Paysign, Inc. (PAYS) SEC Filings & Earnings Calls

Customer concentration

“One pharma patient affordability customer individually represented 36% of our accounts receivable balance.” · word for word

Bank concentration risk

“The Company maintains its cash and cash equivalents and restricted cash in various bank accounts primarily with one financial institution in the United States.” · word for word

Plasma center count declining, though per-center revenue improving

“total net plasma center count decreased by 46 during the past 12 months, exiting the quarter with 561 centers.” · word for word

Plasma center attrition: 20 centers sold to competitors, 2 closed due to underperformance

“We exited the quarter with 573 centers versus 595 centers at the end of 2025 as 20 centers were sold to companies who use a competing provider and two underperforming centers were closed.” · word for word

Stock compensation expense increased 91% to $1.28M, potentially diluting shareholders

“stock compensation expense increased 91.0% to $1.28 million” · word for word

Plasma donation volume decline

“decline in plasma donations and dollars loaded to cards as plasma inventory levels were elevated throughout much of 2025, which has reduced our average monthly revenue per center” · word for word

Regulatory compliance cost

“We operate in a highly regulated environment and are subject to extensive regulation, supervision and examination.” · word for word

Customer concentration

“We have no major customers and are not reliant on any individual card program.” · word for word

Plasma revenue per center declining

“average revenue per plasma center per month of $7,067, down from $7,510” · word for word

Elevated effective tax rate

“effective tax rate of 24.7% versus 7.8%” · word for word

Plasma Revenue Per Center Decline

“The increase in plasma revenue was primarily due to the addition of 117 net plasma centers during the past 12 months offset by a decline in plasma donations and dollars loaded to cards as plasma inventory levels have normalized, which has reduced our average monthly revenue per center as compared to the same period in the prior year.” · word for word

Operating Cash Flow Volatility

“The changes in accounts receivable, accounts payable, and customer card funding, a net decrease of $12,667,611, are primarily related to the growth in our pharma patient affordability business and timing of pass-through payments as we are invoiced by third-party service providers at the end of the period and are due monies from our pharma patient affordabili” · word for word

Decline in average monthly revenue per plasma center due to normalized plasma inventory levels.

“average monthly revenue per plasma center decreased to $7,122 compared to $7,991 for the same period last year” · word for word

Wage inflation and tight labor market increasing customer care costs.

“wage inflation pressures, a tight labor market, and increased benefit costs” · word for word

Plasma center closures: 12 centers closed in Q3 due to underperformance.

“a reduction of 12 centers from the prior quarter, due to planned center closures of underperforming centers” · word for word