HENDERSON, Nev. – May 11, 2021 – (Business Wire) – Paysign, Inc. (NASDAQ: PAYS), a leading provider of prepaid card programs, digital banking services, and payment processing, today reported financial results for the first quarter of 2021.
“As expected, the first quarter is typically a seasonally weak quarter for our business due to the distribution of tax refunds. However, this year the weakness was exacerbated by the pandemic-related stimulus check distributions and unemployment subsidies which created a disincentive for individuals to donate plasma. While these stimulus measures will likely continue to impact our business through the third quarter of 2021, we remain cautiously optimistic that our businesses will continue to rebound as vaccinations become more prevalent and business restrictions are lifted,” said Mark Newcomer, Paysign CEO. “During the quarter we added three new plasma centers. So far this year, we have signed agreements with four new entrants in the plasma collection space, each with aggressive long-term growth plans, with initial centers expected to go live in the second quarter. We expect to add a total of 60 new plasma centers this year, exiting 2021 with at least 400 centers. Our average revenue per plasma center for the first quarter was $5,260, which we expect to be a low-water mark for 2021. Additionally, we continue to win new pharmaceutical copay business and expect three new programs to launch in the third and fourth quarters. With $6.6 million of unrestricted cash and zero debt on our balance sheet, we remain well-capitalized and positioned to weather any further impacts from the pandemic.”
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