PaySign, Inc. (NASDAQ:PAYS) Q2 2023 Results Conference Call August 9, 2023 5:00 PM ET
Company Participants
Mark Newcomer - CEO
Jeff Baker - CFO
Matt Turner - President, Patient Affordability
Conference Call Participants
Gary Prestopino - Barrington Research
Jon Hickman - Ladenburg
Operator
Good afternoon. My name is Kevin, and I’ll be your conference operator today. At this time, I’d like to welcome everyone to the PaySign, Inc. Second Quarter 2023 Earnings Conference Call. [Operator Instructions]
As a reminder, this conference call is being recorded. The comments on today’s call regarding PaySign’s financial results will be on a GAAP basis, unless otherwise noted. PaySign’s earnings release was disseminated to the SEC earlier today and can be found on the Investor Relations section of our website, paysign.com, which includes reconciliations of non-GAAP measures to GAAP reported amounts. Additionally, as set forth in more detail in our earnings release, I would like to remind everyone that today’s call will include forward-looking statements regarding PaySign’s future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect our future performance is summarized at the end of PaySign’s earnings release and in our recent SEC filings. Lastly, a replay of this call will be available until November 8, 2023. Please see PaySign’s earnings release for details on how to access the replay.
It’s now my pleasure to turn the call over to Mr. Mark Newcomer, CEO. Please go ahead, Mark.
Mark Newcomer
Thank you, Kevin. Good afternoon, everyone. Thank you for joining our second quarter 2023 earnings call. I’m Mark Newcomer, Chief Executive Officer, and I’m pleased to share our quarterly results with you. I will briefly discuss our performance and provide updates on our plasma and patient affordability verticals before handing it over to our CFO, Jeff Baker, for further details. Additionally, Matt Turner, President of Patient Affordability, will be joining us for the question-and-answer session.
We experienced solid revenue growth this quarter, up 28% from last year’s second quarter, reaching $11 million as we continue to add new programs throughout our business segments. Our load volumes increased 8%, and our spend volumes increased 11%, compared to the second quarter of last year. We’ve witnessed healthy growth in our plasma compensation business, which has rebounded from the normal seasonal downturn mostly associated with Q1 tax refunds. During the second quarter, we onboarded 6 new centers while 2 centers were closed, leaving us with a total of 443 centers by the end of the quarter.