PaySign, Inc. (NASDAQ:PAYS) Q1 2023 Earnings Conference Call May 10, 2023 5:00 PM ET
Company Participants
Mark Newcomer - Vice Chairman, President and Chief Executive Officer
Jeff Baker - Chief Financial Officer
Matt Turner - Vice President & Head of Patient Affordability Solutions
Conference Call Participants
Jon Hickman - Ladenburg
Operator
Good afternoon, everyone. 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. First Quarter 2023 Earnings Conference Call. After the speakers' remarks, there will be a question-and-answer session. [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 non-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, I have set forth in more detail in our earnings release. I'd 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 future performance is summarized in the end of PaySign’s earnings release and in our recent SEC filings.
Lastly, a replay of this call will be available until August 10, 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 Newcomer
Thank you, Kevin. Good afternoon, everyone, and thank you for joining our first quarter 2023 earnings call. I'm Mark Newcomer, Chief Executive Officer and I'm pleased to share our results with you today. We have seen solid growth in this quarter, and I will be discussing our high level results and providing updates on our plasma and patient affordability verticals. Then handing it over to our CFO, Jeff Baker, for further details.
The first quarter is typically our weakest quarter of the year as plasma donors receive their tax refunds. I am pleased to report that our Q1 revenue reached $10.1 million, representing a 23% increase, compared to Q1 2022. Our load volumes increased 17% and our spend volumes increased 31%, compared to the first quarter of last year.
During the quarter, we expanded our center account to 439, we added 10 new centers from existing clients saw 11 centers closed for non-performance and four centers sold to a non-client. Our negotiations with one of the four largest plasma collection companies are ongoing following our RFP win. We have also executed contracts with two new entrants in the plasma space with expected center launches in Q3 2023.