Paysign Targets $117M Revenue as Patient-Affordability Business Surges

Paysign Targets $117M Revenue as Patient-Affordability Business Surges

Key Points Patient-affordability revenue is surging: The segment grew more than 85% in the first half and is expected to generate about $60 million this year, up from $34 million, supported by 157 active programs and planned additions of 50–60 more. Paysign raised its growth profile through both businesses: The company expects revenue of $114 million–$117 million, adjusted EBITDA of $35 million–$38 million, and net income of $21.5 million–$23 million this year. Plasma revenue is projected to approach $57 million, up from roughly $44 million in 2024. Operating leverage and financial strength support expansion: Shared infrastructure is driving margin gains, while Paysign has no bank debt and more than $30 million in unrestricted cash. The company is also developing Apherian software to expand its plasma-center technology offering.

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 roug...