Paysign Raises Full-Year Profit Outlook After Mix Shift

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue reached $30.80 million as the company lifted 2026 Adjusted EBITDA guidance to $38.5 million–$40.0 million.

Paysign, Inc. (PAYS), a provider of patient affordability offerings, donor compensation solutions and payment processing for the life sciences industries, reported third-quarter 2026 revenue of $30.80 million, up 42.6% from a year earlier, as pharma patient-affordability programs more than doubled and the company raised its full-year profitability outlook.

Year-over-year revenue growth slowed from 48.1% in the second quarter and 50.8% in the first. Pharma industry revenue was $16.62 million, up 109.8%, after 88.9% growth in the second quarter and 81.9% in the first. The company added 62 net patient affordability programs over the past 12 months and exited the quarter with 167 active programs. Processed claims increased approximately 55% year-over-year.

President and CEO Mark Newcomer said quarterly revenue per program rose approximately 32% to $99,524 and that as patient affordability becomes a larger share of total revenue, gross margin and operating margin are expanding together.

Plasma revenue was $13.83 million, up 7.5%, after 21.4% growth in the second quarter and 24.9% in the first. Average monthly revenue per center rose to $8,187 from $7,122. The company exited the quarter with 562 plasma centers, down from 595 a year earlier. Gross dollar load volume was down 1.0% and gross spend volume down 1.3% versus the year-ago quarter, reversing 24.3% and 24.2% year-over-year increases in the second quarter.

Gross profit margin was 64.7%, compared with 56.3% a year earlier, after 63.3% in the second quarter. The company attributed the year-over-year expansion to a greater mix of pharma revenue. Cost of revenues increased 15.2% to $10.88 million. Operating margin was 23.8%, compared with 7.3% a year earlier. Total operating expenses were $12.60 million.

GAAP net income was $6.74 million, or $0.11 a share, compared with $2.22 million, or $0.04 a share, a year earlier. Adjusted EBITDA was $10.98 million, up 118.0% from $5.04 million. The company recorded an income tax provision of $1.45 million, for an effective tax rate of 17.8%. Unrestricted cash was $34.54 million, with zero bank debt. Restricted cash was $201.79 million.

Subsequent to quarter-end, a plasma customer said it would move payment processing for 113 centers to another provider by year-end. Those centers generated trailing 12-month revenue of $11.3 million and gross profit of $5.2 million. The company estimated a fourth-quarter impact of $1.5 million in revenue and $700 thousand in gross profit. Paysign said it remains that customer’s processor for other centers under existing agreements.

The company confirmed its full-year 2026 revenue outlook of $114.0 million to $117.0 million and raised guidance for gross profit margin to 63.5%–64.5%, net income to $23.0 million–$24.0 million, diluted EPS to $0.37–$0.38, and Adjusted EBITDA to $38.5 million–$40.0 million, from a prior Adjusted EBITDA range of $35.0 million to $38.0 million. Chief Financial Officer Jeff Baker said third-quarter revenue, gross margin, net income and Adjusted EBITDA finished above the high end of third-quarter guidance and that the company expects to exceed its prior full-year profitability outlook even after the 113-center transition. Paysign expects to exit 2026 with 190–195 active patient affordability programs and 445–450 plasma centers.