revenue
114–117 $million
FY 2026
official guidance
PAYSIGN, INC.
Last · NASDAQ$15.16-0.32 (-2.07%)close · yahoo · 15h ago
Market cap$855.97M56.5M sh
P/E · TTM56.1fwd 24.7 · eps 0.27
Beta0.83vs S&P 500
Div yield0.00%annual · TTM
52w range
$3.08$15.62
Volume824.6Ksession
| Revenue | $82.0M |
|---|---|
| Operating income | $7.4M |
| Net income | $7.6M |
| Free cash flow | $51.2M |
| Operating margin | 9.0% |
| Net margin | 9.2% |
| Return on equity | 15.6% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Execution and raised guidance outweigh the dependence on new program additions and unresolved APHERION timing.
Buy: Paysign delivered a strong Q2, with revenue up 48.1% to $28.3 million, adjusted EBITDA up 113% to $9.6 million, and gross margin expanding to 63.3%; management raised 2026 revenue guidance to $114-$117 million and adjusted EBITDA guidance to $35-$38 million. The bull case is accelerating patient-affordability growth—revenue up 88.9%, 148 active programs, and 157 exiting July—while the key tension is that mature programs are broadly flat, making continued new-program wins essential and leaving APHERION dependent on FDA approval.
Themes
- Patient Affordability
- Pharma Programs
- Plasma Recovery
- Operating Leverage
- Program Launches
- Apherion
Near term
Q3 guidance calls for $28.5-$30.0 million of revenue and 165-170 active patient-affordability programs by quarter-end.
Program launches are expected to remain strong in Q3 and Q4, but management anticipates higher hiring and support costs ahead of the Q1 2027 seasonal surge.
Plasma utilization is recovering, with revenue per center at $7,699 and management expecting the active-center count to increase modestly from 561.
Q4 adjusted EBITDA may be weaker sequentially because of a more even launch cadence, holiday-related capitalization effects, higher staffing, and a higher expected tax rate.
Longer term
Patient affordability is the primary growth engine, with 51 net programs added over the last 12 months and management targeting at least 55 net additions in 2026.
The platform shows operating leverage as higher-margin pharma revenue expands: adjusted operating margin excluding the Gamma benefit reached 21.3% versus 7.5% year over year.
Management cited an addressable market of tens of thousands of branded and biosimilar products, but actual growth remains tied to converting that opportunity into programs.
APHERION could add a software growth vector in blood and plasma operations, with management citing a $3.5 billion global market today and $7 billion in 10 years, though commercialization awaits FDA review.
Red flags
Management acknowledged that doing nothing to mature programs would generally produce flat year-over-year claims and revenue; most growth therefore depends on sustaining a high rate of new program additions.
The company would not provide a consolidated average revenue profile or year-over-year cohort data for programs because drug indications, product cannibalization, and claim volumes vary widely.
The claimed RFP/RFI win rate above 80% was not quantified or independently detailed, and the company did not disclose customer concentration or program-level economics.
APHERION's FDA approval timing remains unknown, and management provided no launch date or quantified near-term revenue contribution.
Full-year GAAP net income guidance includes a $990,000 noncash Gamma earn-out benefit, while share dilution increased to 62 million from 57.9 million year over year.
Forward outlook
revenue growth
39–43 pct
FY 2026
official guidance
gross margin
62–63 pct
FY 2026
official guidance
eps diluted
0.35–0.37 $per share
FY 2026
official guidance
adjusted eps
0.57–0.61 $per share
FY 2026
official guidance
ebitda
35–38 $million
FY 2026
official guidance
revenue
28.5–30 $million
Q3 2026
official guidance
revenue growth
32–38.9 pct
Q3 2026
official guidance
gross margin
61–63 pct
Q3 2026
official guidance
eps diluted
0.09–0.1 $per share
Q3 2026
official guidance
ebitda
9.5–10 $million
Q3 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$0.13
Est. revenue
29.0M