress held in Warsaw, Poland, we introduced a software as a service engagement platform, including a donor app, a plasma-specific CRM, and a donor management system. The response has been overwhelmingly positive both domestically and internationally as we are in discussions with plasma collectors and device manufacturers.

5 月份，在波蘭華沙舉行的國際血漿蛋白大會上，我們推出了一個軟體即服務參與平台，其中包括捐贈者應用程式、血漿專用 CRM 和捐贈者管理系統。由於我們正在與血漿收集器和設備製造商進行討論，因此國內外的反應都非常積極。

This is an exciting step in evolving from a trusted payments partner to a broader technology provider for the industry.

這是從值得信賴的支付合作夥伴向行業更廣泛的技術提供者發展的一個令人興奮的一步。

We look forward to keeping you apprised of our progress in the coming quarters.

我們期待在未來幾季向您通報我們的進展。

To close, Q2 was another quarter of strong execution and innovation. We're scaling efficiently to meet the growing demand, expand our presence in both patient affordability and plasma with solutions that are built for impact. I'm incredibly proud of our team's focus and determination, and I'm excited about the opportunities ahead. We remain confident in our trajectory and committed to delivering long-term value for our shareholders. With that, I'll turn it over to Jeff for a closer look at the financials. Jeff.

總而言之，第二季又是一個執行力和創新力強勁的季度。我們正在有效擴大規模以滿足不斷增長的需求，並透過旨在產生影響的解決方案擴大我們在患者可負擔性和血漿方面的影響力。我對我們團隊的專注和決心感到無比自豪，並對未來的機會感到興奮。我們對我們的發展軌跡充滿信心，並致力於為股東創造長期價值。說完這些，我會把問題交給傑夫，讓他仔細研究一下財務狀況。傑夫。

Thank you, Mark. Good afternoon, everyone. As Mark said, we had an exciting 2nd quarter with a lot of positive activity across both major areas of our business.

謝謝你，馬克。大家下午好。正如馬克所說，我們第二季的表現令人興奮，在兩個主要業務領域都表現出色。

We had some really nice winds in our patient affordability business that will enable us to continue the momentum we have experienced in the first half of the year, into the second half of the year and into 2026.

我們的患者可負擔業務確實進展順利，這將使我們能夠延續今年上半年、下半年甚至 2026 年的良好勢頭。

We had the addition of 132 plasma centers, 123 of which went live late in the quarter, that should provide additional momentum through the end of this year and into 2026 as the oversupply of inventory levels normalize. We cannot be more excited about the prospects of our business for the remainder of this year and throughout 2026. I encourage everyone to read our 10 for more details about our financial results, which is expected to be filed tomorrow morning before the market opens.

我們新增了 132 個血漿中心，其中 123 個於本季末投入使用，隨著庫存水準供過於求的正常化，這應該會在今年年底和 2026 年之前提供額外的發展動力。我們對今年剩餘時間和整個 2026 年的業務前景感到無比興奮。我鼓勵大家閱讀我們的 10 號文件，以了解有關我們財務結果的更多詳細信息，該報告預計將於明天早上市場開盤前提交。

Now turning your attention to the results for the 2nd quarter. Results were in line with the guidance we provided last quarter, despite unexpected pleasant upfront costs we absorbed to launch the 123 new plasma centers late in the quarter. These costs far outweigh the slight revenue benefit we received during the quarter, but we expect that to swing the other way in the second half of the year.

現在讓我們專注於第二季的業績。儘管我們在本季度末啟動 123 個新的血漿中心時承受了意外的前期成本，但結果仍然符合我們上個季度提供的指導。這些成本遠遠超過了我們在本季獲得的少量收入收益，但我們預計今年下半年情況將會逆轉。

Second quarter, 2025 total revenues of $19.1 million. Increase $4.7 million or 33.1%. Plasma revenue declined 4.7% to $10.7 million and our revenue per plasma center declined to $7,098.

2025 年第二季總營收為 1,910 萬美元。增加470萬美元，增幅33.1%。血漿收入下降4.7%，至1,070萬美元，每家血漿中心的收入下降至7,098美元。

We added 123 net plasma centers exiting the quarter with 607 centers.

本季我們淨增血漿中心 123 個，目前總數為 607 個。

Gross dollars loaded to cards decreased 3.7%, total number of loads decreased 4.6%, and gross spend volume decreased 6.3%. Moving to our pharma-patient affordability business, second quarter farmer revenues of $7.8 million was up 190% and accounted for 40.6% of quarterly revenues. This is a significant increase from the 18.7% of revenue that Farmer represented during the same period last year. We added 7 net programs exiting the quarter with 97 pharma patient affordability programs and grew the number of claims processed by over 80% versus the same period last year.

信用卡總儲值金額下降3.7%，總儲值次數下降4.6%，總消費金額下降6.3%。談到我們的藥患可負擔業務，第二季農民收入為780萬美元，成長190%，佔季度收入的40.6%。這比去年同期 Farmer 所佔營收的 18.7% 有了顯著成長。本季末，我們增加了 7 個淨項目，其中包括 97 個製藥患者可負擔性項目，處理的索賠數量與去年同期相比增加了 80% 以上。

Gross profit margin for the quarter was 61.6% versus 52.9% during the same period last year. Our gross profit margin was negatively impacted by the upfront costs that were just mentioned.

本季毛利率為 61.6%，去年同期為 52.9%。我們的毛利率受到剛才提到的前期成本的負面影響。

SGNA for the quarter, excluding depreciation and amortization and stock-based compensation, increased 35.4% to $7.2 million with total operating expenses increasing 38.3% to $10.3 million.

本季的 SGNA（不包括折舊和攤提以及股票薪酬）成長 35.4% 至 720 萬美元，總營運費用成長 38.3% 至 1,030 萬美元。

Having made significant investments in our employee base over the past year to support the continued growth in our businesses, compensation and benefits increased just under $1 million.

過去一年，我們對員工隊伍進行了大量投資，以支持業務的持續成長，薪資和福利增加了近 100 萬美元。

We exited this quarter with 191 employees versus 149 employees during the same period last year.

本季末，我們的員工總數為 191 人，去年同期為 149 人。

Stock compensation increased $284,000 while we started seeing the operational benefits from our gamma transactions as our capitalized software costs declined by $369,000.

股票薪酬增加了 284,000 美元，同時我們開始看到伽馬交易帶來的營運效益，因為我們的資本化軟體成本下降了 369,000 美元。

Depreciation and amortization expense increased $680,000 due to the continued enhancements in our technology platform.

由於我們技術平台的持續增強，折舊和攤銷費用增加了 68 萬美元。

Net income for the quarter was $1.4 million or $0.02 per fully diluted share versus $697,000 or $0.01 per fully diluted share for the same period last year.

本季淨收入為 140 萬美元，即每股攤薄收益 0.02 美元，而去年同期淨收入為 69.7 萬美元，即每股攤薄收益 0.01 美元。

Negatively impacting the per share amounts was lower interest income related to the implied interest expense on future cash payments for the gamma acquisition, lower interest rates and average bank balances primarily from our plasma customers at our sponsor bank.

對每股金額產生負面影響的是與伽馬收購的未來現金支付的隱含利息支出相關的較低的利息收入、較低的利率以及主要來自我們贊助銀行的血漿客戶的平均銀行餘額。

Higher income tax provision of 635,000 or 32.1%, reflecting the impact of discrete items related to the appreciation of our stock price during the quarter and higher diluted shares outstanding related to in the money options.

所得稅準備金增加 635,000 或 32.1%，反映了與本季度股價上漲相關的單項項目的影響以及與價內期權相關的較高稀釋流通股數的影響。

Second quarter adjusted IBEDA, which is a non-gap measure that adds back stock compensation to IBEDA, was $4.5 million or $0.08 per diluted share versus $2.2 million or $0.04 per diluted share for the same period last year. The fully diluted share count for the quarter used in calculating per share amounts was $57.9 million and $55.9 million respectfully.

第二季調整後的 IBEDA（一項將股票補償加回 IBEDA 的非差距衡量指標）為 450 萬美元或每股攤薄收益 0.08 美元，而去年同期為 220 萬美元或每股攤薄收益 0.04 美元。用於計算每股金額的本季完全稀釋股數分別為 5,790 萬美元和 5,590 萬美元。

Regarding the health of our company.

關於我們公司的健康。

We exited the quarter with $11.8 million in unrestricted cash and zero debt. The operational benefits of our gamma acquisition are beginning to show up in our unrestricted cash balances, which increased by just under $1 million from the end of the year and $4.9 million from the first quarter. We now expect our annual cash cost savings from this acquisition to be at the high end of the $4 to $5 million dollar guidance we gave at the end of last quarter.

本季末，我們擁有 1,180 萬美元的非限制性現金，且無債務。我們對 Gamma 收購的營運效益開始體現在我們的非限制性現金餘額中，該餘額較年底增加了近 100 萬美元，較第一季增加了 490 萬美元。我們現在預計，此次收購為我們帶來的年度現金成本節省將達到我們上個季度末給出的 400 萬至 500 萬美元指導值的高端。

And as Mark mentioned, we couldn't be more excited about the early sales momentum we are building from existing and non-existing plasma companies.

正如馬克所提到的，我們對從現有和不存在的等離子公司建立的早期銷售勢頭感到無比興奮。

Now turning your attention to our revised guidance for 2025, which now incorporates Q2 actual results. We are raising our revenue guidance to be in the range of $76.5 million to $78.5 million reflecting year over year growth of 32.7% at the midpoint.

現在請關注我們對 2025 年的修訂指南，其中已包含第二季的實際結果。我們將營收預期上調至 7,650 萬美元至 7,850 萬美元之間，中間值年增 32.7%。

Plasma is expected to make up approximately 56% of total revenue, representing flat year over year growth, while pharma-pa affordability revenue is expected to make up approximately 40.5% of total revenue, representing year over year growth of over 145%. Despite the seasonality we typically see in our patient affordability business and industry trends in our plasma business, we now forecast revenue to grow in the second half of the year compared to the first half of the year.

血漿預計將佔總收入的約 56%，年成長持平，而醫藥可負擔性收入預計將佔總收入的約 40.5%，年成長超過 145%。儘管我們的患者可負擔性業務和血漿業務的行業趨勢通常具有季節性，但我們現在預測下半年的收入將比上半年有所增長。

Full year gross profit margins are expected to be between 61% and 62% as we bring up a new state of the art patient.

隨著我們引進新的先進患者，預計全年毛利率將在 61% 至 62% 之間。

Services contact center during the 3rd quarter to support the growth in our business.

第三季服務聯絡中心以支援我們業務的成長。

We continue to expect operating expenses to be between $41 million and $0.43 million dollars with depreciation and amortization expense of approximately $8.4 million in stock-based compensation of approximately $4.4 million.

我們繼續預計營運費用在 4,100 萬美元至 43 萬美元之間，折舊和攤提費用約為 840 萬美元，股票薪酬約為 440 萬美元。

Interest income is estimated to be approximately $2.5 million reflecting the implied interest expense for future gamma payments and lower bank balances from our plasma customers. Taking all the factors above into consideration, we continue to expect net income to be between $6 million and $0.07 million dollars for the year, or $0.10 to $0.12 per diluted share, but that may fluctuate depending on our effective tax rate. Adjusted IEDA is expected to be in the range of $18 million to $20 million or $0.31 to $0.35 per diluted share. The diluted share count for the year is estimated to be 57.5 million shares.

利息收入估計約為 250 萬美元，反映了未來伽馬支付的隱含利息支出和血漿客戶較低的銀行存款。考慮到以上所有因素，我們繼續預計全年淨收入在 600 萬美元至 7 萬美元之間，或每股攤薄收入 0.10 美元至 0.12 美元，但這可能會根據我們的有效稅率而波動。調整後的 IEDA 預計在 1,800 萬美元至 2,000 萬美元之間，或每股攤薄收益 0.31 美元至 0.35 美元。預計本年度稀釋股數為 5,750 萬股。

For the third quarter of 2025, we expect total revenue to be in the range of $19.5 million to $20.5 million reflecting continued strength for our patient affordability business and the contribution of the nine additional plasma centers added July 21st offset by the reduction of 22 underperforming plasma centers on August 15th.

對於 2025 年第三季度，我們預計總收入將在 1950 萬美元至 2050 萬美元之間，這反映了我們患者可負擔性業務的持續強勁，以及 7 月 21 日新增 9 個血漿中心的貢獻，但 8 月 15 日減少了 22 個表現不佳的血漿中心。

We expect to exit the third quarter with approximately 595 plasma centers.

我們預計第三季結束時血漿中心數量將達到約 595 個。

We expect plasma revenues to be approximately 60% of revenue and patient affordability to be approximately 37% of revenue.

我們預計血漿收入約佔收入的 60%，患者負擔能力約佔收入的 37%。

Gross profit margins are expected to be approximately 59% due to the higher mix of plasma revenue and the launch of the new Patient Services Contact Center.

由於血漿收入的增加和新患者服務聯絡中心的推出，預計毛利率約為 59%。

Operating expenses are expected to be between $10.5 million and $11.5 million of which depreciation and amortization will be approximately $2.2 million and stock-based compensation will be approximately $1.4 million. Adjusted IBEDA is expected to be in the range of $4.5 million to $5.0 million or approximately 23.1% to 24.4% of revenue.

預計營運費用在 1,050 萬美元至 1,150 萬美元之間，其中折舊和攤提約為 220 萬美元，股票薪酬約為 140 萬美元。調整後的 IBEDA 預計在 450 萬美元至 500 萬美元之間，約佔營收的 23.1% 至 24.4%。

With that, I would like to turn the call back over to Kevin for questions and answers.

說完這些，我想把電話轉回給凱文，讓他回答問題。

Thank you. We'll I'll be conducting a question and answer session. If you'd like to be placed in the question queue, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you'd like to move your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing 11 moment please while we pull for questions.

謝謝。我們將進行問答環節。如果您想加入提問隊列，請按下電話鍵盤上的 1。確認音將表示您的線路已進入問題佇列。如果您想將問題從佇列中移出，請按 2。對於使用揚聲器裝置的參與者，您可能需要在按下 11 之前拿起聽筒，以便我們解答您的問題。

Our first question today is coming from Jacob Stephan from Lake Street Capital Markets. Your line is now live.

我們今天的第一個問題來自 Lake Street Capital Markets 的 Jacob Stephan。您的線路現已通電。

Hey guys, congrats on the quarter and solid outlook here. Maybe first for me, can you just touch on the 30 to 40, programs, that you expect to on board in Pharma, maybe help us understand better, are these more existing customers or new customers, maybe help us kind of think through the dynamics there.

嘿夥計們，祝賀本季取得良好業績並取得穩健前景。首先，您能否簡單談談您期望在製藥業開展的 30 到 40 個項目，這也許有助於我們更好地了解這些是現有客戶還是新客戶，也許有助於我們思考那裡的動態。

Hi, this is Matt Turner. Happy to take that question and thanks for asking. It represents a mix of new clients that we will be onboarding as well as additional programs from existing clients. It's a pretty good mix between the two, I'd say about 50/50.

你好，我是馬特·特納。很高興回答這個問題並感謝您的提問。它代表了我們將要引入的新客戶以及現有客戶的附加計劃的組合。我覺得這兩者的比例相當不錯，大約是 50/50。

Okay, and I guess to to Mark's point, are most of these transition programs or are some of them just new drug approvals from existing customers or what's the what's the outlook there?

好的，我想回到馬克的觀點，這些是大多數過渡計畫嗎？或者其中一些只是現有客戶的新藥批准，或者那裡的前景如何？

Yes, I'm actually trying to pull up the the numbers here specifically so I can give you a good answer to that. It, it's, Close to fifty-fifty as well as transitions versus launches and probably I would say it's going to lean to heavier on the transition side versus the launch.

是的，我實際上正在嘗試在這裡具體地提取數字，以便我可以給你一個很好的答案。它，它，接近於五五開，以及過渡與發射的比例，可能我會說它會更傾向於過渡方面而不是發射方面。

Okay, great, maybe a second one for me just more of a clarification question. So on the plasma side you expect to add kind of 10 to 14 programs throughout our centers throughout the remainder of the year. Does that include the 9 that were on boarded after June 30th, or, is that in addition to the full 132?

好的，太好了，也許對我來說第二個問題只是一個澄清問題。因此，在等離子方面，您預計在今年剩餘時間內在我們的中心增加 10 到 14 個項目。這是否包括 6 月 30 日之後登機的 9 人，還是包括在全部 132 人之外？

That does include the 9 that that we spoke about in the 132.

這確實包括我們在 132 中談到的 9 個。

Okay, thanks, and then maybe if you could just kind of provide us an update on the the donor management system timeline, FDA approval, anything to kind of timeline to look out for there.

好的，謝謝，那麼也許您能向我們提供有關捐贈者管理系統時間表、 FDA 批准的最新信息，以及任何需要注意的時間表。

We're targeting currently towards the end of this year.

我們目前的目標是在今年年底。

We're expecting that we will be granted.

我們期望能夠獲得批准。

Approval around that time frame.

在該時間範圍內批准。

Okay, got it. Maybe one more quick one, the girls margin, impact here from the new center opening, I guess how much of the girls margin kind of impact will be from the new center versus kind of some of these additional costs that you saw in in Q2.

好的，明白了。也許還有一個快速的問題，新中心開業對女孩的利潤率有影響，我猜新中心對女孩的利潤率的影響有多大，以及你在第二季度看到的一些額外成本的影響有多大。

Jacob, I haven't run the numbers like down to the percentage. I know the dollar amounts. I mean, it's about additional $600 a month in cost.

雅各布，我還沒有計算出確切的百分比。我知道美元金額。我的意思是，每月大約要額外花費 600 美元。

Just for the, that's just for the facility, but we're going to have more bodies obviously that we're adding in, our call center costs are going up because we're having to add more bodies. It's a very good problem to have, and, should, it's, I know for a fact it's helped us win more business, we've got customers in that in affordability business who definitely look to us for that strength.

只是為了，這只是設施，但顯然我們會有更多的人手，我們的呼叫中心成本也會上升，因為我們必須增加更多的人手。這是一個非常好的問題，而且，我知道事實上它幫助我們贏得了更多的業務，我們在可負擔業務方面擁有客戶，他們肯定會向我們尋求這種優勢。

We're not outsourcing this to a third world country or any AI bots or anything like that, which is very important for the pharmaceutical world and the platinum world. They definitely want top notch.

我們不會將其外包給第三世界國家或任何人工智慧機器人或類似的東西，這對製藥界和白金界非常重要。他們肯定想要一流的。

Yeah, okay, I appreciate all the color, good luck going forward here guys.

是的，好的，我很欣賞所有的色彩，祝大家未來好運。

Thank you.

謝謝。

Thank you.

謝謝。

Next question today is coming from Gary Precipio from Barrington Researcher line is now live.

今天的下一個問題來自 Barrington Research 線上的 Gary Precipio。

Hi, good Afternoon, everyone.

大家下午好。

Couple of questions on the plasma side. First of all, the new centers that you're rolling out, how is their average revenue compared to, your business, that you have, in hand right now?

關於等離子方面有幾個問題。首先，您正在推出的新中心，與您目前的業務相比，它們的平均收入如何？

Well, we, Gary, we expect them to be pretty much in line, it's an existing customer, so we already have their trends that are in our numbers.

好吧，加里，我們預計他們基本上會保持一致，他們是現有客戶，所以我們已經從數據中了解了他們的趨勢。

We don't see a huge discrepancy across the centers.

我們沒有看到各個中心之間存在著巨大的差異。

Sometimes geographic locations will vary that, but these centers, it's in the average and we expect that to, be reflected in the numbers going forward.

有時地理位置會有所不同，但這些中心是平均值，我們預計這將反映在未來的數字中。

Okay and then you also mentioned that you expect.

好的，然後您也提到了您的期望。

Of the closing of these underperforming centers that you will continue to keep these donors with you what are you doing specifically to do that and I you know I were these centers that are closing or they were they just. In kind of densely populated areas and it was kind of duplicative and that's why they were underperforming. I just want an idea of how you're going to keep these people with within your universe.

在關閉這些表現不佳的中心的同時，你們將繼續保留這些捐贈者，為此你們做了哪些具體工作，我知道這些中心正在關閉，或者它們只是關閉而已。在人口密集的地區，這是一種重複現象，這就是它們表現不佳的原因。我只是想知道你將如何讓這些人留在你的宇宙中。

Yeah, they were underperforming centers. They did it for many reasons, efficiencies and the like, not our decision, obviously, for the donors, the way we're going to retain the donors is the donors that are losing those centers are going to go to centers that are close by, with the same client and with other people that we provide services to and that's why we expect to retain those donors.

是的，他們是表現不佳的中鋒。他們這樣做有很多原因，例如效率等等，顯然不是我們的決定，對於捐贈者來說，我們留住捐贈者的方法是，那些失去這些中心的捐贈者會去附近的中心，與同一個客戶以及我們為其提供服務的其他人一起，這就是我們希望留住這些捐贈者的原因。

And Gary, remember when this happened, this also happened back in, I think it was 2023, the last time we had. One of our customers utter a number of centers. I think back then it was 1,516, I have to go back and look and you know the average revenue per center actually went up. I mean, those centers kind of pulled down the average, but we retained a high number of those donors again because there's other centers in the vicinity and they just, they'll just move to a different center.

蓋瑞，還記得這件事發生的時候，上次也發生過，我想那是在 2023 年，我們最後一次發生這種情況。我們的一位客戶說出了許多中心。我認為當時是 1,516，我必須回去看看，你就會知道每個中心的平均收入實際上是上升了。我的意思是，這些中心拉低了平均水平，但我們再次保留了大量捐贈者，因為附近還有其他中心，他們只是會轉到不同的中心。

Okay, thank you.

好的，謝謝。

Yeah.

是的。

Great, the next question today is coming from Pete Heckman from the David Hiri is now live.

太好了，今天的下一個問題來自 David Hiri 的 Pete Heckman，現在正在直播。

Good afternoon everyone. Could you remind me or remind us in terms of how we think about breaking down revenue within Pharma, how should we think about, design, and, program design fees versus monthly maintenance versus, claims or transaction fees? How do those play in and I would assume it's different for different types of programs, but, when we hear that that claims volume is up 80% year over year but revenue is up, more than double that. How should we think about reconciling the two numbers?

大家下午好。您能否提醒我或提醒我們如何考慮細分製藥業的收入，我們應該如何考慮設計，以及程序設計費用與每月維護費用、索賠或交易費用？這些是如何發揮作用的？我認為對於不同類型的項目來說，情況會有所不同，但是，當我們聽說索賠量同比增長 80% 但收入卻增長了兩倍多。我們該如何思考協調這兩個數字？

Yeah, so, this is Matt. Thanks for the question, Peter

是的，這是馬特。謝謝你的提問，彼得

You hit the nail on the head as far as we have program set up fees we have monthly management fees, and then a variety of different transactional fees across our ecosystem so you know every pharmacy claim that comes in that's a paid, or a a paid claim that. Generates revenue on that claim if there are other features or functionality attached to that claim, we talked about dynamic business rules that's something that rides on top of the claim. There's extra fees for those types of items.

你說得對，我們有計劃設立費，有每月管理費，還有整個生態系統中的各種不同的交易費，所以你知道每一個藥房索賠都是付費的，或者說是付費索賠。如果該索賠附帶其他特性或功能，則該索賠會產生收入，我們討論了動態業務規則，這是基於該索賠的規則。這些類型的物品需要額外收費。

So while we're going to make money on on every paid claim when it comes in, there's also other products and services overlaid on top of that claim that will generate additional revenue. So that's why, yeah, you'll see there's, an 80% increase in claims and a 200% increase in increase in revenue because we're able to add on these additional services to essentially make us more money along the way and provide more cost savings and efficiencies to our clients.

因此，雖然我們會從每筆已付索賠中賺錢，但附加在該索賠上的其他產品和服務也會產生額外的收入。所以這就是為什麼，是的，你會看到索賠增加了 80%，收入增加了 200%，因為我們能夠添加這些額外的服務，從而讓我們在過程中賺取更多的錢，並為我們的客戶節省更多成本，提高效率。

Okay and so Also.

好的，所以也一樣。

Okay. Peter, I was going to tell you because I think you're also asking about kind of the mix. So the mix changes depending on the time of the year, obviously more claims volume first half of the year, as well as non-claim revenue, you'll see a heavier mix of that in the first half of the year versus the monthly management fees and set up fees. Go to the second half of the year, as some of the out of pocket maximums are hit and some other things we see claim volumes typically slow down and some of the other revenue items slow down, then you'll see more monthly management and set up eees. So, it's kind of like that, it's kind of as we grow, it's becoming blended to the tune of about 20% to 30% of revenues coming from claims, 20% to 30% of revenues coming from monthly management setup fees, and, the remainder coming from non-claim revenue. So we're getting a pretty good balance, especially, if you look at it for the entire entirety of the year.

好的。彼得，我正要告訴你，因為我認為你也在問混合的情況。因此，組合會根據一年中的時間而變化，顯然上半年的索賠量會更多，非索賠收入也會更多，與每月的管理費和設定費相比，上半年的組合會更大。進入下半年，隨著一些自付費用最高限額達到，以及我們看到的其他一些索賠量通常會下降，其他一些收入項目也會下降，那麼您將看到更多的月度管理和設置 eees。所以，就像這樣，隨著我們的成長，它變得越來越混合，大約 20% 到 30% 的收入來自索賠，20% 到 30% 的收入來自每月的管理設定費，其餘來自非索賠收入。因此，我們獲得了相當好的平衡，特別是如果你從全年來看的話。

Okay, that's great. And then just thinking about the the the revenue per program and farm we've discussed how that's not necessarily the greatest indicator, especially on a small base of of of programs, but, it when when we when we look at that number should we assume that the mix is shifting towards more specialty programs versus just retail?

好的，太好了。然後想想我們已經討論過的每個項目和農場的收入，這不一定是最好的指標，特別是在項目數量較少的情況下，但是，當我們看到這個數字時，我們是否應該假設組合正在轉向更多的專業項目而不僅僅是零售？

Ladies and gentlemen, please stand by. We appear to have lost contact with our speakers. Please stand by while we reconnect. One moment please, while we reconnect.

女士們、先生們，請稍候。我們似乎與發言人失去了聯繫。請稍候，我們將重新連線。請稍等，我們正在重新連接。

Our speakers have now rejoined.

我們的發言者現已重新加入。

Hey Peter, did you hear what I was saying? No.

嘿，彼得，你聽到我說話了嗎？不。

I on the mix.

我混在一起了。

Okay, I'm sorry. Okay, we got cut off. So what I was saying is it depends on the time of the year. Earlier in the earlier in the year, first half of the year, you're going to see more claims versus the second half of the year as maximum amount of pockets are reached, and you'll see more monthly management fees, monthly management and set up fees in the second half of the year usually than the first half of the year. What I was saying is though we we're growing and getting to such a good-sized portfolio that it's pretty balanced. If you look out over the entirety of the year, it's kind of 20% to 30% in claim revenue, 20% to 30% in monthly management and set up fees and the rest in non-claim revenue. And like Matt told you, non-claim revenue can run the gamut of a lot of stuff that we do for these. For these programs, call center for example or number generation or, faxes and you know everything I think everything it takes to run a program.

好的，我很抱歉。好的，我們被打斷了。所以我想說的是，這取決於一年中的時間。在年初，也就是上半年，你會看到比下半年更多的索賠，因為已經達到了最高限額，而且下半年的月度管理費、月度管理費和設定費通常會比上半年更多。我想說的是，儘管我們正在成長，但投資組合規模仍然相當大，相當平衡。如果你縱觀全年，你會發現索賠收入佔 20% 到 30%，每月管理和設定費用佔 20% 到 30%，其餘為非索賠收入。正如馬特告訴你的那樣，非索賠收入可以涵蓋我們為此所做的許多事情。對於這些程序，例如呼叫中心或號碼生成或傳真，您知道我認為運行程序所需的一切。

Got it. Okay, and then my follow up question which I think I caught off but just thinking about the, over 90% increase in revenue per farmer program. In the first half, should we infer from that that that that the mix is shifting towards more specialty or in physician office treatments or or or is is is is that incorrect assumption? Is it just is it just there maybe maybe just some bigger retail drugs in there as well?

知道了。好的，然後是我的後續問題，我想我已經理解了，只是想想每個農民收入增加 90% 以上的計劃。在上半年，我們是否應該推斷，治療組合正在轉向更專業或醫生辦公室治療，或者這是不正確的假設？是不是只是那裡也有一些較大的零售藥品？

Yeah, I think, I don't want to say that it's because there's like a push to more in-off or specialty drugs. I would certainly say it's not related to in-office, by the way, because that would be more of a medical benefit product. If you look at the concentration of products that we have. Our brands that that we're running programs for, on the specialty side, we do lean pretty heavy towards oncology, hematology type products, things like that in the specialty realm. We do have, a good chunk of retail business and that's growing. I think the push that you're seeing in the, kind of in the increase in revenue is the types of programs that we onboarded in Q4 of last year, are now fully up and running, you know. Coming out of Q1 and Q2, and so some of the add-on products like dynamic business rules will have an impact on on the top line revenue numbers for those programs. So I think that's where you're seeing the some of the bigger jumps in numbers is because we have these other products and services that we're able to offer and that in turn is having a very good impact on our or a very good result on our top level.

是的，我認為，我不想說這是因為人們正在推動更多的內科或專科藥物的發展。順便說一句，我肯定會說這與辦公室內無關，因為那更像是一種醫療福利產品。如果你看一下我們擁有的產品的濃度。我們正在為其運行專案的品牌，在專業方面，我們確實非常傾向於腫瘤學、血液學類型的產品，以及專業領域的類似產品。我們確實擁有大量零售業務，而且還在成長。我認為，您在營收成長中看到推動力是我們在去年第四季啟動的各類計劃，這些計劃現在已全面啟動並運行。在第一季和第二季之後，一些附加產品（如動態業務規則）將對這些項目的總收入數字產生影響。所以我認為，您看到數字出現較大增長是因為我們能夠提供其他產品和服務，而這反過來又對我們的最高水平產生了非常好的影響或非常好的結果。

Okay, that makes sense. I appreciate it.

好的，這很有道理。我很感激。

Thank you. We reached out of our question and answer session. I'd like to turn the floor back over for any further closing comments.

謝謝。我們結束了問答環節。我想再次請大家發表進一步的結論。

Thanks, Kevin. To wrap up, Q2 was a breakout quarter for pay sign with record revenue, stronger margins, and accelerating growth and patient affordability, underscoring the momentum more building as we scale to meet rising demand and broaden our reach in the plasma industry and innovative technology, we remain confident in our strategy and excited about what lies ahead. I want to thank the entire paign team for their incredible focus and execution, and thank you all for joining us today and for your continued interest and support.

謝謝，凱文。總而言之，第二季度是薪酬標誌突破性的一個季度，收入創歷史新高，利潤率更高，增長加速，患者負擔能力增強，這突顯了隨著我們擴大規模以滿足不斷增長的需求並擴大我們在血漿行業和創新技術領域的影響力，我們對我們的戰略充滿信心，並對未來感到興奮。我要感謝整個 paign 團隊的出色專注和執行力，也感謝大家今天的加入我們以及你們一直以來的關注和支持。

Thank you. It does include today's teleconference and webcasting we disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。它確實包括今天的電話會議和網路廣播，我們此時斷開您的線路，祝您有美好的一天。我們感謝您今天的參與。