PaySign, Inc. (NASDAQ:PAYS) Q4 2023 Earnings Conference Call March 26, 2024 5:00 PM ET
Corporate Participants
Mark Newcomer - President and Chief Executive Officer
Jeff Baker - Chief Financial Officer
Matt Turner - President of Patient Affordability
Conference Call Participants
Peter Heckmann - DA Davidson
Gary Prestopino - Barrington Research
Jon Hickman - Ladenburg Thalmann
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., Fourth Quarter and Full Year 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.
But 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'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 at the end of PaySign's earnings release and in our recent SEC filings.
Lastly a replay of this call will be available until June 26, 2024. Please see PaySign's fourth quarter and full year earnings call announcement 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 earnings call. Today we're thrilled to discuss PaySign's performance for the fourth quarter and the full year 2023.
I'm Mark Newcomer, President and Chief Executive Officer, joining me today is Jeff Baker, our Chief Financial Officer. Additionally, Matt Turner, our President of Patient Affordability and Matt Lanford, our Chief Payments Officer will also be joining us for the Q&A session.
Earlier today, we announced our 2023 fourth quarter and full year financial results. We are extremely pleased with our performance as we continue to grow revenue, net income and adjusted EBITDA. Our fourth quarter revenue grew to 13.7 million, a robust 29% increase year-over-year.
For the full year, we saw 24% revenue growth to 47.3 million. Most notably our net income increased by 528% to 6.5 million or $0.12 per fully diluted share from 1 million or $0.02 per fully diluted share the prior year. Full year adjusted EBITDA also saw an increase of 21% from 5.5 million in 2022 to 6.7 million in 2023.