Paysign Posts 40.5% Revenue Growth to $82M, Adjusted EBITDA Doubles
Paysign reported 2025 revenues of $82.0M, up 40.5%, with net income of $7.55M ($0.13 per share) and Adjusted EBITDA of $19.94M, up 107.3%. Pharma revenue rose 167.8% to $33.9M on 55 new affordability programs, while plasma revenue climbed 4.0% to $45.6M with 595 centers and 79% higher claims.
1. Full-Year 2025 Financial Performance
Paysign delivered total revenues of $82.0 million in 2025, a 40.5% increase over 2024, with net income of $7.55 million ($0.13 per diluted share) and Adjusted EBITDA of $19.94 million, up 107.3% year-over-year.
2. Segment Growth Drivers
Pharma revenue surged 167.8% to $33.89 million after adding 55 net patient affordability programs, while plasma revenue grew 4.0% to $45.62 million, driven by 115 new plasma centers and a 79% increase in claim volume.
3. Margin Expansion and Costs
Gross profit margin improved to 59.4% from 55.1%, reflecting a higher-margin revenue mix in pharma, although operating expenses rose 32.6% due to increased call center support, software development costs and wage inflation.
4. Balance Sheet and Strategic Initiatives
The company ended 2025 with $21.07 million of unrestricted cash, zero debt and repurchased 100,000 shares for $376,000; it also closed the Gamma Innovation acquisition, with its BECS platform under FDA review.