Paysign
A small payments company that pays plasma donors on prepaid cards and runs copay-assistance programs for drug makers.
The scores
Growth3/4 ↑
Pharma nearly doubles on 51 net new programs, but plasma grew 4.0% in 2025 and its center count is shrinking.
Business quality3/4 →
Near half of US plasma centers and programs won from incumbents, but centers leave on a sale and McKesson moves $10B to its $1B.
Financial position4/4 ↑
Net cash, no debt, own cash flow covers investment; the only commitment is $6M to Gamma's sellers.
Execution record3/4 →
Beat and raised twice in 2026, but the software deal missed so badly its earn-out was zeroed, and FDA timing slipped.
Per share capture3/4 ↓
Diluted shares up 7.1% in a year with no buyback, and more units promised to Gamma's owner; growth still outruns it.
Potential2/4 →
Plasma is near half the centers already; pharma upside needs program wins nobody has signed and no federal maximizer rule.
Risk profile3/4 →
One drug maker is 36% of receivables and a federal maximizer rule would cut the product's edge; neither resolves in one step.
Valuation2/4 ↓
35.2 times guided earnings needs growth near 30% beyond 2026; the panel expects 16.2%, so little is left if it slows.
Evidence quality3/4 →
Filed figures and outside counts, but the product's value, the savings and the FDA timetable rest on management's word.
If it works 0.8× · if it fails you keep about 44%.
The Verdict
We rate Paysign neutral. It pays plasma donors on prepaid cards and runs the programs drug makers use to cover patients' share of expensive medicines, and the business is solid: the drug-copay side nearly doubled in a year. But plasma centers are leaving, a software purchase failed, and the latest quarter was flattered. The price needs fast growth for several more years, so it is full, not cheap. As a bet it is fragile: even if copay programs keep coming, today's money shrinks a little; if they stall, a little under half is left. We think the growth is real but already paid for.
The long caseInsurers keep finding ways to divert drug makers' copay aid, so drug makers pay administrators like Paysign to protect it, and each new program adds recurring fees.
The evidence under this - 8 claims
- Guidance has been raised twice this year; if 2026 lands at the Q2 run-rate plus seasonality the multiple is lower than 35.2.
- Trailing earnings include a 45.4% tax rate in Q4 2025 that depresses the trailing figure.
The equal split was stated in March, before the raise; if the raise was mostly pharma, pharma is larger than half.
The company
Plasma collectors pay donors a fee after each visit. Paysign loads that fee onto a prepaid card, and CSL Plasma, one of the largest collectors, sends its donors to Paysign's app.
Drug makers help insured patients with the part of a drug's price their insurance leaves them to pay. Paysign runs those programs: it checks each claim at the pharmacy, pays the patient's share from the maker's fund and bills the maker back. The alternative is a rival administrator such as McKesson.
The evidence under this - 5 claims
Winning programs moved from incumbents proves programs can move, which means Paysign's can too; no count of programs lost is disclosed.
How it makes money
From plasma, it earns a fee each time a donor spends from the card: about $7,699 a month per center in Q2 2026. From drug makers, it earns set-up, monthly and per-claim fees, not a share of the money it pays out. More programs and more claims bring more fees. Nothing is paid on a percentage of the aid itself.
The evidence under this - 4 claims
Where the money comes from, stream by stream
| Stream | Share of sales (Q2 2026) | How it earns it |
|---|---|---|
| Pharma (patient affordability) | 51.9% | Fees per program and per claim from drug makers for running copay assistance cards and catching insurers' maximizer claims. |
| Plasma | 46.2% | Card program, cardholder and interchange fees on prepaid cards plasma centers use to pay donors. |
| Other | 2.0% | Corporate incentive, payroll, disbursement and gift card programs, earning card fees, interchange, breakage and settlement income. |
Who runs it
Mark Newcomer co-founded the business and has run it since 2006; he owns about a sixth of the company, and officers and directors together about a quarter, so management gains or loses with shareholders. Pay is loosely tied to results: bonuses are set by the board at its discretion, and most share awards vest simply by staying, with some tied to profit targets the company does not publish.
The evidence under this - 3 claims
- The earnings targets are not disclosed, so how hard they were to reach cannot be judged, and they were met in the first year of a three-year grant.
- The proxy says the company has not looked to net income or shareholder return to measure executive performance.
Why it wins, and who could beat it
Why customers come back
Switching is a nuisance. A collector that leaves must give every donor a new card, and a drug maker that moves a program risks patients' claims failing at the counter. Paysign holds 47.7% of US plasma centers by an outside count.
Its pitch to drug makers is catching insurers' plans that drain copay funds; those plans took $2.7B in 2023. Paysign says its rules saved clients $325M in 2025, but only Paysign measured that. And when collectors sell centers, the cards leave with them.
The evidence under this - 5 claims
Management says closures cost little because donors move to nearby Paysign centers, and revenue per center rose 8.5% while centers fell.
- No client or third party has published the savings; the $325M is the seller's own count of money it says it kept from insurers.
- The 97% first-fill detection rate management cites is also unaudited.
The threat
McKesson runs the same copay service at a far larger scale, saving patients about $10B a year against Paysign's $1B. Onbe, a private company, sells the same donor cards. For plasma software, Haemonetics already sells a cleared system linked to its own collection machines; Paysign's has no clearance.
The evidence under this - 4 claims
- The timetable has already slipped at least twice, from Q4 2025 to 'first quarter, second quarter' of 2026, and the Q1 2026 call would say nothing beyond 'discussions back and forth'.
- The FDA's 510(k) database shows no clearance for Paysign, Gamma or Apherion as of 2026-09-27.
The rivals: MCK, HAE, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| MCK | McKesson Prescription Technology SolutionsPriced against it: One segment only | Pharma industry | On sale | One segment only |
| Private | OnbePriced against it: Private | Plasma industry | On sale | Private |
| HAE | Haemonetics NexLynk DMSPriced against it: One segment only | Apherion software | On sale | One segment only |
How big it could get
How big this could get
If all 1,247 US plasma centers paid Paysign's current rate, plasma cards would bring in about $115.2M a year, against $45.62M in 2025. Paysign already has nearly half of them, so that business can grow mainly by taking more per center.
Drug makers spent $23B on copay aid in 2023; Paysign handled nearly $1B in 2025. Nobody publishes what administrators earn on that pool, so its size in fees is unknown.
The evidence under this - 4 claims
- No client or third party has published the savings; the $325M is the seller's own count of money it says it kept from insurers.
- The 97% first-fill detection rate management cites is also unaudited.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Pharma industry | 52% | +88.9% | +85.2% | +106.1% | 79% |
| Plasma industry | 46% | +21.4% | +23.0% | +12.9% | 21% |
| Rest of the company | 2% | -3.1% | +2.0% | +23.8% | 1% |
| Whole company | 100% | +48.1% | +49.4% | +44.2% | 100% |
On the filed split through 2026-06-30, if each business keeps its last half-year's growth, the company grows about 55% next year and 67% in year 3, against 46.8% over the last twelve months. Pharma industry carries the case: it grows 85% against 22% for the rest, and would be 79% of revenue by then. A scenario, not a forecast: no business holds its rate.
How we read it: The business carrying the case: pharma's 85% half-year rise is organic, 51 net new programs, nothing bought (Gamma is plasma software, C09). It laps a weak base and the guide implies a slower second half: 3, not 4.
The results
The numbers
Sales grew 47% over the twelve months to Jun 2026, faster than the 40% in the year to Dec 2025.
Operating margin is 17%, up from −0.4% in the year to Dec 2023.
Running costs take 44¢ of each sales dollar, down from 59¢ in the year to Dec 2021.
Each dollar put into the business earns 23% a year after tax, up from 2.1% in the year to Dec 2022.
It turned 73% of sales into free cash, $73.5M over the last twelve months.
Yearly sales growth has ranged from +22% to +40% over the last 5 years.
The share count rose 22% in 4.5 years, and pay in shares costs 5.1% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $29.5M | $38.0M | $47.3M | $58.4M | $82.0M | $101M |
| Sales growth | +22% | +29% | +24% | +24% | +40% | +47% |
| Profit | ||||||
| Gross margin | 50% | 55% | 51% | 55% | 59% | 61% |
| Operating margin | −9.3% | 0.9% | −0.4% | 1.7% | 9.0% | 17% |
| Net margin | −9.2% | 2.7% | 14% | 6.5% | 9.2% | 16% |
| What growth costs, per sales dollar | ||||||
| Selling, general and admin | 51% | 47% | 43% | 43% | 40% | 35% |
| Pay in shares | 7.7% | 6.0% | 6.0% | 4.5% | 5.2% | 5.1% |
| Capital spending | 1.1% | 0.3% | 0.6% | 0.7% | 1.5% | 1.4% |
| Cash | ||||||
| Cash from operations | $15.2M | $25.3M | $27.6M | $22.9M | $52.5M | $74.9M |
| Free cash flow | $14.9M | $25.2M | $27.4M | $22.5M | $51.2M | $73.5M |
| Balance sheet | ||||||
| Cash and short-term investments | $7.39M | - | - | - | - | - |
| Debt | - | - | - | $0 | $8.00M | $5.25M |
| Returns and shares | ||||||
| Return on capital | - | 2.1% | −0.8% | 3.4% | 13% | 23% |
| Shares (diluted) | 51.0M | 52.9M | 54.2M | 55.6M | 59.6M | 62.0M |
What growth costs
Growth has made Paysign steadily more profitable. Office, sales and admin costs rise much more slowly than sales, so each new dollar of revenue keeps more profit. It reports no research spending; it builds its software and spreads that cost over later years instead.
The evidence under this - 2 claims
Gross margin rose from 38.6% to 61.0% over the same span, so much of the widening came from the shift toward pharma rather than from fixed costs alone (C03).
The last report (5 Aug)
Quarter ended June 2026, filed figures.
Q2 2026 was the best quarter Paysign has reported. Revenue rose 48.1%, copay programs grew 88.9%, and the company raised its forecast for the year a second time.
Two things flattered it. A $990,000 gain came from cancelling a payment the company no longer owed on a failed purchase, and the tax rate was unusually low. Without them, earnings were about $0.085 a share rather than $0.11. Plasma centers kept falling, to 561 from 607 a year earlier.
What it did to the thesisIt confirmed the drug-copay business is growing fast and the beat was real even without one-offs. It also showed plasma centers still leaving and earnings flattered by a gain and a low tax rate. The view stays Neutral because the price already assumes years of fast growth.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.11 against $0.06 expected; $0.11 as filed, with no adjustments.
The evidence under this - 5 claims
- The $0.085 still beats the $0.06 estimate by 42%, so the beat was real without the one-offs.
- Stock-pay tax benefits recur whenever the share price rises, so a low tax rate is not purely one-off while the price keeps climbing.
- Guidance was raised twice in 2026 and beaten at every line in Q1, so the risk runs to under-guiding as much as over.
- The H2 guide rests on plasma rising and pharma falling seasonally, and the Q2 net income used a 14.5% tax rate the guide does not repeat.
What management did with the money
Insiders in 2026Q2: 8 purchases and 21 sales, from their Form 4 filings.
The price, and where we disagree
In short. Full. The price already pays for Paysign's drug-copay business to keep growing fast for several more years, and leaves little if growth slows to what analysts expect.
The shares more than doubled in a year, and most of the rise came from buyers paying more for each dollar of sales rather than from sales themselves. They jumped 29.3% the day after the Q2 2026 results.
The next test is close. On 2026-11-11 Paysign reports Q3 2026 against a promise of $28.5M to $30.0M of revenue and 165 to 170 copay programs.
The evidence under this - 4 claims
- Guidance was raised twice in 2026 and beaten at every line in Q1, so the risk runs to under-guiding as much as over.
- The H2 guide rests on plasma rising and pharma falling seasonally, and the Q2 net income used a 14.5% tax rate the guide does not repeat.
How we read the multiple
Buyers pay about 44 times last year's profit, against its usual 30. On the company's own forecast for this year it is 35 times, and about 30 times what its two analysts expect for 2027.
Those analysts see sales growth slowing to 16% next year. If they are right, the shares are still dear in 2028. The price makes sense only if growth stays near 30% for several more years.
Against its own history. Buyers now pay far more for each dollar of sales than they have in recent years, so the rise is enthusiasm as much as progress.
The evidence under this - 3 claims
- Guidance has been raised twice this year; if 2026 lands at the Q2 run-rate plus seasonality the multiple is lower than 35.2.
- Trailing earnings include a 45.4% tax rate in Q4 2025 that depresses the trailing figure.
- Guidance was raised twice in 2026 and beaten at every line in Q1, so the risk runs to under-guiding as much as over.
- The H2 guide rests on plasma rising and pharma falling seasonally, and the Q2 net income used a 14.5% tax rate the guide does not repeat.
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Onbe, Cencora (copay offering).
The bet: what it pays if it works
This bet is on one business only: the drug-copay programs, which grow far faster than the rest. Paying plasma donors, the older half, is counted separately at the price the market paid for the company when it was mostly plasma.
If copay programs keep being added at their recent pace for two more years, the stock is worth less than today, so this is an expensive bet. If the copay business stalls, the plasma half and the stalled copay business cover a little under half of today's price.
| Pharma industry revenue in two to three years | Programs at 2026's average revenue needed | At the stated multiple |
|---|---|---|
| $47.85M | about 131 at 100% kept | 0.5× |
| $95.50M (the big win) | about 262 at 100% kept | 0.8× |
| $127.00M | about 348 at 100% kept | 1.0× |
To pay 2× (a Fair bet) it would need about $282.18M of Pharma industry revenue (about 773 programs at 2026's average revenue); to pay 5× (a Cheap bet), about $763.87M of Pharma industry revenue (about 2.1K programs at 2026's average revenue), at the same multiple.
Each row is Pharma industry alone, plus the rest of the company (Plasma industry and other cards) counted at about $194.70M.
The steps it has to take
- Done 55 net copay programs added in 2025 and 51 in the twelve months to June 2026
- Done 2025 pharma revenue up 167.8% to $33.89M
- In progress Q3 2026: 165 to 170 programs and revenue of $28.5M to $30.0M due 2026-11
- In progress 2026 pharma revenue of about $56.5M inside the raised full-year guide due 2027-03
- Not started 2027 revenue guidance at or above $150M, about 30% growth due 2027-03
- Not started 2028 pharma revenue near $95.5M on 40 or more net programs a year due 2029-03
The detail behind the label
The evidence under this - 5 claims
The equal split was stated in March, before the raise; if the raise was mostly pharma, pharma is larger than half.
The vendor's ratio series is advisory, and the six-year median includes years of losses and a smaller pharma line, so it prices plasma only roughly.
Where we disagree with the market
Paysign is a fast-growing healthcare payments company, and the plasma worries and drug-policy fears are behind it.
The copay growth is real, but plasma centers are leaving, the software purchase failed, and the latest quarter was flattered.
The market reads the headline figures. The center losses, the cancelled payment on the failed purchase and the one-off gain sit in the notes to the accounts, not in the release's opening lines.
The case against us: the company has beaten and raised its forecast twice this year, and if copay programs keep compounding, today's price will look cheap.
What analysts say, and the evidence
The evidence under this - 6 claims
- The $0.085 still beats the $0.06 estimate by 42%, so the beat was real without the one-offs.
- Stock-pay tax benefits recur whenever the share price rises, so a low tax rate is not purely one-off while the price keeps climbing.
What could go wrong, and how we would know
The risks
- A rule against copay-draining plans. Paysign's selling point is blocking insurers' maximizer plans. A federal ban would shrink the problem it is paid to solve.
- One drug maker looms large. A single client is 36% of the money Paysign is owed, up from 31% at the end of 2025.
- Plasma centers walking away. When collectors sell centers, the new owner can bring its own card provider; 46 net centers went in a year.
- A far larger rival. McKesson's copay service saves patients about $10B a year to Paysign's $1B, and programs Paysign wins from others can be won back.
- Insiders are selling. Twenty open-market sales and no purchases in a year; share count up 7.1%.
The evidence under this - 8 claims
- State bans did not remove accumulators and did not touch maximizers, and most employer plans fall under federal ERISA law that states cannot reach (IQVIA, management).
- A ban would also stop insurers draining programs mid-year, which could raise claim volume Paysign is paid on.
Congress has repeatedly seen bills to count copay aid toward deductibles; management is the party most exposed if one passes, so its forecast is interested.
Management says closures cost little because donors move to nearby Paysign centers, and revenue per center rose 8.5% while centers fell.
What we still do not know
- How many copay programs Paysign loses to rivals. It reports only the net count.
- What it charges per program and per claim, against McKesson and private rivals. Nobody publishes it.
- Which collector sold centers to a rival card provider, and which provider won them.
- When, if ever, the FDA clears its plasma software.
The evidence under this - 4 claims
- The timetable has already slipped at least twice, from Q4 2025 to 'first quarter, second quarter' of 2026, and the Q1 2026 call would say nothing beyond 'discussions back and forth'.
- The FDA's 510(k) database shows no clearance for Paysign, Gamma or Apherion as of 2026-09-27.
What would change our view
- Neutral→AttractiveGrowth holds well above the panel into 2027
It needs all of:
- ○Paysign guides 2027 revenue of $150M or more, about 30% growth.checked at the next results, due by 11 Nov
- ○Its plasma center count holds at 561 or more at the end of 2026.checked at the next results, due by 11 Nov
- Neutral→AttractiveA cheaper price on unchanged execution
It needs all of:
- ○The shares fall to 25 times this year's guided profit.about $10.11 today, 30% below the last close
- ○Q3 2026 revenue reaches at least $28.5M, the bottom of the promise.checked at the next results, due by 11 Nov
- Neutral→UnattractiveThe growth engine stalls
It needs any of:
- ○Fewer than 30 net copay programs are added over twelve months.checked at the next results, due by 11 Nov
- ○Paysign's plasma center count falls below 520.checked at the next results, due by 11 Nov
We would also be wrong if
- A federal rule bars insurers' maximizer plans in employer health plans.
- One drug maker's bills pass half of what Paysign is owed, or a top-ten maker leaves.
What is coming
- 11 November 2026 Q3 2026 results: Revenue against the $28.5M to $30.0M guide, programs against 165 to 170, plasma centers against 561, and operating margin without one-off gains.
Every dated event ahead
- 11 November 2026 Q3 2026 results: Revenue against the $28.5M to $30.0M guide, programs against 165 to 170, plasma centers against 561, and operating margin without one-off gains.
- March 2027 Q4 and full-year 2026 results with 2027 guidance: Whether 2027 revenue guidance reaches about $150M, the growth near 30% the price needs, against the panel's 16%; and the next Gamma payment.
- 30 June 2027 2027 annual meeting vote on more equity-plan shares: How many new shares the board asks for, including the units promised to Gamma's owner, and so how fast the diluted count keeps rising.
Since we wrote this
- 5 OctThesis reviewThe bet now names what it ridesThe owner asked that every bet name the macro trend behind it, after BWXT's bet was missing its chief executive's case for nuclear over gas.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 27 SepThesis writtenNeutral, medium convictionWritten six weeks before Q3 2026 results, after the shares more than doubled on two guidance raises.
Also checked 5 times with nothing new to act on.
Sources 20
Sources - 20
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-03-25Item 1 business, the plasma center share, the competition section (classes, no names), risk factors on issuing banks, the cash flow statement, receivable concentration, the buyback authorisationbacksC01C11C25C27C28C31C45C49C50
- S02primarycompany filing2026-08-06the MD&A, the Gamma acquisition note and earn-out write-off, receivable concentration, the cash flow statement, share counts and dilution, interest incomebacksC01C02C05C07C09C25C26C27C30C31C33C40C49C50C51
- S03primarycompany release2026-08-05revenue by industry, program and center counts, revenue per center, the one-off earn-out gain, the balance sheet, the raised 2026 guidance and the Q3 2026 guidebacksC02C03C04C05C06C07C26C29C31C35C39
- S04primarycompany release2026-03-242025 revenue by industry, centers and programs at year end, the first 2026 guidance, the plasma inventory explanation, the Gamma closing and BECS statusbacksC03C04C05C06C07C11C29C31C40
- S05primarycompany release2025-08-05the quarter plasma revenue fell 4.7% on industry plasma oversupply, 123 centers added on 2025-06-16, 97 programsbacksC37
- S06primarytranscript2026-05-12Paysign Q1 2026 earnings call transcript (FMP), held 2026-05-12management's remarks on programs, claims, the $540M of Q1 assistance and plasma closures; three analysts' questions, including whether Apherion earns revenue (it does not) and the $6M left to pay Gamma's sellers
Currently, we're having discussions back and forth with the FDA, and that's really all I can say right now.
backsC10C20C27C44 - S07primarytranscript2026-03-24Paysign Q4 2025 earnings call transcript (FMP), held 2026-03-24the $1B of 2025 assistance and $325M of claimed savings, the transitions-versus-launches mix, the named rivals McKesson and Cencora, and the argument that federal action on maximizers is not expected
In 2025, our platform helped deliver nearly $1 billion in financial assistance to patients, supporting access to high-cost therapies for more than 840,000 individuals. At the same time, we help manufacturers better control how those dollars are spent, which is one of the key value propositions we provide. A key differentiator of our platform is our dynamic business rules technology, which helps pharmaceutical manufacturers avoid unnecessary costs associated with co-pay maximizer programs. In 2025 alone, this solution saved our clients over $325 million.
backsC19C20C21C24C38 - S08primarytranscript2025-11-12Paysign Q3 2025 earnings call transcript (FMP), held 2025-11-12the BECS clearance timetable as management stated it in November 2025
we were to get through the FDA approval sometime in fourth quarter. Going into first quarter.
backsC10 - S09primarycompany filing2026-09-2720 open-market sales and no purchases; the Rule 10b5-1 flag on each salebacksC32
- S10secondaryvendor data2026-09-27Research pack, PAYS, 2026-09-27 (FMP market data, FINRA short interest)price, the 252-session decomposition, daily closes around each print, the two-analyst estimate panel, the ratings series and short interestbacksC33C35C36C37C38C39C45
- S11primaryindustry data2024-05-07IQVIA Institute press release, 'U.S. Medicines Spending Grew in 2023 as Greater Access Offset COVID-19-related Decline' IQVIA Institutethe size of manufacturers' copay assistance, measured outside the industry's sellers
This amount is after $23Bn in copay assistance programs provided by manufacturers, with patients using copay cards for nearly one-third of brand commercial prescriptions in the top 10 therapy areas and 63% of obesity prescriptions.
backsC16 - S12primaryindustry data2024-03what maximizers and accumulators take from manufacturers' support budgets, and that state bans slowed but did not stop them
Nevertheless, in 2023, maximizers accounted for an estimated $2.7B (23%) of total patient support spend in the U.S.
backsC17 - S13secondaryindustry data2026-02Drug Channels, 'Copay Accumulators and Maximizers in 2025: Popular, Profitable, and Problematic' (MMIT data) Drug Channels Institutehow many commercial lives sit in plans that divert copay aid, measured by a benefits-data firm
For 2025, we estimate that only 39% of covered lives are enrolled in plans with accumulators and a comparable number are in plans with maximizers.
backsC18 - S14secondaryother2026-01Peter Jaworski (Georgetown University), 'America's Plasma Contribution to the World: 2025' Peter Jaworski, Georgetown Universityan outside count of US plasma centers and collections, and the device-driven yield gain
As of December 31, there are 1,247 plasma collection centers in the United States (including four centers in Puerto Rico). Centers may not have grown by 8%, but plasma collections grew by 8.41% from 57.6 to 62.5 million liters.
backsC11C12C14 - S15primaryother2026-09-27CSL Plasma, donor FAQ CSL Plasmathat CSL Plasma pays its donors on Paysign cards, said by the customer
Donors with questions can call Paysign Customer Service at 888-522-4853 for assistance.
backsC12 - S16primaryother2026-09-27a private rival selling the same donor payout product
Pay donors and trial participants instantly with payment choices that offer convenient, secure access to funds.
backsC13 - S17primarycompany filing2026-05-20the incumbent donor management system NexLynk DMS, wired to its own collection device, and the device yield gainsbacksC12C14C15
- S18primarycompany filing2026-05-08the scale of McKesson's affordability business and a Justice Department demand about its copay coupon administrationbacksC21C22
- S19primaryregulator2026-09-27no 510(k) clearance on record for Paysign's donor management system
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backsC10 - S20primarycompany filing2026-03-26directors and executive officers with tenure, the summary compensation table and its footnotes on bonus and stock awards, pay versus performance, and beneficial ownership at March 19, 2026backsC46C47C48