Paysign, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved revenues of $15.3 million for the third quarter, marking a 23.0% increase from $12.4 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $42.8 million, up 27.4% from $33.6 million in the prior year. This growth was driven by a notable increase in revenues from the pharma industry, which surged by 219.1% to $3.3 million, attributed to the launch of 32 new patient affordability programs. Plasma industry revenues also rose by 3.4% to $11.4 million, supported by the addition of 16 new plasma centers.
Gross profit for the third quarter increased by 33.8% to $8.5 million, while net income rose by 30.5% to $1.4 million, compared to $1.1 million in Q3 2023. For the nine-month period, net income reached $2.4 million, a substantial increase of 192.1% from $836,318 in the previous year. The company reported an operating income of $689,849 for Q3 2024, up from $590,432 in Q3 2023, and a positive operating income of $557,174 for the nine months, reversing a loss of $799,251 in the same period last year.
Total current assets increased to $147.5 million as of September 30, 2024, from $129.2 million at the end of 2023, while total assets rose to $167.0 million from $146.6 million. However, total current liabilities also increased to $135.9 million from $119.2 million, leading to total liabilities of $138.5 million, up from $122.1 million. Stockholders' equity improved to $28.5 million from $24.5 million, reflecting retained earnings growth from $3.7 million to $6.2 million.
The company’s cash position decreased to $10.3 million from $17.0 million at the end of 2023, while accounts receivable surged to $32.8 million from $16.2 million, indicating increased customer reimbursement balances. Cash provided by operating activities for the nine months was $8.6 million, a significant increase from $4.2 million in the prior year.
In terms of strategic developments, Paysign has been involved in several legal proceedings, including securities class action complaints and stockholder derivative actions, with settlements in progress. The company also initiated a stock repurchase program, having repurchased 494,558 shares for $1.5 million as of September 30, 2024.
About Paysign, Inc.
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