For joining us. My name is Jacopo, and I am here with Three Part Advisors. Next up, we have Paysign, trading as PAYS on the Nasdaq exchange. I would now like to introduce Jeff Baker, Chief Financial Officer. Thank you very much, and thank you for joining us today, and thank you for your time. This presentation is obviously on the website as well as at the conference location. I am not going to go through this. This is the legal slide everybody has to have. You can read it at your leisure. About Paysign. I will cover the investment highlights and real quick before I get into this, a lot of people ask, are we a payments company? Are we a life sciences company? The answer is both. We have two main healthcare services business, plasma, which is where people can go and give the clear liquid that comes out of your blood. You can give twice a week, and you get paid roughly $60. And we are the processor, the program manager. We do everything for that business, and we do it in-house. We do not rely on third parties. We have direct connects to Mastercard, Visa, Pulse, et cetera. The other part of our business is patient affordability, also known as pharmaceutical co-pay. It has been around for two decades. And our customers are the pharmaceutical companies who are paying the co-pay on behalf of individuals who are trying to get on therapy, stay on therapy. And we make money by charging for every transaction, whether it is a claim or if it is a call center or whatever. Those are our two primary businesses. And this year, we have done a really good job and continue to do a good job executing against our business plans. We have about 45.5% market share in the plasma business, which makes us the largest payment provider in the country. We built that over, since 2011 when we started with 0% market share. Our pharma patient affordability business, that co-pay business, that business has been ramping dramatically. We got in that business about, reentered that business about seven years ago. And in the first half, revenues grew over 85%. Our 2025 revenue, $82 million, that is the fifth consecutive year of double top-line growth. And if you look down here at the bottom bullet point there, the guidance right now is to grow that to $114 million-$117 million. So another, call it +40% gro wth. Adjusted EBITDA last year was almost $20 million. That was up 107%. And this year, the guidance is $35 million-$38 million. So the business is performing well on both fronts. The plasma business, we have, like I said, a dominant market share, and benefiting from really nice economies of scale. On the patient affordability business, we continue to add more programs and are really doing a good job expanding that business. We like to talk about how we really have one operational platform and two growing businesses. A lot of people don't realize, for example, in the patient affordability business, we pay claims via ACH. We pay claims with virtual debit card, which is, we use our platform that we use for the plasma side to make those virtual debit card payments. Then we pay checks as well. Our operations, call center, we're utilizing one facility, one center, and servicing both businesses. Basically, we have a fixed infrastructure platform with the processing rails, our contact center I mentioned. It's a highly regulatory business, both of them, whether we're dealing with the FDIC or PCI DSS or FDA for getting approval on our Apherian product, HIPAA compliant. We have no shortage of regulators that like to come knock on our door. We have issuing bank partners, and we have fraud and dispute handling in-house. All these are very competitive barriers that we benefit from in two really niche businesses. The proof is, like I said, in 2025, revenue growth over 40% combined. SG&A growth only grew 31%, so less than our revenue. Then our operating margins expanded. You're going to continue to see that going forward for the foreseeable future. So our pharma patient affordability solutions business, for those who have had drugs given to them, and this is for the 160, roughly, million people that are on private insurance. What should happen is you go to the doctor, and you end up, doctor says you have colon cancer, and they prescribe you a drug. You're going to walk out, you're going to go to the pharmacy, you're going to fill that drug, and your insurance company, UnitedHealthcare, Cigna, et cetera, they're going to pay 80%, and then you're going to get stuck with 20%. Most people can't afford a $200 a month co-pay. So in steps the pharmaceutical companies who have spent tens of millions of dollars getting this drug through phase I, phase II, phase III FDA approval, and they have a 15-year window to recoup that investment, that return on investment. You've seen all the commercials, SKYRIZI, DUPIXENT. If you ever watch TV, there are no shortage of pharmaceutical commercials. At the end of every one of those commercials, it'll say, "Ask AbbVie how we can help. Ask Johnson & Johnson how we can help." They're telling you they have a copay program. Why? Because they need you to get on therapy and stay on therapy, and they need to break down the financial barriers that would prevent that. If you're not on therapy, they're not selling their drug. So what they do is they step in and they know, okay, Jeff, I have colon cancer. I'm going to the doctor. I'm having tests run. I'm having expensive drugs run. They know that eventually, I'm going to reach my maximum out-of-pocket, and that's going to be anywhere for most plans from $6,000, $7,000, $8,000 a year. Then my insurance company's going to pick up 100% of that. So in the interim, what's happening is that they're paying that 20%, they're getting 80%, they're willing to pay 20% because they know that they're going to get 100% eventually, and you're going to stay on therapy and everything's going to be good. That's where we step in. These copay programs are there for financial assistance. Like I said, it's been around for over two decades. We win because we approach the industry differently. We have transparent pricing. The industry used to be set up on spread pricing, black box. Don't tell anybody what we're making. We have transparent pricing. If I'm going to do a pharmacy claim for you, I'm going to charge you $2.50. If I'm going to send a check and pay a medical benefit claim, I'm going to charge you $30 because I have to pay a check. It's very capital intensive. We have 24/7/365 service and support, and it's onshore. We sign contracts all day. You shall not use AI in your call center, and you shall not offshore because they want the white glove treatment. They want people to be able to pick up the phone and talk to somebody in English or Spanish, and we do that. We save them money because we tell them, "Hey, you're paying for these services over here, and you don't need to be paying for those services. Stop wasting your money." We help them with that. We have dynamic business rules, which is a leading mitigator for maximizers. Maximizers are companies like PrudentRx or SaveOnSP, and they're trying to effectively steal money from the pharmaceutical companies. We saved our customers last year over $325 million. The year before that, it was $100 million. This year, we've already said we're already at over $300 million. It'll be over half a billion by the time the end of the year is over. That's money that our pharmaceutical customers would have had to pay to these maximizers. Instead, they take those monies, and they can now use it to reinvest in their marketing programs, these commercials that we all get the benefit from. Nobody has the efficacy that we do. We can identify on first fill at 97% efficacy that that's a maximizer transaction, and that's definitely a benefit and a competitive advantage that we are benefiting from. The revenue model, it's set up in management fees. I get one-time setup fee, and then I get monthly management fees to run that program. I get paid on a per claim or the dynamic business rules. I get paid on a call center. There's nothing that I do not do that I don't get paid. I send an envelope, a letter out, I get paid for that letter. I have a person in the call center that picks up the phone. I get paid for that per minute. We do have some seasonality in the business. It's higher in the first half of the year, typically, than it is the second half of the year because on January 1st, most insurance programs reset to zero. Everybody's paying claims until they reach their maximum out-of-pocket. As that happens throughout the year, you'll see our claim volume decline. If you look at my revenues, you'll say, "Jeff, your revenues have a decline in the second half of the year. What's going on?" We keep adding more and more programs, and the second half of the year is always a big time to add programs because everybody wants to be ready to go on January 1st of the next year. Basically, what you are seeing is continued growth in the overall business that is driving us to have flattish revenues in the second half of the year instead of declining on the patient affordability business. I mentioned the maximizer and accumulator problem. I am not going to spend a lot of time due to the time here, but suffice to say, one thing I think it is worth noting is that this happens in real time that is completely agnostic to the patient. The patient does not realize this is going on, so we are not disrupting any of the payment flows or any of the processes between us and the pharmacy or the individual at the pharmacy who is getting their drug. This is the 97% efficacy I mentioned. Suffice to say, people always ask, "Well, what is the ROI?" It is the highest dollar transaction business that we get or that actually is in the industry. But the ROI that these pharmaceutical companies are getting are well north of triple digits. So it is a win-win for everyone. This slide right here really tells you, it shows what would normally be the seasonality, and it shows you the year-over-year growth. But the best way to look at this business is on Q1 versus Q1 of last year. So Q1 2026, we did $15.7 million last year, $7.8 million. So almost double. Same thing in the second quarter, $14.6 million versus $7.9 million last year. We expect that growth based on our expectations and the guidance. We think we will do roughly around $60 million in revenue for the full year this year versus $34 million last year in this business alone. Like I said, the last published figure, 157 active programs. Last year, we added 51, and this year we have given guidance that we are going to add between 50 and 60 programs. The average revenue per program per quarter in the second quarter was just under $100,000, which was up almost 25% versus last year. That number will continue to grow. I do not know if it will continue to grow at the same rate, 20%-25%. As we add more programs into the denominator, the year-over-year growth should start to mitigate. Because right now what you are seeing is I have got programs that are small and some that are really large, and the delta you could drive a fleet of Mack trucks through. But we do continue to bring on good programs, larger programs, and it is being reflected in that average revenue per program per quarter. Oh, wrong way. Shifting over to plasma real quick. Again, we are helping the plasma companies provide their payments for the people that are donating plasma. This used to be a cash-based business. If you have ever given plasma, it is typically not in areas where you would want cash to be floating around. So the industry moved to distributing the funds via card, and that is where we step in. Like I said, we are the program manager, the processor. So you are going to walk in, they are going to take a lot of information from you, health information, just like if you have ever given blood, except you can do this twice a week. Not like giving blood, you can only give once every six weeks. You are going to sit in a chair, and they are going to separate the red blood cells from the plasma, the clear liquid, and they are going to pay you roughly $60. The way I am going to make my money is every time you go to the ATM to get the money out, I am going to get paid an ATM fee. You go to the point of sale that you want to buy coffee or whatever it is, I am going to get a point of sale transaction fee. I am going to get interchange. If you do not use the card for 60 or 90 days, depending on the program, I am going to get an inactivity fee. It is very much a usage-based model, and my conversion rate on that $60 is around 2.6%, 2.7%. It is a great recurring revenue business that grows about, in a normal year, it will grow about 5%. It is a cash cow, and we do a really good job managing that business and providing a great service to our customers. Last year, we bought a business called Gamma Innovation. We have rebranded that, Apherian. What this is it is a software, and we are up to, I think, eight modules of the software, but effectively, it is software that helps the plasma companies run their business. The main software is called a BEX. It is a system of record. It runs the front of the house. It runs the back of the house. It runs everything. That is currently in front of the FDA, and we are going back and forth with them to hopefully get approval on that program. We have other solutions like Apherian Pay. It is our legacy payment business. We have the donor experience, where let us say you are on a bus and you are going to fill out, you are going to have to fill out all this information. It would be more efficient with your time if you could do that on your mobile app. So you log in and when was the last time you gave plasma? How much do you weigh? Answering all these questions, and therefore, when you walk in the center, they automatically enroll you, and they put you in line, and you have now accelerated the time that you would have had to spend in that center. So we are doing things to make the centers more efficient. That is a big movement within the industry is efficiency gains by the centers. Why we win, like I said, we are the largest. We have 561 facilities. There is about 1,200 in the U.S., a little bit more. That puts us at about a 45% market share. We have 8.4 million cardholders out there. We have been doing this again since 2011. We have a really good reputation in the industry for doing really quality work, solid uptime with our platform, good call center, good customer service, et cetera. So plasma by the numbers. In 2024, it was roughly $44 million in revenue. Grew last year 4%, in a year that the industry had an oversupply that they needed to work through. We thought going into the year, the business would be down about 10%, but we had one of our larger customers consolidate all of their payment to us. We were a big beneficiary of that. This year, we expect that to grow to almost 24% to just under $57 million. What you are seeing there is that growth of those programs or centers that we brought in in June of last year, plus comping against a year which the industry inventories were overdone. We are very bullish on this business. We use this business to fund 100% of our growth of our patient affordability business. If you look at my balance sheet, and I have got a slide here later, we have no debt, and we have over $30 million of unrestricted cash. This is a little bit more about the Apherian platform I was talking about, but as I said, I have Apherian Connect, which is a donor engagement app. I have Apherian Journey. This is a CRM. A lot of plasma companies are dealing with up to five different service providers. They have a BEX system. They have got a CRM that they have gotten from Salesforce. They have got an app that they have gotten some third party to develop the app from. With our applications, and it is all modular, you can have it all, or you can buy it individually. But it is providing a solution to the industry that heretofore has been dominated predominantly by one company out of Canada called Haemonetics. We think the industry is ripe for disruption, and ready for a provider that can give them, at a lower cost, more feature functionality and better solutions, all integrated. If you look at the company's competitive mode, we like to talk about how we can participate in this healthcare, life sciences business with these two separate businesses. But the dynamic business rules that I mentioned, proprietary 97% first fill accuracy, nobody in the industry can touch that. Our scale and our market leadership in the plasma business, success begets more success there. 561 facilities, 8.4 million cardholders. Our payments and our software, integrated solutions together, which will pull or should pull more of the plasma centers from a payments perspective as we go to companies that do not even use us as a payments, and we can offer them payments and software. Then the regulatory environment I mentioned earlier. I mean, the BEX 510(k) pending FDA approval, HIPAA compliance, PCI DSS compliance, SOC 1, SOC 2 compliant, BSA, AML. Again, no shortage of regulatory bodies, which does create a real competitive advantage to us. The market opportunity, real quick on the plasma collection I mentioned, it is about a $110 million, $120 million business in the U.S. just on the payment side. On the software side, it is over $3.5 billion market opportunity today, growing to $7.5 billion over the next 10 years. So it is two very good markets. On the patient affordability business, we first got in and before we had created dynamic business rules, we estimate it was about a $750 million market opportunity. We think that is now closer to $1 billion, and that is just on the payment side of the business for what we do. We have three real strong market opportunity businesses that we plan to continue to take advantage of moving forward. Financial profile, as I mentioned earlier, 2025, we ended with $82 million versus $58.4 million in 2024. Again, guidance this year is $114 million to $117 million. Last year's growth was 40.5%. Our operating leverage you saw where we drove adjusted EBITDA by 2.6 x. Revenue was up 40.5% last year. SG&A only grew 31.2%, but our Adjusted EBITDA grew 107%. The business is at its. Clearly the inflection point has arrived where we're driving, and we said it in the second quarter, for every incremental dollar we brought into the door in the second quarter, 50% dropped to my operating income. We've got zero bank debt, like I mentioned. High gross margins, 59.4% last year. This year, the guidance is around 60%-62%, and we've generated really strong shareholder value, as you have seen. This is just a snapshot of the revenue by business. As you can see in the light blue, the patient affordability, which is becoming a greater percentage of our business. It's a higher margin business, thus you're seeing the operating margin expansion. The green is the plasma business. We have some other business that we don't have time to talk about. Effectively, those are other payments businesses that we do. From a margin profile perspective, again, I mentioned the growth in the gross margin. You've seen that. You've also seen the growth in the adjusted EBITDA margin. But the adjusted EBITDA margin's compounding because, like I said, the incremental dollars coming in from both of our businesses, and we expect that to continue to show through in the numbers for this year and into next. This is just a very condensed income statement, if you want to look at it at your leisure. We actually do have actual net income. A lot of companies of our size don't have net income, but for the purest investor out there, we have net income. Most of the analysts that look at us, look at us on an adjusted EBITDA basis, and we're covered by five analysts. Lake Street, Barrington, Maxim, Ladenburg, and D.A. Davidson are the five analysts that cover us. Again, this is the guidance of revenue, $114 million-$117 million this year. That's revenue growth of +40%. A gross margin 62%-63% versus 59% last year. A net income of $21.5 million-$23 million versus $5.7 million-$6 million last year. Our diluted EPS $0.35-$0.37 versus $0.09-$0.10 that we did in the third quarter. Adjusted EBITDA, $35 million-$38 million versus $20 million in 2025. Our leadership team, we were founded by Mark Newcomer, who's President and Chief Executive Officer. He's actually joined us in the room today. He founded the business, still is a significant shareholder of the company. He owns just over 15%. Total insiders own just around 59% of the business, so we believe in putting our money where our mouth is as far as ownership. Matt Turner is also with us today in the room. He's the President of our patient affordability business. But if you look at our executive leadership team, you have people that have either come out of the banking industry or the patient affordability, the pharmaceutical industry, and there's a great domain expertise around the senior leadership team. We do have an independent board of directors led by Dan Henry. Dan is the Chairman. He was formerly the Chief Executive Officer or co-founder of Euronet Worldwide, which is a publicly traded company. He was also the Chief Executive Officer of Netspend and Green Dot at one time. Bruce Mina is the head of our Audit Chair. Jeff Newman was General Counsel for Euronet for many, many years. Dennis Triplett, a bank executive who was at UMB Bank. He ran their healthcare services or healthcare banking business. With that, I will leave this slide here. I have about nine minutes for Q&A. I would be glad to open the floor for questions. Yes, sir. When you talk about the fees relative to the plasma card, you said you got like 2.6%. Is that coming out of the $60, or the donor gets the full $60? The question is on the fees and my conversion of the $60 being 2.6%, 2.7%. That conversion are all the fees that I am getting. The donor gets all $60, but interchange, for example. Interchange is paid by the merchant where the transaction occurred. The donor is not paying the interchange, but I am getting that interchange dollar. If the individual goes to an ATM, we all see it, there is a foreign ATM fee, there is an inter ATM. Then the donors will pay that fee, and I will get part of that fee. Part of it goes to the ATM operator, et cetera. For the most part, that 2.6%, 2.7% is my conversion on the $60 that I get as revenue. When you talk about the 157 programs, and maybe it is more than six out of the 10 that you mentioned, but how many programs would it be, what percent of the market? The question is, we have 157 programs, and how many programs does that relate to versus the potential? The potential, if you look at the FDA Orange Book and Purple Book, and I would have to get Matt up here to explain the difference between those two books, but there is over 3,000 drugs that have co-pay programs. Within that 3,000, some programs have multiple co-pay programs. It is not uncommon. For example, we have a drug, and they have a co-pay program, and then they have a voucher program. It is just targeting different parts of the community. A voucher program may be targeting one subset of a drug market versus the co-pay. We are in early days, early stages at 157 programs. We think there is a long runway of opportunity. You mentioned six of the top 10. We only have nine of the top 20 pharmaceutical customers that are out there. A lot of opportunities with the big guys to both land with new programs and then expand once we get in. We have proven that. One company we are able to talk about is AstraZeneca. We started with AstraZeneca in 2024. I think they had four programs. Now we have over 15. We have done a good job. If you do a good job for the pharmaceutical companies, they will give you more business. They also fire you very quickly if you do not do a good job. You have to perform every day for all of our customers. Just the mechanics on that card for the co-pay from an individual patient, are they getting a card that they present to the pharmacy? The question is, are the individuals getting a physical co-pay card that they are presenting to the pharmacy? We like to say co-pay card because it is easy, but a co-pay card could be a voucher. You are at your doctor's office, and he is like, "Jeff, I am going to write you a script for XYZ. Here is a voucher. Take that to the pharmacy and show it to them." Some of the pharmacists, when you walk in and you give them the drug and they will say, they automatically enroll you, and they know there is a co-pay card program with that. Sometimes you see a commercial on T.V., and it says, like I said, "Ask AbbVie how you get." You go to AbbVie's website, and you can register on their website for a co-pay program. In those instances, you may submit a claim that then is going to come to us, and I will be sending you a check for you to get reimbursed. It takes on a number of different It is not just, "Hey, I am walking in with a card," and there it is. Welcome. Good questions. Yes. You made it better from the lead generation for patients who need copays. It looks like you are relying on the manufacturer to do a lot of the work. Do you have to do any advertising to say that it will be a better deal for you, or how does that process work? The question is do we have to do advertising to generate more transactions for the pharmaceutical companies? No, that is not our job. Our job is to facilitate the, once that payment is made, the reimbursement of those copay funds. We are not direct-to-consumer advertising or doing anything else. The pharmaceutical companies do that. Used to you had pharmaceutical drug reps, and they were walking around with narcotics in their trunk, and somebody realized that was not a really good idea. Now they have these teach-ins about, "Hey, the new drug hit the market. Here is what it does." They go to the doctor, they give them the vouchers that I mentioned earlier maybe to get them. There are write-ups in physician magazines. They do all the marketing, though. Are the insurers employing any tactics to push back against this? Are they managing those, some concern about Yeah. The question is, are the insurers doing anything to push back on the copay program? It is insurers, it is PBMs, pharmacy benefit managers. You are either on the pharmaceutical side of the world or you are on everything on the other side of the world. And quite honestly, I do not know of your experience with insurance companies. Mine is that insurance companies will do everything they can so they do not have to pay, and they will push out a claim as long as they can. Yeah, there is always pushback from the insurance companies. But at the end of the day, they cannot do anything about it. You are talking about a regulated industry by the HHS. Is that right? Health of Human Resource. HHS. Thank you, HHS. And most of the drugs are regulated at the federal level versus state level. The state level, they talk about passing rules and all this stuff, and it really only impacts about 15% of the patient population. Again, it is because everything is regulated at the federal level. Any other questions? Yes, sir. You just mentioned that there is a firing path if you lost a deal and so what causes? Repeat the question. You just said that they fire you fast. Oh, yeah. They fire me quick. Have you been fired? Have we ever been fired? So, knock on wood which this is, we have never lost a patient or a program due to our performance. I think over the seven years, we may lose on average one a year, but it's because one company got acquired by another company who had a copay business with another vendor, so they moved it. You do have periodically programs they just shut down. They don't have any claims. I'm not really making a lot of money on them, like monthly maintenance management fee, that's it. But they'll say, "Listen, we don't have any copay claims. There's no need for us to have this business anymore." But like I said, seven years, one a year, you don't even see it in the numbers. But we've never been, and hopefully never will be, fired for performance. The pharmaceutical industry is a very incestuous industry. They talk amongst one another, so if you are doing a great job, word gets out. If you do a bad job, word gets out. Any other questions? Yes. For the maximizers and accumulators, both are competitors on the patient copay side. Is that right? No. The question is, are the maximizers and accumulators competitors? They are not competitors. They are just an intermediary, just like a PBM or whatever. They are a separate business trying to effectively take money from the pharmaceutical companies, from the copay programs. What we do is we identify that transaction, and we block it from occurring, and then we give the monies back to the pharmaceutical companies because, and this is a long story, but to make it very short, the maximizers have entered into a separate contract with you where they are liable, and they have to give you that copay throughout the remaining term of that contract, which usually runs for the remainder of the year. But no, they are not competitors. Our competitors are McKesson has CoverMyMeds. IQVIA is a big data company. They are a competitor. ConnectiveRx. You have probably never heard of a lot of these companies. A lot of them are private. But those are typically hub providers that are doing other services beyond just copay. All we do is copay. We do it very well. You get very good service from us and good results. Any other questions? All right. Well, thank you very much for your time. I really appreciate it.