Paysign Segment Surges 167% as Patient Affordability Programs Fuel Growth and Profitability
Paysign, Inc. delivered a strong financial performance in 2025, marked by significant revenue growth, improved profitability, and expanding margins, driven largely by its patient affordability business. The company’s results reflect a strategic shift in revenue mix, continued expansion in key business segments, and disciplined financial management.
For the full year 2025, Paysign reported total revenues of $82.0 million, representing a 40.5% increase compared to 2024. This growth was primarily fueled by substantial expansion in the company’s pharmaceutical-related services, particularly its patient affordability programs. Pharma revenue surged by 167.8% year-over-year, reaching $33.89 million, supported by the addition of 55 new patient affordability programs during the year. By the end of 2025, Paysign had 131 active programs, highlighting the rapid adoption of its solutions within the life sciences sector.
A key driver behind this growth was the significant rise in patient affordability claim volume, which increased by more than 79% compared to the prior year. These programs generate multiple revenue streams, including management fees, setup fees, claim processing charges, and support services such as dynamic business rules and customer service operations. This diversified revenue model contributed meaningfully to both top-line growth and margin expansion.
In the plasma segment, Paysign continued to show steady progress. Plasma revenue grew 4.0% to $45.62 million, supported by the addition of 115 net plasma centers during 2025. The company ended the year with 595 centers, up from 480 in 2024. However, growth in this segment was partially offset by a decline in average plasma donations per center, as elevated plasma inventory levels persisted throughout much of the year. This led to a reduction in average monthly revenue per center.
Other revenue streams, including payroll, retail, and corporate incentive programs, also contributed to overall performance, increasing by 36.2% due to higher cardholder activity and program usage.
Profitability improved significantly during the year. Gross profit margins expanded to 59.4%, up from 55.1% in 2024, reflecting the favorable shift toward higher-margin pharma revenue. Although the cost of revenues increased by 27.2%, this rise was driven by business growth, including higher call center support expenses, wage inflation, increased commissions, and higher network-related costs.
Operating expenses rose by 32.6% to $41.35 million, largely due to increased selling, general, and administrative expenses, as well as higher depreciation and amortization costs. These increases were linked to ongoing investments in technology, software development, and the amortization of intangible assets following the acquisition of Gamma Innovation LLC in March 2025. Despite these higher costs, operating margin improved significantly to 9.0%, compared to just 1.7% in the previous year.
Net income for 2025 nearly doubled, reaching $7.55 million, or $0.13 per diluted share, compared to $3.82 million, or $0.07 per diluted share in 2024. Adjusted EBITDA, a key measure of operating performance, increased by 107.3% to $19.94 million, demonstrating strong operating leverage and improved efficiency.
Paysign also maintained a solid financial position. The company ended the year with $21.07 million in unrestricted cash and no debt, providing flexibility for future investments. Restricted cash balances increased by 29.0% to $143.92 million, reflecting higher customer program deposits and increased funds on cards. Additionally, the company repurchased 100,000 shares of its common stock during the year.
In the fourth quarter of 2025, Paysign continued its strong momentum. Total revenues reached $22.76 million, up 45.8% compared to the same period in 2024. Pharma revenue increased by 122.4% to $9.60 million, while plasma revenue rose 16.7% to $12.60 million. Patient affordability claim volume in the quarter grew by more than 49%, reinforcing the strength of this segment.
Quarterly gross profit increased by 42.6%, although gross margin slightly declined to 57.7% from 58.9% in the prior-year quarter. Operating expenses rose by 29.0%, reflecting continued investment in growth initiatives. Operating margin improved to 8.1%, compared to 3.0% in the fourth quarter of 2024.
Net income for the quarter was $1.36 million, or $0.02 per diluted share, essentially flat compared to the prior year. However, Adjusted EBITDA increased sharply by 89.6% to $5.43 million, highlighting ongoing improvements in operating efficiency.
The company’s balance sheet strengthened further during the year, with cash flows increasing by $42.64 million. This improvement was driven by better operating performance, growth in existing customer programs, and the launch of new programs. The increase in restricted cash was largely due to higher customer deposits related to plasma and pharma programs, as well as increased funds held on cards.
Looking ahead, Paysign is optimistic about its growth prospects for 2026. The company expects total revenue to range between $106.5 million and $110.5 million, representing year-over-year growth of 30% to 35%. Both plasma and pharma segments are expected to contribute equally to this growth, with additional contributions from other revenue streams.
Gross profit margins are projected to improve further, reaching between 60% and 62%, driven by a higher proportion of pharma-related revenue. Operating expenses are expected to increase by approximately 20% as the company continues to invest in technology, infrastructure, and talent to support future expansion.
Paysign anticipates net income to nearly double again in 2026, reaching between $13.0 million and $16.0 million. Adjusted EBITDA is expected to range from $30.0 million to $33.0 million, reflecting continued operating leverage and margin expansion.
For the first quarter of 2026, the company forecasts revenue between $27.0 million and $27.5 million, representing strong growth of over 45% compared to the same period in 2025. Margins are expected to expand significantly across all levels, with operating margin projected between 20% and 22% and adjusted EBITDA margin between 34.5% and 36.5%.
Management remains confident that Paysign is well-positioned for sustained growth, supported by strong demand for its patient affordability solutions, ongoing expansion in its plasma business, and continued investment in technology and services. The company believes it is still in the early stages of a significant market opportunity and expects its differentiated platform and capabilities to drive long-term value for both customers and shareholders.
About Paysign, Inc.
Paysign, Inc. (NASDAQ: PAYS) operates at the intersection of fintech and healthcare, integrating advanced payment processing and program management with tailored technologies for the plasma, pharmaceutical and life sciences industries. Their breakthrough patient affordability solutions ensure patients receive the financial assistance they need to adhere to prescribed therapies by mitigating the effects of copay accumulators and maximizers. Paysign specializes in blood and plasma donor compensation programs, as well as comprehensive engagement and management platforms optimized for life sciences. Paysign’s proprietary processing architecture supports physical, virtual, mobile and bank-based payments with real-time transaction intelligence, enabling efficient, compliant and scalable program delivery. Through advanced reporting, analytics and in-house 24/7 bilingual customer support, Paysign delivers measurable value, exceptional service and a superior experience for donors, patients, healthcare providers, pharmaceutical manufacturers and program sponsors across their growing fintech healthcare ecosystem. The company is committed to improving efficiencies, reducing costs, streamlining communications, increasing program performance and providing actionable insights to those they serve.
