Paysign, Inc. (NASDAQ:PAYS) Q1 2024 Results Conference Call May 7, 2024 5:00 PM ET

Company Participants

Mark Newcomer - President and CEO
Jeff Baker - CFO
Matt Turner - President of Patient Affordability
Matt Lanford - Chief Payments Officer

Conference Call Participants

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. First Quarter 2024 Earnings Conference Call [Operator Instructions]. As a reminder, this conference 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 Web site, 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 August 7, 2024. Please see Paysign's first quarter 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 welcome to our first quarter earnings call. I'm Mark Newcomer, President and Chief Executive Officer. Joining me today is Jeff Baker, our Chief Financial Officer. Also available for Q&A session are Matt Turner, our President of Patient Affordability; and Matt Lanford, our Chief Payments Officer. Earlier today, we released our financial results for the first quarter of 2024. I'm delighted to report that we have seen substantial growth in both our top and bottom lines. Our first quarter revenue reached $13.2 million, marking a robust 30% increase year-over-year. Most impressively, our adjusted EBITDA increased by 135% to $1.7 million, or $0.03 per fully diluted share, up from $720,000, or $0.01 per fully diluted share in the previous year. We also observed significant improvements across other key performance indicators, including a 13% rise in gross dollar load volume and an 11% increase in gross spend volume. In our previous earnings call, we highlighted the Patient Affordability business as a key growth driver for the company. I am pleased to affirm that its growth trajectory has not only continued but accelerated, exhibiting a remarkable 305% revenue increase from the same period last year from $590,000 in Q1 2023 to roughly $2.4 million in Q1 2024. This segment contributed 59% of our total year-over-year revenue growth.