Achieved a key inflection point where fixed costs are now supporting meaningful scalability, evidenced by operating margins expanding 723 basis points to 9% in 2025.

Patient affordability revenue grew 168% year-over-year, driven by the addition of 55 new programs and a 79% increase in claims processed.

Differentiated 'dynamic business rules' technology saved pharmaceutical clients over $325 million in 2025 by identifying and mitigating co-pay maximizer program costs.

Successfully expanded footprint within the top 10 U.S. pharmaceutical manufacturers, now serving 6 of the top 10 through a land-and-expand strategy.

Plasma donor compensation business provided a stable foundation with 4% revenue growth, shifting focus toward center efficiency and excess capacity filling over new openings.

Maintained a market share of just under 50% in the plasma space, exiting the year with 595 active centers despite elevated inventory levels impacting per-center revenue.

Projecting 2026 revenue between $106.5 million and $110.5 million, representing 30% to 35% growth with pharma and plasma expected to contribute equally to the total.

Anticipate continued margin expansion with gross profit margins targeted at 60% to 62% as higher-margin pharma revenue becomes a larger portion of the mix.

Guidance assumes distinct seasonality: pharma revenue is expected to peak in Q1 during program resets, while plasma revenue is projected to be lowest in Q1 and ramp throughout the year.

Strategic focus on the specialty pharmacy segment remains a priority due to higher revenue potential per claim via value-added services compared to retail-heavy GLP-1 drugs.

Awaiting FDA 510(k) review for the blood establishment computer system (BECS), with integration efforts underway to streamline future installations across global markets.

Management dismissed the threat of direct-to-consumer (DTC) and cash-pay models, noting they are non-viable for the high-cost branded therapies that comprise 90% of Paysign's platform.

Legislative risks regarding co-pay accumulators are viewed as limited due to ERISA protections for employer-sponsored plans, which restrict the impact of state-level regulations.

Plasma center count was impacted by the loss of 5 centers sold to a competitor and 1 center closure in Q1 2026, though overall market position remains stable.

Increased collection efficiencies from hardware upgrades at plasma centers have effectively added 10% capacity per center, reducing the immediate industry demand for new center construction.

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Management clarified that while they do not currently handle the two largest GLP-1 weight loss brands, they are positioned to win similar business in the next 12-18 months.

Noted that specialty drugs offer superior margins over retail GLP-1s because specialty claims allow for 'bolt-on' services like dynamic business rules.

Confirmed that controllable SG&A is highly leverageable, with 2026 expense growth projected at 20%โ€”well below the 30-35% revenue growth target.

Attributed the leverage to a matured personnel structure and established training curriculums that allow for rapid program onboarding without proportional hiring.

Argued that legacy competitors are 'dinosaurs' that failed to innovate against payer maximizer programs, allowing Paysign to disrupt the market with transparency and real-time data portals.

Highlighted that Paysign's status as a payments company provides unique visibility into transaction data and bank balances that non-payment competitors cannot replicate.

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