Key Highlights

  • Revenue reached USD 30.80 million, up 42.6% from the prior year period.
  • GAAP Net Income was USD 6.74 million, or USD 0.11 per diluted share.
  • Pharma Revenue rose 109.8% to USD 16.62 million, with 167 active programs.
  • Operating margin reached 23.8%, compared with 7.3% in the prior year quarter.

Paysign, Inc. (NASDAQ:PAYS) reported third quarter 2026 revenue of USD 30.80 million, an increase of 42.6% from the third quarter of 2025. GAAP net income was USD 6.74 million, or USD 0.11 per fully diluted share, compared with USD 2.22 million, or USD 0.04 per fully diluted share, a year earlier. Estimates for the quarter stood at EPS of USD 0.09 and revenue of USD 29.02 million.

The company's chief financial officer said revenue, Operating Margin and net income each finished above the high end of the company's third quarter guidance. Chief executive Mark Newcomer tied the results to growth in the patient affordability business.

Patient Affordability and Plasma Segment Detail

Pharma industry revenue increased 109.8% to USD 16.62 million. The company launched 19 programs during the quarter, added 62 net programs over the past 12 months and ended with 167 active programs. Processed claims increased approximately 55%. Average quarterly revenue per program was USD 99,524, compared with USD 75,435 a year earlier.

Plasma revenue increased 7.5% to USD 13.83 million. Average monthly revenue per center was USD 8,187, up from USD 7,122, which the company attributed to stronger per center utilization. The company served 562 centers at quarter end, compared with 595 in the third quarter of 2025.

Margins and Balance Sheet

Gross profit margin was 64.7%, compared with 56.3% in the third quarter of 2025, which the company linked to a greater mix of pharma revenue. Operating expenses were USD 12.60 million, against USD 10.57 million a year earlier. Operating margin was 23.8%, compared with 7.3% in the prior year quarter, and adjusted EBITDA margin was 35.7%, against 23.3%.

The company ended the quarter with USD 34.54 million in unrestricted cash and zero bank debt. Restricted cash stood at USD 201.79 million, up USD 57.88 million from December 31, 2025, driven mainly by customer program deposits and funds on card.

Guidance and the Plasma Customer Transition

The company confirmed its full year 2026 revenue guidance of USD 114.0 million to USD 117.0 million and raised guidance for gross profit margin, net income, GAAP diluted EPS and adjusted EBITDA. The chief financial officer outlined Gross Profit Margin of 63.5% to 64.5%, GAAP net income of USD 23 million to USD 24 million, or USD 0.37 to USD 0.38 per diluted share, and adjusted EBITDA of USD 38.5 million to USD 40 million. The full year tax rate was guided to approximately 21.3%.

After quarter end, a plasma customer notified the company of its intent to move payment processing for 113 centers to another provider by year-end. Those centers generated trailing 12-month revenue of USD 11.3 million and gross profit of USD 5.2 million. The company estimates a fourth quarter impact of USD 1.5 million in revenue and USD 700 thousand in gross profit. The chief executive said the decision was not related to the company's service.

Year End Program Counts

Paysign guided to 190 to 195 patient affordability programs and 445 to 450 plasma centers at year end, with the transition of 113 centers scheduled for completion by then. Management said program migrations have historically concentrated in the second half as insurance plans reset on January 1, and that the Apherion donor management system remains under regulatory review.