Q2 2024 Paysign Inc Earnings Call Transcript
Key Points
- Revenue for the second quarter reached $14.3 million, a robust increase of nearly 30% compared to the second quarter of 2023.
- Adjusted EBITDA increased 96% to $2.24 million, translating to $0.04 per fully diluted share.
- Patient affordability business revenue increased by 267% year-over-year, contributing significantly to overall growth.
- Gross profit margin improved by 200 basis points to 52.9% compared to the same period last year.
- Strong performance in the plasma donor compensation business with a 13% increase in plasma revenues year-over-year.
- SG&A expenses increased by 13.5% to $6 million, reflecting higher costs associated with growth.
- Total operating expenses increased by 19.1% to $7.5 million, driven by investments in IT and personnel.
- Net income for the quarter was $697,000, which, while positive, is relatively modest compared to revenue growth.
- The company experienced a $1.7 million decline in unrestricted cash from the end of 2023.
- The need for continuous investment in personnel and technology to support growth may pressure margins in the short term.
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 Paysign, Inc., second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
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 on the Investor Relations section of our website, paysign.com, which includes reconciliations of non-GAAP 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 are 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
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