Paysign Inc (PAYS) 2026 Q1 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 Paysign, Inc's first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好。我叫 Kevin，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Paysign, Inc 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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 can be found in the Investor Relations section of our website, paysign.com, which includes reconciliations of non-GAAP measures to GAAP reported amounts.

除非另有說明，今天電話會議中關於 Paysign 財務結果的評論將以 GAAP（一般公認會計原則）為基礎。Paysign 的財報新聞稿已於今日稍早提交至美國證券交易委員會（SEC），並可於我們網站 paysign.com 的投資人關係（Investor Relations）專區查閱，其中包含非 GAAP 指標與 GAAP 申報金額之間的調節表。

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 earnings release and in our section of SEC recent SEC filings.

此外，如我們財報新聞稿中更詳細所述，我想提醒各位，今天的電話會議將包含關於 Paysign 未來表現的前瞻性陳述。實際表現可能與這些前瞻性陳述存在重大差異。可能影響未來表現的因素摘要載於 Paysign 財報新聞稿末尾，以及我們向 SEC 提交之近期申報文件中的相關章節。

Lastly, a replay of this call will be available on August 12 -- until August 12, 2026. Please see Paysign's first quarter 2026 earnings call announcement for details on how to access the replay.

最後，本次電話會議的重播將提供至 2026 年 8 月 12 日。請參閱 Paysign 2026 年第一季財報電話會議公告，以了解如何收聽重播的詳細資訊。

It's now my pleasure to turn the call over to Mr. Mark Newcomer, President and CEO. Please go ahead.

現在我很榮幸將電話交給總裁兼執行長 Mark Newcomer 先生。請開始。

Thank you, Kevin. Good afternoon, everyone, and thank you for joining us today for Paysign's first quarter 2026 earnings call. I'm Mark Newcomer, President and Chief Executive Officer. Joining me today is Jeff Baker, our Chief Financial Officer. Also on the call are Matt Turner, our President of Patient Affordability; and Matt Lanford, our Chief Payments Officer, both of whom will be available for Q&A following our prepared remarks.

謝謝你，Kevin。各位下午好，感謝各位今天參加 Paysign 2026 年第一季財報電話會議。我是 Mark Newcomer，總裁兼執行長。今天與我一同出席的是我們的財務長 Jeff Baker。同時在線上的還有我們的病患可負擔性業務總裁 Matt Turner，以及我們的首席支付官 Matt Lanford；兩位都將在我們的準備發言後參與問答。

Earlier today, we announced our first quarter financial results, which marked the strongest start to a year in Paysign's history. Revenue grew 50.8% to $28 million, exceeding the high end of guidance we provided in March. Net income increased 110% to $5.4 million and adjusted EBITDA increased 113% to $10.6 million. Most notably, operating margins increased 1,040 basis points or 10.4% year-over-year, demonstrating the operating leverage inherent in our business as we scale across health care and financial ecosystems.

今天稍早，我們公布了第一季財務結果，這也創下 Paysign 歷史上一年之中最強勁的開局。營收成長 50.8% 至 2,800 萬美元，超出我們在 3 月提供之財測區間上緣。淨利成長 110% 至 540 萬美元，調整後 EBITDA 成長 113% 至 1,060 萬美元。最值得注意的是，營業利益率年增 1,040 個基點（即 10.4%），顯示隨著我們在醫療保健與金融生態系中擴張規模，業務具備內生的營運槓桿。

We continue to see strong growth across the patient affordability business in the first quarter. Revenue grew 82% year-over-year to $15.7 million, and claim volume was approximately 49% higher than Q1 2025, driven by a combination of new programs launched over the past year, organic growth within the existing programs and the continued ramp of our largest pharmaceutical clients.

我們在第一季持續看到病患可負擔性業務的強勁成長。營收年增 82% 至 1,570 萬美元，理賠量較 2025 年第一季約高出 49%，主要由過去一年推出的新方案、既有方案的自然成長，以及我們最大藥廠客戶的持續放量共同帶動。

As expected, this rate reflects a larger and more established revenue base than a year ago. In Q1 alone, patient affordability generated nearly as much revenue as it did in the first half of 2025. During the quarter, our patient affordability business delivered more than $540 million in financial assistance to patients, a meaningful step-up from approximately $320 million in the first quarter of last year.

如預期所示，這一成長率反映出相較一年前更大且更成熟的營收基礎。僅在第一季，病患可負擔性業務所創造的營收幾乎等同於 2025 年上半年。本季我們的病患可負擔性業務為病患提供超過 5.4 億美元的財務協助，較去年第一季約 3.2 億美元有顯著提升。

That growth reflects both the increased number of patients we are serving and the expanding role our business plays in supporting access to high-cost branded therapies. Our dynamic business rules technology continues to deliver substantial economic value to our pharmaceutical clients and the patients that rely upon their therapies, demonstrating both the scale our platform now operates at and the differentiated value our technology provides in helping manufacturers navigate co-pay maximizer and accumulator programs.

這項成長反映出我們服務的病患人數增加，以及我們的業務在支持高成本品牌療法可近性方面所扮演的角色持續擴大。我們的動態商業規則技術持續為藥廠客戶及依賴其療法的病患創造可觀的經濟價值，展現出我們平台目前的運行規模，以及我們技術在協助製造商因應共付額最大化（co-pay maximizer）與累積器（accumulator）方案方面所提供的差異化價值。

We launched four new programs in the first quarter, bringing total active programs to 135. As is typical for the industry, Q1 is the most operationally constrained period of the year as manufacturers, payers and pharmacy partners work through plan year transitions, formulary changes and deductible resets. Against that backdrop, our pipeline remains robust, and we are on track to exceed the 55 net program additions we launched in 2025.

我們在第一季推出 4 個新方案，使目前啟用中的方案總數達到 135 個。如同產業慣例，第一季通常是一年中營運最受限制的期間，因為製造商、付款方與藥局合作夥伴需要處理保單年度轉換、處方集（formulary）變更以及自付額重置。在此背景下，我們的商機管線仍然強勁，並有望超越我們在 2025 年新增的 55 個淨方案數。

The strength of that pipeline reflects the trust pharmaceutical manufacturers continue to place in Paysign as a partner in helping patients access and afford the therapies they need. Taken together, the increase we are seeing in program count, claim volume and benefit dollars deployed reinforce both the scalability of our platform and the durability of demand for our solutions.

該管線的強勁，反映出藥品製造商持續信任 Paysign，將我們視為協助病患取得並負擔所需療法的合作夥伴。綜合而言，我們在方案數、理賠量與發放的補助金額上所看到的提升，進一步印證了我們平台的可擴展性，以及市場對我們解決方案需求的持久性。

Last month, we attended the Assembia Specialty Pharmacy Summit, ASX 26 in Las Vegas. Assembia is the most important annual gathering in the specialty pharmaceutical industry and consistently one of the most productive pipeline-generating events on our calendar. It is where the decision-makers across pharmaceutical manufacturers, specialty pharmacies, hub providers and payer partners come together in one place. And the conversations we had during those three days helped shape our commercial road map for the balance of the year. ASX 26 was no exception.

上個月，我們參加了在拉斯維加斯舉行的 Assembia Specialty Pharmacy Summit（ASX 26）。Assembia 是專科藥品產業最重要的年度聚會，也是我們行事曆上最能有效產生商機管線的活動之一。在這裡，來自藥品製造商、專科藥局、樞紐服務提供商（hub providers）與付款方合作夥伴的決策者齊聚一堂。而我們在那三天的對話，也協助形塑我們今年剩餘期間的商業路線圖。ASX 26 也不例外。

We conducted more than 50 meetings over three days and closed new business while on site. The breadth and depth of these conversations, combined with the deals we secured in real time, reinforce our confidence in both the demand environment and the strength of our pipeline heading into the remainder of 2026. Turning to our plasma donor compensation business. In the first quarter, plasma contributed $11.7 million in revenue, a 25% increase over $9.4 million in Q1 2025. Our plasma business also remains a strong source of cash generation, facilitating investments in high opportunity areas.

我們在三天內進行了超過 50 場會議，並在現場就完成了新業務成交。這些對話的廣度與深度，加上我們即時拿下的交易，進一步強化了我們對 2026 年剩餘期間需求環境與商機管線強度的信心。接著談到我們的血漿捐贈者補償業務。第一季血漿業務貢獻營收 1,170 萬美元，較 2025 年第一季的 940 萬美元成長 25%。我們的血漿業務也仍是強勁的現金創造來源，支持我們在高機會領域的投資。

Looking ahead, we expect continued revenue growth as existing centers fill excess capacity, much of which has been unlocked by recent advances in plasmapheresis hardware, bringing significant efficiencies to the plasmapheresis process. In response to that capacity gain, several of our larger collectors have consolidated operations, closing some lower-performing centers.

展望未來，隨著既有中心填補多餘產能，我們預期營收將持續成長；而這些產能在很大程度上得益於近期血漿分離（plasmapheresis）硬體的進步，為血漿分離流程帶來顯著效率提升。因應產能提升，我們部分較大型的採集商已整併營運，關閉一些表現較弱的中心。

Historically, these closures have had minimal impact on our results as donors typically transition to nearby centers, and we expect that same pattern to play out following our clients' closure of 19 centers in early May. We exited the quarter with 573 centers, an increase of 89 centers over the previous year, but 22 less than the end of 2025 as several low-performing centers were either sold to collectors that do not utilize our services or closed.

歷來看，這些關閉對我們的業績影響極小，因為捐贈者通常會轉往附近的中心；我們預期在客戶於 5 月初關閉 19 個中心後，也會出現同樣的模式。本季末我們共有 573 個中心，較去年增加 89 個，但較 2025 年底少 22 個，原因是數個表現較弱的中心不是被出售給不使用我們服務的採集商，就是被關閉。

Again, we do not believe these closings will negatively affect our growth outlook, and we continue to pursue the remaining plasma collection companies that we do not currently service. In late April, we sponsored the International Plasma Protein Congress in Milan, Italy, where we engaged with plasma collectors, device manufacturers and industry participants from the US Europe and Asia.

再次強調，我們不認為這些關閉會對我們的成長展望造成負面影響，我們也持續爭取目前尚未由我們提供服務的其餘血漿採集公司。4 月下旬，我們贊助了在義大利米蘭舉行的 International Plasma Protein Congress，並與來自美國、歐洲與亞洲的血漿採集商、設備製造商及產業參與者交流。

The conference generated meaningful progress for our Software-as-a-Service suite of solutions, including the discussions with plasma collection companies across all three regions and with plasmapheresis device manufacturers regarding direct integration to our platform. Direct integration of our software with plasmapheresis device eliminates manual steps that can introduce human error in the collection process.

該會議為我們的軟體即服務（SaaS）解決方案套件帶來了具體進展，包括與三大區域的血漿採集公司之討論，以及與血漿分離設備製造商就直接整合至我們平台的交流。將我們的軟體與血漿分離設備直接整合，可消除採集流程中可能引入人為錯誤的手動步驟。

It also streamlines implementation and reduces friction for collection centers when transitioning to our platform, creating a clear operational benefit. Beyond the US we continue to view Europe and Asia as significant long-term opportunities for our SaaS solutions across the blood and plasma collection industries.

這也能簡化導入流程，並降低採集中心在轉換至我們平台時的摩擦，帶來明確的營運效益。除美國以外，我們仍將歐洲與亞洲視為我們 SaaS 解決方案在血液與血漿採集產業中的重要長期機會。

In summary, the first quarter marked an outstanding start to 2026 and a meaningful inflection point for Paysign. We delivered record results across the business and more importantly, validated strategic direction we have set, purpose-built platforms grounded in deep industry expertise, scaling with discipline as we grow.

總結而言，第一季為 2026 年帶來了極為出色的開局，並成為 Paysign 的一個重要轉折點。我們在各項業務上交出創紀錄的成果；更重要的是，我們驗證了既定的策略方向——以深厚的產業專業為基礎打造專用平台，並在成長過程中以紀律擴張規模。

With strong momentum in patient affordability, a robust pipeline and expanding opportunities both within and beyond health care, we are well positioned to drive sustained growth and create long-term value for shareholders, customers and the individuals we ultimately serve.

在病患可負擔性方面的強勁動能、穩健的產品管線，以及醫療保健領域內外不斷擴大的機會推動下，我們已具備良好條件以驅動可持續成長，並為股東、客戶以及我們最終服務的個人創造長期價值。

With that, I'll turn it over to Jeff for additional details on our first quarter financial results.

接下來，我將把時間交給 Jeff，請他就我們第一季的財務結果提供更多細節。

Thank you, Mark. Good afternoon, everyone. As Mark highlighted, our first quarter results reflect the continued momentum in our business, the growing financial impact of our patient affordability platform and the inflection point we have reached as it relates to operating leverage.

謝謝你，Mark。各位下午好。如 Mark 所強調，我們第一季的結果反映了業務持續的動能、病患可負擔性平台日益增長的財務影響，以及我們在營運槓桿方面所達到的拐點。

For the first quarter, total revenues increased 50.8% year-over-year to $28 million. Pharma industry revenue increased 81.9% year-over-year to $15.7 million, driven by 45 net pharma patient affordability programs launched during the past 12 months and a corresponding increase in monthly management fees, setup fees, claim processing fees and other billable services such as dynamic business rules and customer service contact center support.

第一季總營收年增 50.8% 至 2,800 萬美元。製藥產業營收年增 81.9% 至 1,570 萬美元，主要受過去 12 個月新增啟動 45 個製藥病患可負擔性方案所帶動，並帶來每月管理費、建置費、理賠處理費，以及其他可計費服務（如動態商業規則與客服聯絡中心支援）的相應增加。

Process claims increased by approximately 49% compared to the first quarter of 2025. For the first time, Pharma surpassed plasma to become our largest revenue contributor in the quarter, a milestone that reflects the strategic direction we have been executing against and the growing importance patient affordability plays in our business. Plasma revenue increased 24.9% year-over-year to $11.7 million.

處理的理賠量較 2025 年第一季約增加 49%。本季製藥業務首次超越血漿業務，成為我們最大的營收貢獻來源；此一里程碑反映了我們正在執行的策略方向，以及病患可負擔性在我們業務中日益重要的地位。血漿營收年增 24.9% 至 1,170 萬美元。

The average monthly revenue per center increased to $6,671 versus $6,517, and the average number of loads per center increased on a year-over-year basis for the first time since the industry experienced an inventory correction that began in 2024.

每中心平均月營收提升至 6,671 美元（相較於 6,517 美元），且每中心平均負載量在年對年基礎上首次增加；此前產業自 2024 年開始經歷庫存修正。

As Mark noted, we exited the quarter with 573 centers, below our guidance of 589 as one customer notified us they had sold all their centers to a competing provider. These centers contributed approximately $650,000 in 2025 revenue and averaged less than $3,500 per month in revenue, which is below the corporate average of $6,671.

如 Mark 所提及，我們在季末共有 573 個中心，低於我們指引的 589 個，原因是一位客戶通知我們其已將所有中心出售給一家競爭供應商。這些中心在 2025 年貢獻約 65 萬美元營收，且平均每月營收低於 3,500 美元，低於公司平均的 6,671 美元。

Gross profit margin expanded to 65% from 62.9% in the first quarter of 2025, reflecting a greater mix of Pharma revenue, which carries higher gross margins than our plasma business. Cost of revenues increased 42.2%, driven mainly by increased call center support expense associated with the growth in both our Plasma and Pharma businesses and higher processing and commission costs, all of which grew well below our revenue growth of 50.8%, demonstrating the operating leverage inherent in our business.

毛利率由 2025 年第一季的 62.9% 擴大至 65%，反映製藥營收占比提高，而製藥業務的毛利率高於我們的血漿業務。營收成本增加 42.2%，主要由於隨著血漿與製藥業務成長而增加的客服中心支援費用，以及較高的處理與佣金成本；上述成本增幅皆明顯低於 50.8% 的營收成長，展現我們業務內在的營運槓桿。

Total operating expenses were $11.6 million, an increase of 25.5% from $9.2 million in the first quarter of 2025, again, well below our revenue growth rate. Selling, general and administrative expenses increased 20.5% to $8.9 million, which includes stock-based compensation of $1.3 million. Depreciation and amortization increased $835,000 due primarily to the amortization of intangible assets from our Gamma acquisition and capitalization of new software development costs.

總營業費用為 1,160 萬美元，較 2025 年第一季的 920 萬美元增加 25.5%，同樣遠低於我們的營收成長率。銷售、一般及行政費用增加 20.5% 至 890 萬美元，其中包含 130 萬美元的股份基礎給付。折舊與攤銷增加 83.5 萬美元，主要由於我們收購 Gamma 所產生的無形資產攤銷，以及新軟體開發成本的資本化。

A highlight of the quarter is overall operating leverage amidst strong revenue growth. Operating margin expanded to 23.8% from 13.4% in the first quarter of 2025, an improvement of over 1,000 basis points. Put another way, we converted approximately $9.4 million in incremental revenue into $4.2 million in operating income. Here are a few other important details for the quarter. Income before taxes increased to $7.5 million from $3.3 million in the first quarter of 2025.

本季亮點之一是在強勁營收成長下的整體營運槓桿。營業利益率由 2025 年第一季的 13.4% 擴大至 23.8%，改善超過 1,000 個基點。換句話說，我們將約 940 萬美元的增量營收轉化為 420 萬美元的營業利益。以下是本季另外幾項重要細節。稅前利益由 2025 年第一季的 330 萬美元增加至 750 萬美元。

The company recorded an income tax provision of $2 million, resulting in an effective tax rate of 27.2% compared to 20.5% in the first quarter of 2025. The higher rate reflects discrete item adjustments primarily related to the increase in our stock price at March 31, 2026, compared to the same period last year, which reduced the tax benefit from stock-based compensation relative to the prior year period.

公司認列所得稅費用 200 萬美元，使有效稅率為 27.2%，相較 2025 年第一季的 20.5%。較高的稅率反映一次性項目調整，主要與 2026 年 3 月 31 日我們股價較去年同期上升有關，導致股份基礎給付所帶來的稅務利益相較前一年同期減少。

Net income for the quarter totaled $5.4 million or $0.09 per fully diluted share, an increase from $2.6 million or $0.05 per fully diluted share in the first quarter of 2025. Adjusted EBITDA, which excludes stock-based compensation and is used by management to evaluate core operating performance, increased 113.4% to $10.6 million or $0.17 per fully diluted share versus $5 million or $0.09 per fully diluted share in the first quarter of 2025.

本季淨利合計 540 萬美元，或每股完全稀釋後 0.09 美元，高於 2025 年第一季的 260 萬美元或每股完全稀釋後 0.05 美元。調整後 EBITDA（排除股份基礎給付，並由管理層用於評估核心營運表現）增加 113.4% 至 1,060 萬美元，或每股完全稀釋後 0.17 美元；相較 2025 年第一季為 500 萬美元或每股完全稀釋後 0.09 美元。

Adjusted EBITDA margin expanded to 37.8% from 26.7% a year ago. The fully diluted share count used in calculating per share amounts was $61 million versus $55.1 million in the prior year period. We exited the quarter with $20.5 million in unrestricted cash and zero bank debt. Restricted cash increased $15 million to $159 million, primarily related to customer program deposits for our Plasma and Pharma customers and an increase in funds on card.

調整後 EBITDA 利潤率由一年前的 26.7% 擴大至 37.8%。用於計算每股數據的完全稀釋後股數為 6,100 萬股，去年同期為 5,510 萬股。我們在季末擁有 2,050 萬美元的非受限現金，且無任何銀行負債。受限現金增加 1,500 萬美元至 1.59 億美元，主要與血漿與製藥客戶方案存款，以及卡片資金（funds on card）增加有關。

Now turning to our outlook. Our first quarter results exceeded our guidance across every line of the income statement. Revenue of $28 million exceeded the high end of our $27 million to $27.5 million guidance range. Operating margin of 23.8% finished above our guided range of 20% to 22% and net margin of 19.4% exceeded the top of our 17% to 19% range. Based on our strong start to the year, we are increasingly confident in our ability to achieve the upper end of our 2026 guidance ranges.

接著談我們的展望。第一季結果在損益表的每一個項目均超越我們的指引。2,800 萬美元的營收高於我們 2,700 萬至 2,750 萬美元指引區間的上緣。23.8% 的營業利益率高於我們 20% 至 22% 的指引區間，19.4% 的淨利率也超過我們 17% 至 19% 區間的上緣。基於今年強勁的開局，我們對達成 2026 年指引區間上緣的能力愈發有信心。

We continue to expect full year revenue of $106.5 million to $110.5 million, representing 30% to 35% year-over-year growth with gross profit margins between 60% and 62%. Net income is expected to be in the range of $13 million to $16 million or $0.21 to $0.26 per diluted share, and adjusted EBITDA is expected to be in the range of $30 million to $33 million or $0.49 to $0.53 per diluted share.

我們仍預期全年營收為 1.065 億至 1.105 億美元，代表年增 30% 至 35%，毛利率介於 60% 至 62%。預期淨利介於 1,300 萬至 1,600 萬美元，或每股稀釋後 0.21 至 0.26 美元；調整後 EBITDA 預期介於 3,000 萬至 3,300 萬美元，或每股稀釋後 0.49 至 0.53 美元。

As of today, we have 141 active patient affordability programs and expect to exit the quarter with 147 to 150 active programs. We also expect our active plasma center count to decline to 555 to 560 centers as a customer closed 19 underperforming centers in May. As in the past, we do not expect any financial impact from these closures as we expect cardholders from these underperforming centers to transition to other centers.

截至今日，我們有 141 個正在運作的病患可負擔性方案，並預期在本季末達到 147 至 150 個正在運作的方案。我們也預期活躍血漿中心數將下降至 555 至 560 個中心，因為一位客戶於 5 月關閉了 19 個表現不佳的中心。如同以往，我們不預期這些關閉會帶來任何財務影響，因為我們預期這些表現不佳中心的持卡人將轉移至其他中心。

As a reminder, there is seasonality in both our main businesses. Pharma revenues are typically highest in the first quarter as patient affordability claims peak with annual insurance deductible resets and then moderate throughout the balance of the year.

提醒一下，我們兩大主要業務皆具有季節性。製藥營收通常在第一季最高，因病患可負擔性理賠會隨年度保險自付額重置而達到高峰，之後在全年其餘期間趨於和緩。

Plasma revenues by contrast, tend to be softest in the first quarter and build through the remainder of the year as donor activity normalizes following tax refund season. These seasonal dynamics are anticipated and fully reflected in our full year guidance.

相較之下，血漿營收通常在第一季最為疲弱，並在全年其餘期間逐步回升，因捐贈者活動在退稅季後趨於正常化。我們已預期這些季節性動態，並已完整反映在我們的全年指引中。

Overall, our first quarter results validate the financial framework we laid out in March and the operating leverage we are generating gives us confidence in our ability to continue delivering on the forecast we have outlined for 2026. With that, I would like to turn the call back over to Kevin for question and answers.

整體而言，我們第一季的結果驗證了我們在 3 月提出的財務架構，而我們正在產生的營運槓桿也讓我們對持續達成 2026 年所概述的預測更具信心。接下來，我想把電話會議交回 Kevin 進行問答。

(Operator Instructions)

（接線員指示）

Jacob Stephan, Lake Street Capital Markets.

Lake Street Capital Markets 的 Jacob Stephan。

Yeah. Hey, guys. Appreciate you taking the questions. Congrats on a nice quarter here. Mark, you made a comment that in the beginning of the call, you said you expect to exceed 55 net program adds that you did in 2025. I guess for starters, what's kind of driving the confidence in the strength in the pipeline? Is there a onetime event out there that you're seeing? Or is this mostly -- and maybe the Part B, is this mostly new or existing customers that are additive in the back half of the year?

是的。嗨，各位。感謝讓我提問。恭喜本季表現不錯。Mark，你在電話會議一開始提到，你預期 2025 年做到的 55 個淨新增方案數將會被超越。我想先問，推動你對管線強勁有信心的因素是什麼？你們看到的是某個一次性的事件嗎？或者主要是——第二部分，主要是來自新客戶還是既有客戶，在今年下半年帶來增量？

Hey, this is Matt Turner. So I think if you were to look at what the pipeline looks right now, there's a pretty good mix, probably around 50-50 when you look at the program count that we're talking about now like going over 55, where half are going to be entirely new clients and the other half is going to be growth inside of existing clients.

嗨，我是 Matt Turner。我想如果你看目前的管線組成，整體混合相當不錯；以我們現在談的方案數（例如超過 55）來看，大概是 50/50：一半會是全新的客戶，另一半則是既有客戶內部的成長。

I don't think it's any there's not one moment of inflection point. Last time on the call, we talked about kind of what inning were we in. And I think this is showing that what we've built on in the first inning, right, is coming through now.

我不認為有任何——並沒有某個單一的拐點時刻。上次電話會議我們談到我們處於哪一局（inning）。我認為這顯示我們在第一局所建立的基礎，現在正在發揮效果。

So we've got a larger client base. So we're going to continue to see new programs from those clients and then also selling never stops. So we're always trying to bring new clients onto the platform.

因此我們有更大的客戶基礎。所以我們會持續看到這些客戶帶來新的方案，同時銷售也不會停止。因此我們一直在努力把新客戶導入平台。

Got it. And I mean, if I'm wrong on the numbers, that kind of implies like 190 programs exiting 2026. I guess from a capacity standpoint, you guys feel like you have the extra bandwidth? I guess, what's needed to fully add those programs?

了解。而且我的數字如果沒算錯，這大概意味著 2026 年底退出時會有約 190 個方案。從產能角度來看，你們覺得有額外的帶寬可以支撐嗎？要完整新增這些方案，需要做些什麼？

I don't think there's anything else needed. I mean we'll continue to hire people to support the business on the account management side. From an IT perspective, the systems are robust and well positioned to handle the growth that we have this year and any years coming.

我不認為還需要其他什麼。我的意思是，我們會持續在客戶管理端招募人員以支援業務。從 IT 角度來看，系統很穩健，也已就位，足以應付今年以及未來各年的成長。

So we've built systems that are high availability, high demand. The partners that we have in the space are all used to higher claim volumes like this. So we're confident that we have everything in place that we need to continue to scale the growth year after year.

我們打造的是高可用性、可承受高需求的系統。我們在這個領域的合作夥伴也都習慣處理像這樣更高的理賠量。因此我們有信心，已具備持續逐年擴大規模所需的一切。

And then maybe if we could just touch on the -- some of the guidance commentary. I know you guys said you expect revenue to be roughly equal. Looking at kind of the plasma centers, obviously, you're expecting a decline in Q2 here. I think that implies a pretty significant ramp in the back half for plasma revenue, if I'm catching that right?

另外也許我們可以談一下——一些財測指引的說明。我知道你們說預期營收大致持平。看血漿中心這塊，顯然你們預期第二季會下滑。如果我理解正確，這似乎意味著下半年血漿營收會有相當顯著的拉升？

No, revenue for plasma should be up sequentially and continue to grow throughout the rest of the year. So the centers that we called out for the quarter that were sold were garbage centers, to be quite honest with you, and they were below our corporate averages. And then the centers that were consolidated or shut down, that company has other centers within the proximity of the ones that they closed. So what's going to happen is those cardholders are just going to move over.

不，血漿營收應該會季增，並在今年剩餘期間持續成長。我們在本季提到被出售的那些中心，坦白說是品質很差的中心，而且低於我們的公司平均水準。至於被整併或關閉的中心，那家公司在被關閉中心附近還有其他中心。所以接下來會發生的是，那些持卡人會直接轉移過去。

But we there are some the -- I put some comments out there to give you kind of a heads up. I mean we saw average loads per center up for the first time since 2024 on a year-over-year basis. So we talked about the inventory overhang that we experienced all throughout 2025, and we're seeing early indications that we're through that.

不過我們確實有一些——我提出一些評論，算是先讓你有個心理準備。我的意思是，我們看到每中心平均載入金額（average loads per center）自 2024 年以來首次在年對年基礎上上升。我們談過 2025 年整年經歷的庫存過剩（inventory overhang），而我們看到一些早期跡象顯示已經度過那段期間。

Now what you're seeing is some of the plasma companies trying to become more efficient. They're closing underperforming centers. We've run the numbers on those centers. They should have closed them a long time ago, to be honest with you. But as a matter of fact that we've gone through this before pretty much every year, and it doesn't impact the numbers.

現在你看到的是一些血漿公司正試圖提高效率。他們正在關閉表現不佳的中心。我們已經跑過那些中心的數字。坦白說，他們早就該關了。但事實上，我們幾乎每年都經歷過這種情況，而它不會影響數字。

So we expect plasma to continue to grow throughout the year and hold to that 50-50 mix right now as we see it, subject to change as we move forward.

因此我們預期血漿業務會在今年持續成長，並維持目前我們所看到的 50/50 組合，未來隨著進展可能會有所變動。

Okay. Appreciate the color, guys. Congrats again.

好的。感謝補充說明，各位。再次恭喜。

Thanks, Jacob.

謝謝你，Jacob。

Gary Prestopino, Barrington Research.

Barrington Research 的 Gary Prestopino。

Hey, good afternoon, everyone. Jeff, you guys are throwing around a lot of numbers here. I want to make sure that I've got this right. By your press release, you say you have 135 pharma programs right now, correct?

各位下午好。Jeff，你們這裡提了很多數字。我想確認我理解正確。依你們的新聞稿，你們現在有 135 個藥廠（pharma）方案，對嗎？

No. Per the press release for the quarter, we exited the quarter with 135 programs. As I sit here today at 5:20, we have 141 active programs. By the end of the second quarter, I have told you that we will have between 147 to 150 active programs.

不是。依本季新聞稿，我們在季末退出時有 135 個方案。以我現在 5:20 坐在這裡的時間點，我們有 141 個在運作中的方案。到第二季末，我已告訴各位我們會有 147 到 150 個在運作中的方案。

Okay. That's what I was confused about. And then for the plasma, you got 573 and you're going to be between 550 and 560.

好的。這就是我困惑的地方。那血漿方面，你們是 573，然後會落在 550 到 560 之間。

Right. We were at 573 at the end of the quarter. And then we had a customer notify us that they were shutting centers on May 5, 19 centers. And then I said that we expect to end the second quarter with between 555 and 560 because we have some other new centers opening in the pipeline.

對。我們在季末是 573。然後有一位客戶在 5 月 5 日通知我們他們要關閉中心，共 19 家。我也說過，我們預期第二季末會在 555 到 560 之間，因為管線中還有一些新的中心會開幕。

Okay. That's helpful. I just want to make sure I got that right. So you talked a little bit, Mark, about your plasma platform, how you're integrating into these providers. What are the competitive advantages to an entity integrating into the platform, number one.

好的。這很有幫助。我只是想確認我理解正確。所以 Mark，你稍微談到你們的血漿平台，以及你們如何整合進這些供應商。第一，實體把系統整合進你們平台的競爭優勢是什麼？

How does that work in conjunction with the app that you've developed? And then are there any other players out there that have a platform with your technological capabilities?

這與你們開發的 App 是如何搭配運作的？另外，市場上是否還有其他玩家擁有具備你們這種技術能力的平台？

If we look at our entire ecosystem of what we've built, the platform with the various modules of the app, the CRM, the qualitative analysis and everything else, we do not see any other peers that are out there that have built anything like we've built. It's kind of some of the feedback we've gotten, the pieces of the software can communicate together and feed off one another is definitely a step-up from what folks have had.

如果我們看我們打造的整個生態系——平台、App 的各種模組、CRM、質化分析以及其他一切——我們沒有看到任何其他同業做出像我們這樣的東西。這算是我們收到的一些回饋：軟體的各個部分能彼此溝通、互相提供資料支援，確實比大家過去擁有的方案更上一層樓。

So if you look at it from a plasma center perspective, it provides less friction for what they have currently and allows for a center to really not only have less friction, but just more ease of use and how they interact with the donors, engagement all the way through. So it's really about less friction and just better capabilities.

所以從血漿中心的角度來看，它能降低他們目前流程中的摩擦，讓中心不僅摩擦更少，也更容易使用，並改善他們與捐贈者互動、從參與到全流程的體驗。所以重點就是更少摩擦，以及更好的能力。

Okay, thank you. And then just a couple of more, and I'll jump off. I believe one of the individuals, and I forgot your name on this is that you're talking about the pharma programs and about 50% are takeaways, 50% are new programs. Is that about how your new wins are playing out?

好的，謝謝。再問幾個我就下線。我記得你們其中一位（我忘了名字）提到藥廠方案大約 50% 是從別處拿下來的（takeaways），50% 是新方案。你們的新贏單大致就是這樣的組成嗎？

A bit of a difference there. You're talking about -- he was asking questions about new clients versus existing clients, right? So we look at a client as being a manufacturer. the manufacturer may have 30 drugs. So if they've given us five, right, last year, and then they add another two or three programs this year, right?

這裡有點差異。你說的是——他在問新客戶與既有客戶的問題，對吧？所以我們把一個客戶視為一家製造商。該製造商可能有 30 種藥品。所以如果他們去年給了我們五個（專案），然後今年又再增加兩到三個計畫，對吧？

So we're going to say that's existing client additions. That would be different than transitions versus launches. I don't really have a set number right now that I can tell you, hey, here's how we think that's going to line up because the pipeline is the pipeline, right? It's living and breathing. I think we will see a larger number of transitions than we see new product launches this year.

那我們會說這是既有客戶的新增（專案）。這會不同於轉換（transition）與上市（launch）的概念。我目前沒有一個固定數字可以告訴你：嘿，我們認為這會怎麼對齊，因為管線就是管線，對吧？它是活的、會變動的。我認為今年我們會看到轉換的數量多於新產品上市。

But that's where we're sitting right now in May. But at the end of the day, the outcome is still going to be the same where we're looking at hitting our guidance targets.

但這是我們目前在 5 月的看法。不過歸根結底，結果仍會是一樣的：我們會以達成我們的財測指引目標為準。

Okay. And then just last one, just real quick and I'll let somebody else get on. It looks like you talked about the conversion of incremental revenue to incremental operating income. I'm measuring it differently. I'm looking at it incremental adjusted EBITDA conversion.

好的。然後最後一個問題，很快問完我就讓其他人接著問。看起來你談到增量營收轉換為增量營業利益的轉換率。我衡量方式不太一樣。我看的是增量調整後 EBITDA 的轉換率。

And it looked like that was close to 60% in the quarter, Jeff. And then if you look at your guidance going forward, I'm just looking at my numbers, it drops down considerably over the next three quarters. Now is that just a function of mix because you're going to get more plasma revenue in the mix versus patient affordability?

Jeff，看起來本季接近 60%。但如果看你接下來的財測指引，我只是用我自己的數字來看，接下來三個季度它會明顯下降。這是否只是組合因素，因為組合中血漿（plasma）營收占比會提高，相較於病患可負擔性（patient affordability）？

Correct.

沒錯。

That's just it. There's no increase in spending for anything beyond just normal growth and stuff like that?

就只是這樣。除了正常成長之類的之外，沒有任何支出增加嗎？

No. I mean it's all baked into the guidance. So if you go down and go back through all the guidance that we laid out in the tabular format that's in the press release, nothing's changed. So it's really just a mix shift as we go throughout the year. Patient affordability should go down a little bit as we have claims that go down, just like it did last year, offset by new programs that we add in.

沒有。我的意思是，這些都已經反映在指引裡了。所以如果你往下看、再回頭檢視我們在新聞稿中以表格形式列出的所有指引，沒有任何改變。所以真的只是我們在一年當中推進時的組合移轉。隨著理賠（claims）下降，病患可負擔性業務應該會小幅下降，就像去年一樣，並由我們新增的計畫所抵銷。

And then plasma will continue to grow, should continue to grow throughout the year, just like it did every year since we've been in the business. So the seasonal factors unchanged, but that's what -- that will obviously cause a little shift on the margin side.

而血漿業務會持續成長，應該會在全年持續成長，就像我們自從進入這個業務以來每一年都一樣。所以季節性因素沒有改變，但這——這顯然會在毛利率/利潤率面帶來一些移動。

The comment that we're making about the margin for the purists out there who want to look at operating margin, including depreciation, amortization, stock comp, that's what the numbers were. But your numbers are absolutely correct when you look at adjusted EBITDA.

我們對於利潤率所做的評論，是針對那些想看營業利益率的純粹派——也就是包含折舊、攤銷、股票酬勞在內——那就是那些數字。但當你看調整後 EBITDA 時，你的數字完全正確。

(Operator Instructions)

（接線員指示）

Jon Hickman, Ladenburg Thalmann.

Ladenburg Thalmann 的 Jon Hickman。

Hi. Can you hear me okay?

嗨。你們聽得到我嗎？

Yeah, John, we can hear you.

有的，John，我們聽得到。

Okay. Thank you. Congrats on the quarter, pretty impressive. Could you elaborate a little more on the SaaS and the app? Is that live? Are you getting revenues now? Has it been approved by the FDA?

好的。謝謝。恭喜本季表現，真的很亮眼。你能再多談一點 SaaS 和 app 嗎？已經上線了嗎？現在有在產生營收嗎？有獲得 FDA 核准了嗎？

Currently, we're having discussions back and forth with the FDA, and that's really all I can say right now. We continue the process and looking forward to giving you guys updates as soon as we can.

目前我們正與 FDA 來回討論，而這也是我現在能說的全部。我們會持續推進流程，也期待能在可行時盡快向各位更新。

Okay. So you're not generating revenues with it right now?

好的。所以你們現在還沒有用它產生營收？

Currently, right now, no.

目前現在，沒有。

Okay. Thank you. You're welcome. And then can you comment a little bit you said something about non-pharmaceutical programs on the payment side. Any further comments on that?

好的。謝謝。不客氣。另外你能否再評論一下，你提到付款端的非製藥計畫（non-pharmaceutical programs）。對此還有更多說明嗎？

No. Really, what we're I mean, it's our mix of other business and plasma, but that's really what we have in relation to non-pharmaceutical business at this point. We do have targets that we're going after, but it's kind of premature to discuss those at this point in time. But hopefully, we'll be discussing those in the near future.

沒有。其實我們——我的意思是——就是我們其他業務與血漿業務的組合；就目前而言，這就是我們與非製藥業務相關的部分。我們確實有正在追求的目標，但現在談這些還有點太早。不過希望在不久的將來，我們會討論到這些。

Okay. Thank you. Appreciate it.

好的。謝謝。感謝。

Peter Heckmann, DA Davidson.

DA Davidson 的 Peter Heckmann。

Hey, good afternoon. Thanks for taking my question. You have your net cash slowly creeping up almost $21 million in the quarter. Do you have any material obligations beyond the -- I think there's something like $5 million or $6 million perhaps in future payments to the founders of Gamma. But beyond that, do you have any obligations on that cash? And if not, I guess, how are you thinking about allocating some of that cash over the next couple of years?

嗨，午安。謝謝回答我的問題。你們的淨現金在本季緩步上升，接近 2,100 萬美元。除了——我想可能有大約 500 萬或 600 萬美元——未來要支付給 Gamma 創辦人的款項之外，你們是否還有任何重大義務？但除此之外，這些現金還有任何義務要用嗎？如果沒有，我想問你們未來幾年會如何思考配置這些現金？

Hey, Pete, we don't have any obligations for cash payments other than the $6 million remaining to Gamma, which will be paid out annually on the next three anniversary dates in March. So right now, we're just -- we're holding on the cash, and we'll continue to do that until we find a better use for those funds. But the company has never been in this situation in this good of a situation before where we've had such high cash levels, and we'll continue to build that out there for either acquisitions or redistribution to shareholders or typically what you would do to large cash balances.

嗨，Pete，除了尚餘要支付給 Gamma 的 600 萬美元之外，我們沒有任何需要以現金支付的義務；這筆款項會在 3 月的接下來三個週年日按年支付。所以目前我們就是——先把現金留著，並會持續如此，直到我們找到更好的資金用途。但公司以前從未處在這麼好的狀況：我們有這麼高的現金水位；我們也會持續累積，未來可用於併購、回饋股東，或一般對大額現金餘額會採取的作法。

Yes. And I didn't see it in the press release and haven't seen the Q yet, but were there any share repurchases in the quarter?

是的。我在新聞稿裡沒看到，而且也還沒看到 Q（季報），但本季有進行任何庫藏股回購嗎？

There were not this quarter.

本季沒有。

All right. I appreciate it.

好。感謝。

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

我們的問答環節到此結束。我想把時間交回去，看看是否有任何補充或結語。

Thank you, Kevin. Thank you again for joining us today. We look forward to updating you on our continued progress next quarter. You all have a wonderful rest of your day.

謝謝你，Kevin。再次感謝各位今天加入我們。我們期待在下個季度向各位更新我們持續的進展。祝各位今天剩下的時間愉快。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議與網路直播到此結束。各位現在可以掛線，祝各位有美好的一天。感謝各位今天的參與。