Paysign, Inc. (NASDAQ: PAYS) reported Q3 EPS of $0.04, $0.01 better than the analyst estimate of $0.03. Revenue for the quarter came in at $21.6 million versus the consensus estimate of $19.92 million.

Updated 2025 Outlook

“We delivered another quarter of solid operating results with our pharma patient affordability business leading the way, representing 36.7% of revenue, a significant increase from the 21.5% of revenue it contributed during the same period last year. This, coupled with the 117 net plasma centers we added over the past 12 months, continues to help offset the decline we continue to experience in plasma due largely to an industry-wide oversupply of plasma inventories which we expect will abate in the first half of 2026. Our gross profit margins improved by 70 basis points (bps) from 55.5% to 56.3%, due to a greater percentage of pharma patient affordability revenues, offset by the new plasma centers not being fully mature as well as additional costs associated with our new customer service contact center. Our operating margin improved by 280 bps from 4.5% to 7.3%, our net margin improved by 90 bps, from 9.4% to 10.3% and our Adjusted EBITDA margin improved by 480 bps, from 18.5% to 23.3%, demonstrating the operating leverage inherent in our business model while still making significant investments in people and infrastructure to ensure the success of our growing businesses,” said Jeff Baker, Paysign CFO.

“With the results of our third quarter of 2025 now in the books, we are once again revising our full-year 2025 estimated results upward. In general, we expect our fourth quarter results to be similar to our third quarter results, reflecting flat plasma revenue, the launch of additional patient affordability programs and seasonally lower claim activity. Full-year 2025 total revenues are now estimated to be in the range of $80.5 million to $81.5 million, reflecting year-over-year growth of 38.7% at the midpoint. Plasma is estimated to make up approximately 57% of total revenue, reflecting modest year-over-year growth, while pharma patient affordability revenue is expected to make up approximately 41% of total revenue, representing year-over-year growth of over 155%. Full-year gross profit margins are expected to be approximately 60%. We expect operating expenses to be between $41.5 million and $42.5 million with depreciation and amortization expenses of approximately $8.4 million and stock-based compensation expense of approximately $4.3 million. Interest income is estimated to be approximately $2.6 million, reflecting lower interest rates and the implied interest expense for future Gamma payments. We expect our full-year tax rate to be 18.7% and our fully diluted share count to be 59.76 million shares. Taking all the factors above into consideration, we expect net income to be between $7.0 million and $8.0 million for the year, or $0.12 to $0.13 per diluted share. At the mid-point, this equates to a net margin of 9.3% versus 6.5% the year prior, an improvement of 280 basis points. Adjusted EBITDA is expected to be in the range of $19.0 million to $20.0 million, or $0.32 to $0.34 per diluted share. At the mid-point, this equates to an Adjusted EBITDA margin of 24.1% versus 16.5% the year prior, an improvement of 760 basis points,” Baker concluded.

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