Paysign, Inc. (NASDAQ:PAYS) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET
Company Participants
Mark Newcomer - President and CEO
Jeff Baker - CFO
Matt Turner - President of Patient Affordability
Conference Call Participants
Gary Prestopino - Barrington Research
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 2024 Earnings Conference Call. After the speaker's 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 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 October 29, 2024. Please see Paysign's second 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 Paysign's second quarter earnings call. I'm Mark Newcomer, the President and CEO of Paysign. Alongside me today for our discussion is Jeff Baker, our Chief Financial Officer. Later during the question and answer session, we will be joined by Matt Turner, our President of Patient Affordability, and Matt Lanford, our Chief Payments Officer.
Today, we shared our financial results for the second quarter of 2024. I'm pleased to report that we've achieved remarkable growth, both sequentially and year-over-year, and in both our top and bottom lines. Our revenue for the second quarter reached $14.3 million, a robust increase of nearly 30% compared to the second quarter of 2023, and an 8.7% increase from the first quarter of 2024.
Our adjusted EBITDA increased 96% to $2.24 million, translating to $0.04 per fully diluted share, a substantial rise from $1.14 million, or $0.02 per fully diluted share, a year earlier. A significant highlight of this quarter is the exceptional performance of our patient affordability business, which has proven to be a major catalyst for our growth.