Paysign (PAYS) Planet MicroCap Las Vegas 2026 summary

Financial Performance and Growth

• Achieved $82 million in FY2025 revenue, up 40.5% year-over-year, with adjusted EBITDA of $19.9 million, a 107% increase and gross margin at 59.4%.

• Patient affordability business grew 116.9% to $40.9 million, now representing 41.3% of total revenue, up from 21.7% in 2024.

• Plasma revenue was $45.6 million in FY2025, up 4.0% YoY, with mature recurring revenue.

• Guidance for FY2026 projects $106.5–$110.5 million in revenue and $30–$33 million in adjusted EBITDA, with a roughly equal split between plasma and patient affordability.

• Operating leverage is expanding, with SG&A as a percentage of revenue declining and EBITDA margin expected to reach ~29% in FY2026.

Business Model, Operations, and Technology

• Operates a unified payments platform serving both plasma donor compensation and pharma patient affordability, leveraging a fixed infrastructure for scalable growth.

• Holds approximately 45.5% share of the U.S. plasma payments market, serving 554 facilities and 8.4 million cardholders as of May 2026.

• Proprietary Dynamic Business Rules technology delivers 97% first-fill detection accuracy, saving clients over $325 million in 2025 by preventing fraudulent copay claims.

• Apherion platform offers modular, cloud-based solutions for donor engagement, CRM, compensation, and compliance, consolidating legacy point solutions.

• Revenue models are variable and usage-based, including per-donation transactions, software subscriptions, and recurring management fees.

Market Opportunity and Outlook

• Plasma payments market estimated at $110 million; patient affordability at $500–$750 million.

• Plasma and blood center software market projected to grow from $3.5 billion to $7.5 billion in 10 years.

• Both plasma and patient affordability markets are structurally growing, with significant runway for expansion in the U.S. and potential international opportunities.

• Added 55 new programs in 2024 and expects to add 60 in 2025, with average revenue per program rising.

• Investments in technology and operations are now yielding significant returns.