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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Paysign Inc | NASDAQ:PAYS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -1.92% | 4.60 | 4.54 | 4.64 | 4.707 | 4.48 | 4.70 | 199,971 | 22:25:55 |
Paysign, Inc. (NASDAQ: PAYS), a leading provider of prepaid card programs, digital banking services, and payment processing, today reported financial results for the third quarter of 2020.
“The pandemic continues to have a meaningful impact on our business due to its adverse effect on our clients in the pharma and plasma industries. However, we remain cautiously optimistic in their recovery and we continue to target a return to year-over-year growth, subject to the ongoing effects of the pandemic,” said Mark Newcomer, Paysign CEO. “The company remains well-capitalized and positioned to weather continued impacts from the pandemic. Meanwhile, we have seen a partial recovery this quarter related to the easing of government restrictions in the latter portion of the second quarter, and expect an additional upturn in the fourth quarter resulting from onboarding new client programs.”
PAYSIGN, INC. SUMMARY OF CONSOLIDATED FINANCIAL RESULTS (Unaudited) Quarter EndedSeptember 30, Nine Months EndedSeptember 30,
2020
2019
2020
2019
Revenues Plasma industry
$
5,186,566
$
6,937,066
$
17,102,415
$
19,364,298
Pharma industry
(5,383,887
)
2,071,051
(594,945
)
5,537,380
Other
44,780
-
359,527
-
Total revenues
(152,541
)
9,008,117
16,866,997
24,901,678
Cost of revenues
3,281,888
3,641,595
11,275,758
10,721,769
Gross profit (loss)
(3,434,429
)
5,366,522
5,591,239
14,179,909
Gross margin % NA
59.6
%
33.1
%
56.9
%
Operating expenses Selling, general and administrative
4,070,211
2,765,961
11,299,036
8,483,882
Impairment/loss on abandonment of assets
382,414
-
425,312
-
Depreciation and amortization
537,792
318,508
1,546,645
1,047,779
Total operating expenses
4,990,417
3,084,469
13,270,993
9,531,661
Income (loss) from operations
$
(8,424,846
)
$
2,282,053
$
(7,679,754
)
$
4,648,248
Net income (loss) attributable to Paysign, Inc.
$
(6,152,135
)
$
2,960,078
$
(4,830,404
)
$
5,570,540
The following additional details are provided to aid in understanding Paysign’s third quarter 2020 results, versus the year-ago period:
The following additional details are provided to aid in understanding Paysign’s year-to-date 2020 results, versus the year-ago period.
COVID-19 Update
The outbreak of a novel coronavirus and the incidence of the related disease (COVID-19) starting in late 2019 has continued, spreading throughout the United States and much of the world beginning in the first quarter of 2020. In March 2020, the World Health Organization declared the outbreak as a pandemic. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The COVID-19 outbreak has had and will continue to have an adverse effect on the Company’s results of operations. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact to the Company’s future results of operations, cash flows, or financial condition.
Third Quarter 2020 Financial Results Conference Call Details
At 5:00 p.m. ET today, the company will host a conference call to discuss its third quarter 2020 results. The dial-in information for this call is 877.407.2988 (within the U.S.) and 201.389.0923 (outside the U.S.). A replay of the call will be available for at least 90 days and can be accessed by dialing 877.660.6853 (within the U.S.) and 201.612.7415 (outside the U.S.), using passcode 13713279.
Forward-Looking Statements
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and the company intends that such forward-looking statements be subject to the safe-harbor created thereby. All statements, other than statements of fact, included in this release, are forward-looking statements. Such forward-looking statements include, among others, that the pandemic continues to have a meaningful impact on the company’s business and operations; the company’s optimistic outlook in the recovery of the pharma and plasma industries; the company’s ability to return to year-over-year growth; the company remains well-capitalized and positioned to weather the pandemic; and that the company expects an upturn in the fourth quarter resulting from new client programs. We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the inability to continue our current growth rate in future periods; identified material weaknesses in our internal control over financial reporting which could, if not remediated, adversely affect our ability to report our financial condition and results of operations in a timely and accurate manner; that a downturn in the economy, including as a result of COVID-19, could reduce our customer base and demand for our products and services, which could have an adverse effect on our business, financial condition, profitability, and cash flows; operating in a highly regulated environment; failure by us or business partners to comply with applicable laws and regulations; changes in the laws, regulations, credit card association rules or other industry standards affecting our business; that a data security breach could expose us to liability and protracted and costly litigation; and other risk factors set forth in our Form 10-K for the year ended December 31, 2019. Except to the extent required by federal securities laws, the company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
About Paysign, Inc.
Paysign, Inc., (NASDAQ: PAYS), is an experienced and trusted prepaid debit card payment solutions provider as well as an integrated payment processor that has managed millions of prepaid debit cards in its portfolio. Paysign conceptualizes, develops and manages payment solutions, prepaid card programs, and customized payment services. Paysign’s corporate incentive prepaid cards are changing the way corporations reward, motivate, and engage their current and potential customers, employees, and agents. Paysign’s customizable solutions offer significant cost savings while improving brand recognition and customer loyalty. For over 15 years healthcare companies, major pharmaceutical companies, multinationals, prestigious universities, and social media companies have relied on Paysign to provide state-of-the-art prepaid payment programs tailored to their unique requirements. Paysign® is a registered trademark of Paysign, Inc. in the United States and other countries. For more information visit us at paysign.com or follow us on LinkedIn, Twitter and Facebook.
PAYSIGN, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Quarter EndedSeptember 30, Nine Months EndedSeptember 30,
2020
2019
2020
2019
Revenue Plasma industry
$
5,186,566
$
6,937,066
$
17,102,415
$
19,364,298
Pharma industry
(5,383,887
)
2,071,051
(594,945
)
5,537,380
Other
44,780
-
359,527
-
Total revenues
(152,541
)
9,008,117
16,866,997
24,901,678
Cost of revenues
3,281,888
3,641,595
11,275,758
10,721,769
Gross profit (loss)
(3,434,429
)
5,366,522
5,591,239
14,179,909
Operating expenses Selling, general and administrative
4,070,211
2,765,961
11,299,036
8,483,882
Impairment of intangible asset
382,414
-
382,414
-
Loss on abandonment of assets
-
-
42,898
-
Depreciation and amortization
537,792
318,508
1,546,645
1,047,779
Total operating expenses
4,990,417
3,084,469
13,270,993
9,531,661
Income (loss) from operations
(8,424,846
)
2,282,053
(7,679,754
)
4,648,248
Other income Interest income
12,184
113,667
77,475
364,652
Income (loss) before income tax benefit
(8,412,662
)
2,395,720
(7,602,279
)
5,012,900
Income tax benefit
(2,260,527
)
(563,854
)
(2,771,875
)
(556,068
)
Net income (loss) before noncontrolling interest
(6,152,135
)
2,959,574
(4,830,404
)
5,568,968
Net loss attributable to noncontrolling interest
-
504
-
1,572
Net income (loss) attributable to Paysign, Inc.
$
(6,152,135
)
$
2,960,078
$
(4,830,404
)
$
5,570,540
Net income (loss) per share Basic
$
(0.12
)
$
0.06
$
(0.10
)
$
0.12
Diluted
$
(0.12
)
$
0.05
$
(0.10
)
$
0.10
Weighted average common shares Basic
49,433,473
47,371,083
49,055,492
47,215,625
Diluted
49,433,473
54,291,368
49,055,492
54,588,470
PAYSIGN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31,
2020
2019
(Unaudited)
(Audited)
ASSETS Current assets Cash$
7,497,579
$
9,663,746
Restricted cash
48,014,599
35,908,559
Accounts receivable
792,143
891,936
Prepaid expenses and other current assets
1,306,433
1,413,208
Total current assets
57,610,754
47,877,449
Fixed assets, net
1,679,839
937,185
Intangible assets, net
3,658,809
3,816,232
Operating lease right-of-use asset
4,430,385
-
Deferred tax assets
3,677,706
917,480
Total assets
$
71,057,493
$
53,548,346
LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities
$
1,941,082
$
1,523,604
Operating lease, current portion
315,874
-
Customer card funding
48,014,599
32,723,227
Total current liabilities
50,271,555
34,246,831
Operating lease liability, long term portion
4,095,565
-
Total liabilities
54,367,120
34,246,831
Stockholders' equity Common stock: $0.001 par value; 150,000,000 shares authorized, 49,888,907 and 48,577,712 issued at September 30, 2020 and December 31, 2019, respectively
49,889
48,578
Additional paid-in-capital
13,532,403
11,577,539
Treasury stock at cost, 303,450 shares
(150,000
)
(150,000
)
Retained earnings
3,258,081
8,088,485
Total Paysign, Inc. stockholders' equity
16,690,373
19,564,602
Noncontrolling interest
-
(263,087
)
Total equity
16,690,373
19,301,515
Total liabilities and equity
$
71,057,493
$
53,548,346
Paysign, Inc. Non-GAAP Measures
To supplement Paysign’s financial results presented on a GAAP basis, we use non-GAAP measures that exclude from net income the following cash and non-cash items: interest, taxes, amortization and depreciation, stock-based compensation, impairment of intangible asset, change in accounting estimate, and loss on abandonment of assets. We believe these non-GAAP measures help investors better evaluate our past financial performance and potential future results. Non-GAAP measures should not be considered in isolation or as a substitute for comparable GAAP accounting, and investors should read them in conjunction with the company’s financial statements prepared in accordance with GAAP. The non-GAAP measures of net income we use may be different from, and not directly comparable to, similarly titled measures used by other companies.
“EBITDA” is defined as earnings before interest, taxes, depreciation and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude stock-based compensation charges, loss on abandonment of assets and impairment of intangible asset.
Adjusted EBITDA is not intended to represent cash flows from operations, operating income (loss) or net income (loss) as defined by U.S. GAAP as indicators of operating performances. Management cautions that amounts presented in accordance with Paysign’s definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate Adjusted EBITDA in the same manner.
PAYSIGN, INC. RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) (Unaudited) Quarter EndedSeptember 30, Nine Months EndedSeptember 30,
2020
2019
2020
2019
Net income (loss) attributable to Paysign, Inc.
$
(6,152,135
)
$
2,960,078
$
(4,830,404
)
$
5,570,540
Income tax benefit
(2,260,527
)
(563,854
)
(2,771,875
)
(556,068
)
Interest income
(12,184
)
(113,667
)
(77,475
)
(364,652
)
Depreciation and amortization
537,792
318,508
1,546,645
1,047,779
EBITDA
(7,887,054
)
2,601,065
(6,133,109
)
5,697,599
Impairment of intangible asset
382,414
-
382,414
-
Loss on disposal of assets
-
-
42,898
-
Stock-based compensation
798,849
651,267
2,123,807
1,865,887
Adjusted EBITDA
$
(6,705,791
)
$
3,252,332
$
(3,583,990
)
$
7,563,486
Non-GAAP EPS - basic
$
(0.14
)
$
0.07
$
(0.07
)
$
0.16
Non-GAAP EPS - diluted
$
(0.14
)
$
0.06
$
(0.07
)
$
0.14
Weighted average common shares Basic
49,433,473
47,371,083
49,055,492
47,215,625
Diluted
49,433,473
54,291,368
49,055,492
54,588,470
View source version on businesswire.com: https://www.businesswire.com/news/home/20201117006243/en/
Investor Relations: Jim McCroy ir@paysign.com 702.749.7269
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