Afternoon. Hope everybody enjoyed lunch. Thank you for being here. I'm John McNamara from Three Part Advisors. Our next presentation is PaySign, Inc., a provider of prepaid card programs, patient affordability solutions, digital banking, and integrated payment processing for businesses, consumers, and government entities. The stock trades on the NASDAQ under the symbol PAYS, and with us from management is Jeff Baker, Chief Financial Officer. Thank you very much. Good afternoon, everyone. People always ask me, what exactly does PaySign do? Are you a payments company, a healthcare services company, or what? The best way to answer that is yes, across the board. We effectively are a transaction and workflow engine operating across the healthcare and financial rails, and I will explain that more shortly. A little disclaimer for all those legal people, you can read this on your own time, but basically, it's a safe harbor for anything that I say during this presentation. Some investment highlights about the company. We have two main businesses. We have plasma, where people go and they donate plasma. Plasma's the clear liquid that's in your blood. You can donate twice a week, and you get paid around $60 to do that. Most of the people that are donating plasma are unbanked, underbanked individuals that are living paycheck to paycheck. Regardless of what kind of economy we're in, these individuals are always looking for ways to supplement their income, and one of the ways that they do that is to donate plasma. We have about 45% market share in the U.S., which is something that we have built over the past decade, since 2011, when we got into the market with zero market share. The other part of our business is pharmaceutical co-pay, and what that is really our customers are pharmaceutical companies that will pay an individual's co-pay amount if they're sick, for a drug or whatever, and we sit in the middle and move money. We make those payments on their behalf. For example, you get sick, you go to the doctor. We have a very large oncology portfolio, and the doctor says, "Jeff, I'm sorry to tell you have cancer." You get a script, and the doctor will, maybe he'll give you a voucher with that, or maybe you'll sign up on the pharmaceutical company's website. You'll take that to the pharmacy, and they'll run your insurance card. This is for the 160, 70 million people that have private insurance. They'll run it, and let's say you have UnitedHealthcare Insurance or Cigna or whatever, they'll pay 80%, typically, for most plans, and then they'll ask you for the other 20%. At that point in time, most of the people will find out, if it's an oncology drug, very expensive drug, that the co-pay amount will be more than $200. In the U.S., most people haven't saved for a $200 a month, oh, no moment. If there's no co-pay program available, they will simply abandon the prescription. They will walk out. They will not fill it. It doesn't matter how sick they are. That abandonment rate's over 60%. The pharmaceutical companies who have spent tens of millions of dollars to get the drug through phase I, phase II, phase III, et cetera, will pay that 20% on your behalf because they want you on therapy, and they need you on therapy, and they will take $0.80 on the dollar, versus zero. Our pharma revenue, trailing 12-month revenue, grew almost 117%, we're in the very early stages, and to $40.9 million. We have 183% three-year CAGR, which grew 22.6 times in the past three years. Of those drug programs, everyone in this room who has watched TV has seen a SKYRIZI commercial, a DUPIXENT commercial. These are specialty pharma drugs in which we feel that there are at least 850 where their co-pay amount is more than $200 a month, and that's where we come in. Some other investment highlights real quick. FY 2025 revenue was $82 million, up 40.5% year-over-year. It's the fifth consecutive year we've had double-digit top-line growth. Our adjusted EBITDA was almost $20 million, up 107% year-over-year, and it was $0.17 a share, and we expect that to go to $0.33 this year. We have zero bank debt. Good gross margins, a little over 59%. It's a capital light, high quality earnings, good cash flow business with no leverage risk. For 2026, we've given guidance of revenue between $106.5 million-$110.5 million. That's 30%-35% over 2025. An adjusted EBITDA of $30 million-$33 million. That would be up from $20 million roughly in 2025. We're saying this year that we expect plasma and patient affordability co-pay business to be roughly 50/50 between as far as mix. The patient affordability business continues to grow and this year or next year, we will surpass our legacy plasma business. Current market cap's around $400 million. We're covered by five analysts, yep, we'll go forward. What's happening in our business is we've reached an inflection point where we're really starting to create and generate solid cash flow. Our margins are expanding as the patient affordability business has finally reached a point where it is a contributor to the entire operations of the business. I tell people we have a shared model, a shared operating model, where we're using the same technology for both businesses. We make payments for the plasma individual that gives plasma, that $60. We're a program manager, processor, we do everything in-house, call center, you name it. Same thing on the pharma side. We pay via ACH, we pay via check, we also pay by virtual debit cards. Again, we have our own call center, and where we're doing claims adjudication, et cetera. Really this one platform infrastructure that is now ready for margin expansion. Just a little proof in the pudding, we grew revenue in 2025, 40.5%. SG&A only grew 31%. Our adjusted EBITDA growth grew 107%. If you look at it, you're really at a point in time, an inflection point, where revenue's now outpacing expenses and margins are expanding. We expect that to continue this year. I mentioned the pharma patient affordability solutions. There's a number of reasons why we're winning business in this market. The first one is that we approached the market, a market that had very little innovation, and it really was ripe for disruption. The old model in the pricing was basically a black box, and pharmaceutical companies didn't really know what their ROI was on these copay programs. We went in and said, "You know what? We're not doing black box pricing. We're going to open book pricing. We're going to charge you $2- $3 for a pharmacy claim. We're going to charge you $20- $30 for a check that we send out. We're going to charge you $2.80 for a call center minute." Very much open book pricing. That was the first thing. The second thing is as a payments company, we have all this data. It's really table stakes for a payments company, the industry doesn't come from a payments world where we're able to provide them their bank balances, their claims information, the amount of claims, the number of claims through a single portal. I was on a phone with a top 10 pharma, long story short, he says, "We don't have that kind of insight into the program today." He wanted me to put their bank balance on every invoice we sent out, I said, "No, you're going to go to your portal, and you'll be able to look at that every day." That's another innovation that we did. That provides them the data and analytics. Along came along this thing called Dynamic Business Rules, it's very complex to really explain what Dynamic Business Rules are, effectively, it's a proprietary algorithm that protect both the program and the patient's access to get a drug and stay on drug. There are some bad actors in the healthcare space where they effectively, they're called maximizers and accumulators, where they try to take the funds and these copay funds away from the pharmaceutical companies who are providing the funds for their individual benefit, for the individual who is sick, for their benefit. Suffice to say, we have technology where on first fill detection, we can figure out that this is an accumulator maximizer coming in, we will block that transaction. It's completely agnostic to the individual, which is what the medical pharmaceutical companies want. It's done in real time. This is extremely important and another reason why we're winning business. The other thing, I mentioned the call center, very important, 24 by seven, 365. That in and of itself, because we do a really good job with that, the pharmaceutical companies, they expect and demand a white glove service when you're dealing with their customers. The revenue model's pretty basic. It's set up fees, monthly management fees, which are recurring, per claim fees. I mentioned earlier, it doesn't matter to me if a reimbursement or a copay is $200, $2,000, $500, that's just pass through. I make no money on that, I do get a claim fee. It's very much a transaction-based business. We get call center fees, other services that we provide for the pharmaceutical companies. It's a seasonal business. On January 1st, for most health plans, your maximum out-of-pocket resets to zero. That means all the claim activity is the highest in the first half of the year. If you're sick, you're going to the doctor, you're having tests run, you're on expensive medication. Eventually, you're going to reach your maximum out-of-pocket, let's say anywhere from 6- 10 to $15,000, depending on your insurance plan. Your insurance company's going to kick in and pay 100%. You'll see the claim volume fall off towards the end of the year. If you look at my revenue numbers, it's been somewhat masked, due to the fact that we've added so many programs. Last year in the fourth quarter, we added 25 programs. We exited the year with 131 programs, up 55 year-over-year. This year, we are expecting to add about another 60 programs for the entire year. Going back, sorry, on this presentation, this is what I was talking about, the maximizers and the accumulators. We saved our customers in 2024 over $100 million in claim payments that they would have made if they weren't using our technology. In 2025, that was over $325 million. This year, it wouldn't surprise me if we surpassed a half a billion dollars. That's real money. It doesn't matter what industry you're in, and is a testament to the effectiveness of our IP, our technology. We do this, again, on first fill with 97% efficacy. There's nobody in the industry that can come close to that. Usually by the third or fourth fill, our competitors could figure that, hey, this is a maximizer transaction and not available. By then, the money's gone. If you don't use our technology, 30% of a manufacturer's funds will walk out the door on the first fill. Again, very expensive. It's a win-win. It is something that we charge more for, but even as much as we charge, the pharmaceutical companies are getting triple digit ROI on that payment. By the numbers, you can see here the seasonality. The best way to look at this business, really both of our businesses, is on a year-over-year basis. Sequentially really doesn't do justice because of, like I said, the seasonality on the claims. First quarter this year, $15.7 million in revenue versus $8.6 million the year before, and $2.4 million the year before that. You can see where we're building momentum. The average revenue per program was $116,000 this year in the first quarter. That was versus $96,000 the year before. What's happening there is we're bringing on bigger and bigger programs. I said we exited the year with 131 programs, then 135 roughly at the end of the first quarter. As of May 12th, this is the last published number, we had 141 programs. Again, looking to add roughly 60 for the entire year. Last year, another point to make, percentage of revenue was 41.3% of revenue. This year, I'm expecting it to be 50/50 or actually may surpass plasma. Over to the plasma donor payment business that we currently have, and that's a legacy business. Like I said, we've been doing it since 2011. It's really seamless to the individual. Individual gives the plasma, they get paid the $60, then they take that card and they go to 7-Eleven and buy whatever. They go to an ATM, they pull money out. I get paid every time that card's used. I'll get a transaction fee or an ATM fee or interchange, or it's a very much a usage-based program. Last year in May to supplement this, excuse me, in March, to supplement this business, we bought a software platform, that we have rebranded, named Apherion. What this is it is a donor engagement CRM donor management system. Donor management system, think of it like this, is the heart of blood centers and plasma centers that run the front of the store, the labs, the inventory, and the back of the store. It's so complex that it actually requires FDA approval, which we've been working on since August of last year. This platform, it does more than just that. There are other modules that help when an individual comes in to give plasma, you have to collect a lot of information. If anybody's ever given blood, you sit down and you fill out this form, what's your age? What's your height? What's your weight? Blah, blah. Any allergies? We have an application that will accelerate that process. When you fill it in the first time, great. You walk in the next time, let's say two days later, to give plasma again, it says, "Has anything changed since you donated last three days ago?" You say, "No." Boom, it goes to the next page. It really accelerates and makes the process for the plasma centers a lot more efficient. We also have a CRM application. Most plasma companies today, they have point solutions, and their CRM solution would be like using a Salesforce. Well, Salesforce, I don't know if anybody uses Salesforce, we do, and it's very expensive and the costs keep going up. This is an opportunity for our plasma partners, to become more efficient and have a better experience, better technology at a lower cost. Right now, the 800-pound gorilla in the donor management system space is a company called Haemonetics. Many of you probably have heard of them. They're out of Canada, and they make hardware and software and sell soft goods. If I'd say we've already integrated into two of the top three hardware manufacturers with our applications here. Once we get FDA approval, we expect to see some revenues from our software side of the house. It's really exciting. These are large opportunities. We have 75%, well, we have 45% of doors for market share. We have 75% of the plasma companies in the U.S., so we've got a natural channel to sell and cross-sell into. Some points here, 554 facilities as of May 12th, 8.4 million cardholders. I've got roughly on my balance sheet, if you look at my balance sheet, I've got of $110 million in cash, $55 million is sitting there from donors who have donated, and again, as they use that card and spend that money, I'll get paid. It's a good cash cow business for us. Grows about 5% a year. Roughly 40%-45% gross margins. It's capital light. By the numbers, if you look at 2024, roughly $44 million. 2025, $45.6 million. No, that's not 5%, it's only 4%. The industry went through an oversupply situation in inventory in 2025. We feel like that's now been corrected, we'll expect the growth, like I said earlier, to be about $54 million in revenue in 2026. The average revenue per facility in 2025 was about $77,000. Excuse me. I'm drawing a blank. The market share, like I said, for the number of centers and the number of doors is 45, just over 45%. This is a little bit more about the software business. It's priced as a SaaS model. It's recurring, good margins. It's all integrated, so you can actually choose which module you want, or you can choose all the modules. We think that we have some really good technology to sell to enable the plasma centers, what they're trying to do, if you think about it, they have a fixed cost infrastructure. They have a building, there's a nurse, there's a doctor on calls within a three-mile radius, and this is all regulated by the FDA. They need to make sure that that center's full at all times that the doors are open, not just at five or six o'clock after people get off work when they go donate. With our technology, they can figure out what are some of the lulls during the day and push messages out to them saying, "Hey, Jeff, if you come in at one o'clock instead of five, we'll give you another $5 on your donation." You can also, with our technology, maybe you have two centers and one center, it takes two hours to donate plasma, another center takes an hour and 45 minutes to donate plasma. Maybe you have a management issue at the one center where the time is taking longer, you can address that. There's a lot more that it does. In the interest of time, I'll move on. Suffice to say, we're extremely excited about the potential that we have over the next three to five years with this business. We've talked a lot about the two businesses. If I were to summarize it in a competitive moat that we have, first, we have the proprietary dynamic business rules, 97% first fill accuracy. Again, completely agnostic to the individual getting their prescription. We have market leadership in plasma. We have the larger share out of any of our competitors. There are a couple other competitors in the marketplace, around 20% market share. We have scale. The software business that I just mentioned, coupled with the payments business that we've been doing since 2011, gives us a really nice integrated opportunity to continue to help our plasma customers become more efficient at their processes. Regulation, not to be undersold. We operate, whether it's payments or healthcare, we are in a highly regulated industry. The BEC 510(k) that's been pending with the FDA, this is not a software application that Claude is going to come in and build overnight and the FDA is going to approve such an AI-built application. We're HIPAA compliant. We're PCI DSS compliant, SOC 1, SOC 2 compliant, BSA/AML compliant. I joke around, I think every month we've got a different auditor in our offices. While it's very difficult, it is a high barrier to entry. The market opportunities are large. I'm just going to hit it very quickly. In plasma, it's about $110 million TAM. It's not huge to attract a lot of competition, but it's not insignificant for us. Like I said, it grows about 5% a year. The patient affordability business is about a half a billion dollar TAM for the payment side. On the software side, that's about a three and a half billion dollar TAM worldwide, growing to seven and a half billion over the next 10 years. We've got some really nice large addressable markets to go after with our two growing businesses. Just to repeat, our financial profile, 40.5% top line growth in 2025. Expecting to grow 30%-35% this year. Zero bank debt. High gross margins, 59% guidance this year is 60%-62%. Adjusted EBITDA margin, 24.3% last year. SG&A, again, revenue's growing faster than SG&A, so we're getting nice margin expansion across the business. We've generated over 94% shareholder value 2025 over 2024. Revenue by the business, you can see here the mix. I won't go because we're running out of time. Clearly, patient affordability is growing and becoming a bigger part of our business. Like I said, it should be at or above 50% this year. The margin profile, again, we've talked about gross margins going from 55% in 2024, almost 60% in 2025, 60%-62% this year. The adjusted EBITDA margin going from 16.4% to almost 30%. Guidance is 30% this year. Good margins, good operating leverage, etcetera. Again, this is a snapshot. You can look at this later looking at Q1 2026 versus Q1 of 2025, and then full-year 2025 versus 2024. Outlook that I've given, we've said on the last conference call, we feel comfortable at the high end of the range. We beat numbers in the first quarter. We didn't raise guidance. We'll see how second quarter pans out. Right now, we're looking around $110.5 million revenue. That'd be 35% growth. You're looking at $33 million adjusted EBITDA, about 66% growth. Again, we exceed the Rule of 40 with 32% revenue growth, 29% adjusted EBITDA margin. If you just use the midpoints, it's 61. A very nice business. We're founded by Mark Newcomer. He's our CEO. He owns 18% of the stock. Started the business in 2001. I've been with the company for the past five years, a little over five years. My background before that, I ran mergers and acquisitions for two companies. One, Global Payments, most of you probably have heard of. The another company was InComm, which is the largest prepaid provider in the world, and I did that for 18 years. The management team either comes out of the healthcare industry, banking industry, or payments industry. We have a lot of good domain benchmark. We have independent directors. Dan Henry is the chairman. He was co-founder of Euronet Worldwide. He was the former CEO of Netspend, which was a publicly traded company. He was the CEO of Green Dot, also a publicly traded company. Bruce Mina has his own CPA firm. Jeffrey Newman worked with Dan at Euronet and was an attorney for them. Dennis Triplett, he was a former bank executive, UMB Bank, where he ran the healthcare division for them. I'm getting out of time, so I will leave the investment highlights slide up here, and I will ask if anyone has any questions. Yes, sir. For those, the two out of three manufacturers that you sell the software to, is it that you're going to sell to those two and Haemonetics has their own offering? The question is, who are the two, with the two of the three we're going to sell the software into. Does Haemonetics have its own offering? Yes, Haemonetics has its own BEC system. A lot of people use them. They're the largest hardware provider in the industry. The other two individual companies, we've integrated our software into them. We'll still sell the software to the plasma companies or the blood companies. It's an easier sell if there's already hardware in the market, which there is for these two guys. We say, "All you have to do is plug and play," basically. Next question. Yes. I don't know if you disclosed any information on customer concentration. Is that an issue? If it is, can you talk about anything about it? We have to publish customer concentration if we have any, and right now we don't. If you look at the plasma business, each cardholder is really our customer. It's how we generate our revenues is from each cardholder. $8.4 million, no customer concentration there. On the patient affordability side, we may get to a point where we have to disclose because some of the larger pharmaceutical companies that we are doing business with are bringing us more and more business. I call it the land and expand strategy. Right now, as of the end of 2025, we did not. Yes, sir. How much is that software business? What did you pay for it? Did you consolidate? We bought it in March of last year. We paid $10 million in cash, paid out $2 million at closing, and $2 million on every anniversary thereafter, for the next four years. We, 2.5 million shares of stock, 500,000 shares vest at close, 500,000 shares on each anniversary for the next four years. The CEO came over with us. His dev team came over with us. He's done a great job in looking at our development and our team and really taking out third-party developers that we were using and spending a lot of money on. He's already saved me roughly $5 million a year with this cost savings that he's done. Cash on cash return, that total cost was just under $16 million. If you do the math, that's just over a three-year payback. What's the revenue in that application itself? Today, there is no revenue. The BEC system is currently in front of the FDA to get approval. I expect we may get some revenue this year. It is not in the guidance, late this year, probably internationally because the international folks don't have the FDA to deal with. It was a pre-revenue purchase. In the plasma business, who was Citi sold to? They were the main competitors to you? Citi was a 800-pound gorilla back in the day. It was called Citi Prepaid back when Citi had You remember back in 2008 when they had one bank and then they had to split off everything? That was bought by Wirecard. Yeah. Wirecard was the company that got in trouble. Who bought from Wirecard? From Wirecard, it was Northlane Capital. It's a private equity firm, and they've done a roll-up, and they call themselves Anvi now. That is the name of the group. How big is that business? For them, from my understanding, the total business that Anvi has, and they do a lot of other payment stuff, is like $1 billion. My guess is this maybe $20 million for them. Mostly you're getting interchange? We get- Revenue. No, we get- Interest, sheet and- We get a per transaction fee, we get interchange, we get inactivity fees from cards, we get card replacement fees. We get ATM fees. What's the mix look like? How stable has been the aggregate yield? My conversion rate is around 2.3%. If you get paid $100, I'm going to get $2.30. That's been stable for quite a while. We haven't broken out the mix between cardholder fees and interchange and those other metrics. Is that, a nything else? No? I'm getting a red light. Okay, I'm over time. All right. Thank you everyone. I appreciate your time.