Paysign, Inc. (NASDAQ: PAYS) reported Q3 EPS of ($0.12), $0.14 worse than the analyst estimate of $0.02.

• Third quarter net loss of $6.2 million, or diluted earnings per share (EPS) of ($0.12)
• Third quarter total revenue of negative $153 thousand, a decrease of $9.2 million, and includes a $6.3 million charge for a change in accounting estimate
• Third quarter gross dollar load volume up 1.1% versus the year-ago period and up 16.3% versus previous quarter, returning to positive territory
• Third quarter purchase volume down 12% versus the year-ago period and up 10% versus previous quarter, returning to positive territory

“The pandemic continues to have a meaningful impact on our business due to its adverse effect on our clients in the pharma and plasma industries. However, we remain cautiously optimistic in their recovery and we continue to target a return to year-over-year growth, subject to the ongoing effects of the pandemic,” said Mark Newcomer, Paysign CEO. “The company remains well-capitalized and positioned to weather continued impacts from the pandemic. Meanwhile, we have seen a partial recovery this quarter related to the easing of government restrictions in the latter portion of the second quarter, and expect an additional upturn in the fourth quarter resulting from onboarding new client programs.”

COVID-19 Update

The outbreak of a novel coronavirus and the incidence of the related disease (COVID-19) starting in late 2019 has continued, spreading throughout the United States and much of the world beginning in the first quarter of 2020. In March 2020, the World Health Organization declared the outbreak as a pandemic. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The COVID-19 outbreak has had and will continue to have an adverse effect on the Company’s results of operations. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact to the Company’s future results of operations, cash flows, or financial condition.

For earnings history and earnings-related data on Paysign, Inc. (PAYS) click here.