Q4 2025 Paysign Inc Earnings Call

March 24, 2026

Speaker #1: About to be placed in the question queue, please press star one under telephone keypad. As a reminder, this conference call is being recorded. The comments on today's call regarding Paysign's financial results will be on a gap basis unless otherwise noted.

Speaker #1: Paysign's earnings release was disseminated to the SEC earlier today and can be found on the investor relations section of our website, paysign.com, which includes reconciliations of non-gap measures to gap reported amounts.

Speaker #1: Additionally, I've set forth in more detail in our earnings release I'd like to remind everyone that today's call will include forward-looking statements regarding Paysign's future performance.

Speaker #1: Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance is summarized at the end of Paysign's earnings release and in our recent SEC filings.

Speaker #1: Lastly, a replay of this call will be available until June 24, 2026. Please see Paysign's fourth quarter and full year 2025 earnings call announcement for details on how to access the replay.

Speaker #1: It's now my pleasure to turn the call over to Mr. Mark Newcomer, President and CEO. Please go ahead.

Speaker #2: Thank you, Kevin. Good afternoon, everyone, and thank you for joining us today for Paysign's year-end 2025 earnings call. I'm Mark Newcomer, President and Chief Executive Officer.

Speaker #2: Joining me today is Jeff Baker, our Chief Financial Officer, also on the call are Matt Turner, our President of Patient Affordability, and Matt Lanford, our Chief Payments Officer.

Speaker #2: Both of whom will be available for Q&A following our prepared remarks. Earlier today, we announced our fourth quarter and full year financial results for 2025, which demonstrated continued strength and exceptional growth across all key metrics.

Operator: Additionally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding Paysign's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance is summarized at the end of Paysign's earnings release, and in our recent SEC filings. Lastly, a replay of this call will be available until June 24, 2026. Please see Paysign's Q4 and full year 2025 earnings call announcement for details on how to access the replay. It's now my pleasure to turn the call over to Mr. Mark Newcomer, President and CEO. Please go ahead.

Paysign's earnings release was disseminated to the SEC earlier today, and can be found on the investor relations section of our website, paysign.com, which includes reconciliations of non-GAAP measures to GAAP reported amounts. Additionally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding Paysign's future performance.

Speaker #2: For the full year, revenue increased 40.5% to $82 million. Net income increased 98% to $7.6 million, and adjusted EBITDA increased 107% to $19.9 million.

Actual performance could differ materially from these forward-looking statements.

Information about the factors that could affect future performance is summarized at the end of phase earnings release. And in our recent SEC filings,

Speaker #2: Importantly, operating margins increased 723 basis points, providing clear evidence that we've reached a key inflection point, where future revenue growth should drive increasing operating leverage and profitability.

Lastly, a replay of this call will be available until June 24, 2026.

Speaker #2: We continue to deliver strong growth in our patient affordability business. Annual revenue grew 168% year over year, reaching $33.9 million, compared to $12.7 million in 2024.

Mark Newcomer: Thank you, Kevin. Good afternoon, everyone, and thank you for joining us today for Paysign's year-end 2025 earnings call. I'm Mark Newcomer, President and Chief Executive Officer. Joining me today is Jeff Baker, our Chief Financial Officer. Also on the call are Matt Turner, our President of Patient Affordability, and Matt Lanford, our Chief Payments Officer, both of whom will be available for Q&A following our prepared remarks. Earlier today, we announced our Q4 and full year financial results for 2025, which demonstrated continued strength and exceptional growth across all key metrics. For the full year, revenue increased 40.5% to $82 million. Net income increased 98% to $7.6 million, and adjusted EBITDA increased 107% to $19.9 million.

Please see, pay signs, fourth quarter and full year 2025 earnings call announcement for details on how to access the replay. It's time, my pleasure to turn the call over to Mr. Mark, newcomer president and CEO please go ahead.

Speaker #2: And claims processed increased by approximately 79%. For those newer to our story, our patient affordability platform helps pharmaceutical companies ensure patients can access high-cost medications by administering copay assistance programs.

Thank you, Kevin. Good afternoon, everyone, and thank you for joining us today for Paysign's year-end 2025 earnings call. I'm Mark Newcomer, President and Chief Executive Officer. Joining me today is Jeff Baker, our Chief Financial Officer. Also on the call are Matt Turner, our President of Patient Affordability, and Matt Lanford, our Chief Payments Officer, both of whom will be available for Q&A following our prepared remarks.

Speaker #2: 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 helped manufacturers better control how those dollars are spent, which is one of the key value propositions we provide.

Earlier today we announced our fourth quarter and full year Financial results for 2025, which demonstrated continuous strength and exceptional growth. All key metrics

Speaker #2: A key differentiator of our platform is our dynamic business rules technology, which helps pharmaceutical manufacturers avoid unnecessary costs associated with copay-maximizer programs. In 2025 alone, the solution saved our clients over $325 million and this year we have already saved our clients almost $150 million.

Mark Newcomer: Importantly, operating margins increased 723 basis points, providing clear evidence that we've reached a key inflection point where future revenue growth should drive increasing operating leverage and profitability. We continue to deliver strong growth in our patient affordability business. Annual revenue grew 168% year over year, reaching $33.9 million compared to $12.7 million in 2024, and claims processed increased by approximately 79%. For those newer to our story, our patient affordability platform helps pharmaceutical companies ensure patients can access high-cost medications by administering co-pay assistance programs. 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.

For the full year. Revenue increased 40.5% to 82 million. Net income. Increased 98% to 7.6 million and adjusted IBA. Increased 107% to 19.9 million.

Importantly, operating margins increased 723 basis points, providing clear evidence that we've reached the key inflection point where future revenue growth should drive increasing operating leverage and profitability.

Speaker #2: That level of savings represents a meaningful economic benefit for our customers and highlights the value of our platform. We added 55 programs during the year, bringing total active programs to 131 across more than 70 patient affordability clients.

We continue to deliver strong growth in our patient affordability business. Annual revenue grew 168% year-over-year, reaching $33.9 million compared to $12.7 million in 2024, and claims processed increased by approximately 79%.

Speaker #2: A mix of transition programs and new launches contributed to both immediate and long-term revenue growth. Our programs span both retail and specialty pharmacy, as well as in-office administered and infused products.

And co-pay assistance programs.

Speaker #2: Oncology and other cancer treatment products remain a significant portion of our program base, and biologics represent approximately 50% of claim volume across the platform.

Mark Newcomer: 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, the solution saved our clients over $325 million, and this year we have already saved our clients almost $150 million. That level of savings represents a meaningful economic benefit for our customers and highlights the value of our platform. We added 55 programs during the year, bringing total active programs to 131 across more than 70 patient affordability clients.

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.

Speaker #2: We continue to see strong expansion within our existing client relationships. For example, following the onboarding of one of the nation's largest pharmaceutical manufacturers in 2024, those programs scaled successfully throughout 2025, and we added four additional programs from that same manufacturer during the year.

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.

Speaker #2: This type of expansion within large pharmaceutical clients highlights both the scalability of our platform and the durability of demand. Paysign now has active programs with six of the top 10 U.S.

In 2025 alone, the solution saved, our clients over 325 million. And this year, we have already saved our clients. Almost 150 million

That level of savings represents a meaningful economic benefit for our customers and highlights the value of our platform.

Speaker #2: pharmaceutical manufacturers ranked by revenue. Next month, we attend the Assembia Specialty Pharmacy Summit here in Las Vegas. As in prior years, we are seeing strong interest from potential clients evaluating our solutions.

Mark Newcomer: A mix of transition programs and new launches contributed to both immediate and long-term revenue growth. Our programs span both retail and specialty pharmacy, as well as in-office administered and infused products. Oncology and other cancer treatment products remain a significant portion of our program base, and biologics represent approximately 50% of claim volume across the platform. We continue to see strong expansion within our existing client relationships. For example, following the onboarding of one of the nation's largest pharmaceutical manufacturers in 2024, those programs scaled successfully throughout 2025, and we added 4 additional programs from that same manufacturer during the year. This type of expansion within large pharmaceutical clients highlights both the scalability of our platform and the durability of demand. Paysign now has active programs with 6 of the top 10 US pharmaceutical manufacturers ranked by revenue.

We added 55 programs during the year, bringing total active programs to 131, across more than 70 patient affordability clients.

Speaker #2: And we enter the conference with a robust pipeline. Over the past several months, we've had conversations with shareholders, analysts, and prospective investors to help them better understand the patient affordability business and the broader industry landscape in which we operate.

A mix of transition programs and new launches contributed to both immediate and long-term Revenue growth.

Our programs span both retail and specialy as well as in-office administered and Infused products.

Speaker #2: Increasingly, those discussions have touched on legislative, regulatory, and policy-related topics. So I thought it would be helpful to ask Matt Turner, our President of Patient Affordability, to provide some additional context.

Oncology and other cancer treatment products remain a significant portion of our program base, and biologics represent approximately 50% of claim volume across the platform.

Speaker #1: Thank you, Mark. Before addressing some of the questions we've been hearing from investors and analysts about potential headwinds to our business, I want to briefly give an overview of how our patient affordability business fits within the broader healthcare ecosystem.

We continue to see strong expansion within our existing client relationships. For example, following the onboarding of one of the nation's largest pharmaceutical manufacturers in 2024, those programs scaled successfully throughout 2025, and we added four additional programs from that same manufacturer during the year.

Speaker #1: Our platform is focused on helping pharmaceutical manufacturers support patient access to high-cost, branded therapies, primarily within the commercially insured patient population. These are typically branded medications where out-of-pocket cost can be significant.

This type of expansion within large pharmaceutical clients highlights both the scalability of our platform and the durability of demand.

Mark Newcomer: Next month, we attend the Asembia Specialty Pharmacy Summit here in Las Vegas. As in prior years, we are seeing strong interest from potential clients evaluating our solutions, and we enter the conference with a robust pipeline. Over the past several months, we've had conversations with shareholders, analysts, and prospective investors to help them better understand the Patient Affordability business and the broader industry landscape in which we operate. Increasingly, those discussions have touched on legislative, regulatory, and policy-related topics. I thought it would be helpful to ask Matt Turner, our President of Patient Affordability, to provide some additional context.

Pine now has active programs with 6 of the top 10 U.S. pharmaceutical manufacturers ranked by revenue next month. We attend the Asembia Specialty Pharmacy Summit, here in Las Vegas.

Speaker #1: And where copay assistance programs are essential to ensuring patients can begin and stay on therapy. At the same time, our platform helps manufacturers better manage how those assistance dollars are deployed, particularly in an environment where payer dynamics can introduce inefficiencies into the system.

As in Prior years, we are seeing strong interest from potential clients, evaluating our Solutions and we enter the conference with a robust pipeline.

Speaker #1: That combination of improving access while also driving economic value is what underpins the demand for our solutions. With that context, I'll address a few areas we've been asked about.

Over the past several months, we've had conversations with shareholders, analysts, and prospective investors to help them better understand the patient, affordability, business, and the broader industry landscape in which we operate.

Speaker #1: First, on the expansion of the direct-to-consumer, also known as DTC, and cash pay models. These programs have existed in various forms for over a decade and are not new.

Matt Turner: Thank you, Mark. Before addressing some of the questions we've been hearing from investors and analysts about potential headwinds to our business, I want to briefly give an overview of how our Patient Affordability business fits within the broader healthcare ecosystem. Our platform is focused on helping pharmaceutical manufacturers support patient access to high cost branded therapies, primarily within the commercially insured patient population. These are typically branded medications where out-of-pocket costs can be significant, and where copay assistance programs are essential to ensuring patients can begin and stay on therapy. At the same time, our platform helps manufacturers better manage how those assistance dollars are deployed, particularly in an environment where payer dynamics can introduce inefficiencies into the system. That combination of improving access while also driving economic value is what underpins the demand for our solutions. With that context, I'll address a few areas we've been asked about.

Matthew Turner: Thank you, Mark. Before addressing some of the questions we've been hearing from investors and analysts about potential headwinds to our business, I want to briefly give an overview of how our Patient Affordability business fits within the broader healthcare ecosystem. Our platform is focused on helping pharmaceutical manufacturers support patient access to high cost branded therapies, primarily within the commercially insured patient population. These are typically branded medications where out-of-pocket costs can be significant, and where copay assistance programs are essential to ensuring patients can begin and stay on therapy. At the same time, our platform helps manufacturers better manage how those assistance dollars are deployed, particularly in an environment where payer dynamics can introduce inefficiencies into the system. That combination of improving access while also driving economic value is what underpins the demand for our solutions. With that context, I'll address a few areas we've been asked about.

Increasingly, those discussions have touched on legislative, regulatory, and policy-related topics. So I thought it would be helpful to ask Matt Turner, our President of Patient Affordability, to provide some additional context.

Speaker #1: They were built primarily for products with little or no commercial insurance coverage. That is a very different segment from where we operate today. For the types of high-cost, branded therapies on our platform, where list prices can be tens of thousands of dollars, which represents approximately 90% of the drugs in our platform, cash pay and discount alternatives are simply not a viable solution for most patients.

Thank you Mark before addressing some of the questions we've been hearing from investors and analysts about potential headwinds to our business. I want to briefly give an overview of how our patient affordability, business fits within the broader Healthcare ecosystem. Our platform is focused on helping pharmaceutical manufacturers. Support patient access to high cost branded therapies primarily within the commercial insured patient population.

Speaker #1: Commercial insurance, combined with manufacturer copay assistance, remains the most effective model for patients. As a result, we view DTC expansion as a complementary solution in certain cases, but not a meaningful substitute for our core business.

Speaker #1: Second, regarding pharmacy discount programs such as GoodRx, TrumpRx, Cost Plus, or similar offerings. These products have existed for more than 20 years and serve an important role in reducing cost for lower-priced generic medications or for those patients without insurance.

These are typically branded medications where out-of-pocket cost can be significant, and where co-pay assistance programs are essential to ensuring patients can begin and stay on therapy at the same time. Our platform helps manufacturers better manage how those assistance dollars are deployed, particularly in an environment where payer dynamics can introduce inefficiencies into the system.

That combination of improving access while also driving economic value is what underpins the demand for our solutions.

Matt Turner: First, on the expansion of the direct-to-consumer, also known as DTC, and cash pay models. These programs have existed in various forms for over a decade and are not new. They were built primarily for products with little or no commercial insurance coverage. That is a very different segment from where we operate today. For the types of high cost branded therapies on our platform, where list prices can be tens of thousands of dollars, which represents approximately 90% of the drugs in our platform, cash pay and discount alternatives are simply not a viable solution for most patients. Commercial insurance, combined with manufacturer copay assistance, remains the most effective model for patients. As a result, we view DTC expansion as a complementary solution in certain cases, but not a meaningful substitute for our core business. Second, regarding pharmacy discount programs such as GoodRx, TrumpRx, Cost Plus, or similar offerings.

Matthew Turner: First, on the expansion of the direct-to-consumer, also known as DTC, and cash pay models. These programs have existed in various forms for over a decade and are not new. They were built primarily for products with little or no commercial insurance coverage. That is a very different segment from where we operate today. For the types of high cost branded therapies on our platform, where list prices can be tens of thousands of dollars, which represents approximately 90% of the drugs in our platform, cash pay and discount alternatives are simply not a viable solution for most patients. Commercial insurance, combined with manufacturer copay assistance, remains the most effective model for patients. As a result, we view DTC expansion as a complementary solution in certain cases, but not a meaningful substitute for our core business. Second, regarding pharmacy discount programs such as GoodRx, TrumpRx, Cost Plus, or similar offerings.

With that context, I'll address a few areas we've been asked about.

Speaker #1: They are not designed for, nor do they compete with, branded specialty medications where commercial insurance and copay programs are the standard of care. Our business branded drug segment and the more than 850 specialty drugs, so these programs are simply not relevant to what we do.

First, on the expansion of the direct-to-consumer, also known as DTC, and cash pay models. These programs have existed in various forms for over a decade and are not new. They were built primarily for products with little or no commercial insurance coverage. That is a very different segment from where we operate today.

Speaker #1: Third, and perhaps most important, given the current policy environment on legislative and regulatory considerations, most of the activity around copay accumulator and maximizer programs have taken place at the state level.

Speaker #1: And despite ongoing discussions and congressional committees, there has been no meaningful federal action to date nor do we expect any in the foreseeable future.

Speaker #1: The key reason is simply structural. As a large portion of commercially insured Americans are covered under employer-sponsored health plans governed by ERISA, which limits the impact of state-level regulations.

For the types of high-cost branded therapies on our platform, where list prices can be tens of thousands of dollars—which represents approximately 90% of the drugs—in our platform, cash pay and discount alternatives are simply not a viable solution. For most patients, commercial insurance combined with manufacturer co-pay assistance remains the most effective model for patients as a result. We view DTC expansion as a complementary solution in certain cases, but not a meaningful substitute for our core business.

Matt Turner: These products have existed for more than 20 years and serve an important role in reducing cost for lower priced generic medications or for those patients without insurance. They are not designed for, nor do they compete with, branded specialty medications where commercial insurance and co-pay programs are the standard of care. Our business is squarely focused on that branded drug segment and the more than 850 specialty drugs, so these programs are simply not relevant to what we do. Third, and perhaps most important, given the current policy environment on legislative and regulatory considerations, most of the activity around co-pay accumulator and co-pay maximizer programs have taken place at the state level. Despite ongoing discussions in congressional committees, there has been no meaningful federal action to date, nor do we expect any in the foreseeable future. The key reason is simply structural.

Matthew Turner: These products have existed for more than 20 years and serve an important role in reducing cost for lower priced generic medications or for those patients without insurance. They are not designed for, nor do they compete with, branded specialty medications where commercial insurance and co-pay programs are the standard of care. Our business is squarely focused on that branded drug segment and the more than 850 specialty drugs, so these programs are simply not relevant to what we do. Third, and perhaps most important, given the current policy environment on legislative and regulatory considerations, most of the activity around co-pay accumulator and co-pay maximizer programs have taken place at the state level. Despite ongoing discussions in congressional committees, there has been no meaningful federal action to date, nor do we expect any in the foreseeable future. The key reason is simply structural.

Speaker #1: We do not see that as changing. As a result, these programs continue to operate despite changes in state laws. Importantly, demand for our dynamic business rules solutions, which helps manufacturers navigate maximizer programs, continues to grow.

Speaker #1: As Mark said, this year we have already saved our clients almost $150 million that would otherwise have been absorbed by those programs. So stepping back, we continue to monitor the competitive and regulatory landscape closely.

An important role in reducing cost for a lower price, generic medications or for those patients without insurance, they are not designed for nor do they compete with branded specialty medications, where commercial insurance and co-pay programs are the standard of care.

Speaker #1: But based on what we see today, we do not view these dynamics as a material threat to our business. If anything, they continue to reinforce the need for solutions like ours.

Our business is squarely focused on that branded drug segment, and the more than 850 specialty drugs, so these programs are simply not relevant to what we do.

Speaker #1: Which is reflected in the continued growth of our business and pipeline. Our differentiated dynamic business rules capability is a driving tangible ROI for our pharma customers, while we enhance affordability for hundreds of thousands of consumers.

Third and perhaps most important giving the current policy environment on legislative and Regulatory considerations. Most of the activity around co-pay accumulator and maximizer programs have taken place at the state level.

And despite ongoing discussions in congressional committees, there has been no meaningful federal action to date, nor do we expect any in the foreseeable future.

Matt Turner: As a large portion of commercially insured Americans are covered under employer-sponsored health plans governed by ERISA, which limits the impact of state level regulations. We do not see that as changing. As a result, these programs continue to operate despite changes in state laws. Importantly, demand for our dynamic business rule solutions, which helps manufacturers navigate maximizer programs, continues to grow. As Mark said, this year, we have already saved our clients almost $150 million that would otherwise have been absorbed by those programs. Stepping back, we continue to monitor the competitive and regulatory landscape closely. Based on what we see today, we do not view these dynamics as a material threat to our business. If anything, they continue to reinforce the need for solutions like ours, which is reflected in the continued growth of our business and pipeline.

Matthew Turner: As a large portion of commercially insured Americans are covered under employer-sponsored health plans governed by ERISA, which limits the impact of state level regulations. We do not see that as changing. As a result, these programs continue to operate despite changes in state laws. Importantly, demand for our dynamic business rule solutions, which helps manufacturers navigate maximizer programs, continues to grow. As Mark said, this year, we have already saved our clients almost $150 million that would otherwise have been absorbed by those programs. Stepping back, we continue to monitor the competitive and regulatory landscape closely. Based on what we see today, we do not view these dynamics as a material threat to our business. If anything, they continue to reinforce the need for solutions like ours, which is reflected in the continued growth of our business and pipeline.

Speaker #1: Back to you, Mark.

Speaker #2: Thank you, Matt. Turning to our plasma donor compensation business, in 2025, plasma compensation contributed 45.6 million in revenue, representing a 4% increase over 2024's 43.9 million.

Speaker #2: We believe the business will continue to exhibit revenue growth driven primarily by center-filling excess capacity rather than new center openings. That said, we do expect a modest number of new center openings in 2026, maintaining our market share of just under 50%.

The key reason is simply structural, as a large portion of commercially insured Americans are covered under employer-sponsored health plans governed by ERISA, which limits the impact of state-level regulations. We do not see that as changing. As a result, these programs continue to operate despite changes in state laws.

Speaker #2: We exited 2025 with $595 centers and increase of 115 centers over the previous year. And we continue to engage the remaining plasma collection companies who are currently not our customers.

Speaker #2: We believe our expanded suite of donor management and creates additional opportunities to grow our footprint in this space. As we await FDA 510(k) review of our donor management system, also known as a BECS or Blood Establishment Computer System, we are actively working to integrate the BECS with a number of plasmapheresis device and strengthen our relationship with those manufacturers to make installations and transitions to our solution as seamless as possible.

Importantly demand for our Dynamic business rules Solutions, which helps manufacturers navigate, maximizer programs continues to grow. As Mark said this year, we have already saved our clients. Almost 150 million. That would otherwise have been absorbed by those programs. So stepping back, we continue to monitor the competitive and Regulatory landscape closely. But based on what we see today, we do not view these Dynamics as a material threat to our business. If anything, they continue to reinforce the need for Solutions like ours,

Matt Turner: Our differentiated dynamic business rules capability is a driving tangible ROI for our pharma customers while we enhance affordability for hundreds of thousands of consumers. Back to you, Mark.

Matthew Turner: Our differentiated dynamic business rules capability is a driving tangible ROI for our pharma customers while we enhance affordability for hundreds of thousands of consumers. Back to you, Mark.

This is reflected in the continued growth of our business and pipeline. Our differentiated dynamic business rules capability is driving tangible ROI for our pharma customers, while we enhance affordability for hundreds of thousands of consumers.

Mark Newcomer: Thank you, Matt. Turning to our plasma donor compensation business. In 2025, plasma compensation contributed $45.6 million in revenue, representing a 4% increase over 2024's $43.9 million. We believe the business will continue to exhibit revenue growth driven primarily by center filling excess capacity rather than new center openings. That said, we do expect a modest number of new center openings in 2026, maintaining our market share of just under 50%. We exited 2025 with 595 centers, an increase of 115 centers over the previous year, and we continue to engage the remaining plasma collection companies who are currently not our customers. We believe our expanded suite of donor management and engagement tools we acquired last year creates additional opportunities to grow our footprint in this space.

back to you, mark.

Thank you, Matt.

Speaker #2: This integration is included in our latest filing with the FDA. Our broader suite of solutions continue to receive positive feedback from blood and plasma collection organizations across the United States, Europe, and Asia, and we are highly encouraged by the long-term growth potential of this business.

Turning to our plasma donor, compensation business, and 2025 plasma compensation, contributed 45.6 million in Revenue. Representing a 4% increase over 2024 is 43.9 million.

We believe the business will continue to exhibit Revenue growth driven, primarily by Center filling excess capacity, rather than New Center openings.

Speaker #2: 2025 marked a meaningful step forward as our patient affordability business scaled and became a central driver of growth and profitability, while our plasma business continued to provide a stable foundation.

That said, we do expect a modest number of new center openings in 2026, maintaining our market share of just under 50%.

Speaker #2: We believe we are still in the early stages of our patient affordability opportunity and enter 2026 with strong momentum in which to build upon.

We exited 2025 with 595 centers, an increase of 115 centers over the previous year and we continue to engage the remaining plasma collection companies who are currently not our customers.

Speaker #2: With that, I'll turn it over to Jeff for additional details on our quarterly and full-year-end financial results.

We believe our expanded Suite of donor management and engagement tools. We acquired last year, creates additional opportunities. To grow our footprint in the space.

Mark Newcomer: As we await FDA 510(k) review of our donor management system, also known as a BECS or Blood Establishment Computer System, we are actively working to integrate the BECS with a number of plasmapheresis devices and strengthen our relationship with those manufacturers to make installations and transitions to our solution as seamless as possible. This integration is included in our latest filing with the FDA. Our broader suite of solutions continue to receive positive feedback from blood and plasma collection organizations across the United States, Europe, and Asia, and we are highly encouraged by the long-term growth potential of this business. 2025 marked a meaningful step forward as our patient affordability business scaled and became a central driver of growth and profitability, while our plasma business continued to provide a stable foundation.

Speaker #1: Thank you, Mark. Good afternoon, everyone. As Mark highlighted, the fourth quarter and full-year results reflect both strong growth in our patient affordability business and the early benefits of operating leverage across the platform.

Speaker #1: For 2025, total revenues increased 40.5% to $82 million, pharma industry revenue increased 167.8% to $33.9 million, driven by the addition of 55 net patient affordability programs launched during the past 12 months and a corresponding increase in monthly management fees, setup fees, claim processing fees, and other billable services such as dynamic business rules and customer service contact center support.

As we await FDA 510(k) review of our donor management system, also known as a BACS or blood establishment computer system, we are actively working to integrate the BACS with a number of plasma apheresis devices and strengthen our relationship with those manufacturers to make installations and transitions to our solution as seamless as possible.

This integration is included in our latest filing with the FDA.

Our broader suite of solutions continues to receive positive feedback from blood and plasma collection organizations across the United States, Europe, and Asia. We are highly encouraged by the long-term growth potential of this business.

Speaker #1: Process claims increased over 79%. This growth reflects continued expansion of our platform and increasing demand for solutions that improve patient access while helping manufacturers better manage their copay assistance spend.

Mark Newcomer: We believe we are still in the early stages of our patient affordability opportunity, and enter 2026 with strong momentum in which to build upon. With that, I'll turn it over to Jeff for additional details on our quarterly and full year-end financial results.

2025 marked a meaningful step forward, as our patient affordability business scaled and became a central driver of growth and profitability, while our plasma business continued to provide a stable foundation.

Speaker #1: Plasma revenue increased 4% to $45.6 million, primarily due to the addition of 115 net plasma centers added during the past 12 months, offset by a decline in average plasma donations per center as plasma inventory levels were elevated throughout much of 2025.

Jeff Baker: Thank you, Mark. Good afternoon, everyone. As Mark highlighted, the Q4 and full year results reflect both strong growth in our patient affordability business and the early benefits of operating leverage across the platform. For 2025, total revenues increased 40.5% to $82 million. Pharma industry revenue increased 167.8% to $33.9 million, driven by the addition of 55 net patient affordability programs launched during the past 12 months, and a corresponding increase in monthly management fees, setup fees, claim processing fees, and other billable services such as dynamic business rules and customer service contact center support. Processed claims increased over 79%. This growth reflects continued expansion of our platform and increasing demand for solutions that improve patient access while helping manufacturers better manage their co-pay assistance spend.

Speaker #1: This led to a reduction in our average monthly revenue per center as compared to the same period in the prior year. We exited the year with $595 centers versus $480 centers at the end of 2024.

We believe we are still in the early stages of our patient affordability opportunity and enter 2026 with strong momentum in which to build upon with that. I'll turn it over to Jeff for additional details on our quarterly and full year end Financial results. Thank you Mark, good afternoon. Everyone as Mark highlighted the fourth quarter and full year results. Reflect both strong growth in our patient, affordability business and the early benefits of operating leverage across the platform.

For 2025 total revenues increased 40.5% to 82 million.

Speaker #1: Other revenue increased by $671,000 or 36.2%, primarily due to the growth in usage and the number of cardholders of our payroll, retail, and corporate incentive programs.

Speaker #1: More importantly, we are beginning to see the benefits of operating leverage across the business. Total operating expenses were $41.4 million, and increase of 32.6%, well below the revenue growth we experienced, which, coupled with our improved gross profit margin to 59.4% versus 55.1%, drove our operating margins to 9% versus 1.7% the prior year.

Customer service contact center support.

Jeff Baker: Plasma revenue increased 4% to $45.6 million, primarily due to the addition of 115 net plasma centers added during the past 12 months, offset by a decline in average plasma donations per center as plasma inventory levels were elevated throughout much of 2025. This led to a reduction in our average monthly revenue per center as compared to the same period in the prior year. We exited the year with 595 centers versus 480 centers at the end of 2024. Other revenue increased by $671 thousand or 36.2%, primarily due to the growth in usage in the number of cardholders of our payroll, retail, and corporate incentive programs. More importantly, we are beginning to see the benefits of operating leverage across the business.

Processed claims increased over 79%. This growth reflects continued expansion of our platform and increasing demand for solutions that improve patient access while helping manufacturers better manage their co-pay assistance spend.

Speaker #1: We have reached an important inflection point, where our fixed costs can support meaningful scalability without commensurate increased expenses, so we expect further improvements in these metrics throughout 2026.

Plasma revenue increased 4% to $45.6 million, primarily due to the addition of 115 net plasma centers added during the past 12 months, offset by a decline in average plasma donations per center. As plasma inventory levels were elevated throughout much of 2025,

Speaker #1: This is consistent with what Mark described earlier, as patient affordability becomes a larger part of our business. We expect to see continued improvement in margins and operating leverage.

This led to a reduction in our average monthly Revenue per Center as compared to the same period in the prior year.

We exited the year with 595 centers versus 480 centers at the end of 2024.

Speaker #1: Here are a few other important details to point out for the fourth quarter and full-year results. For the fourth quarter, our earnings before taxes increased to $2.5 million, versus $1.2 million, the same period last year.

Other Revenue increased by 671,000 or 36.2% primarily due to the growth in usage and the number of card holders of our payroll retail and corporate incentive programs.

Speaker #1: Fourth quarter net income was impacted by a higher effective tax rate of 45.4%, which reduced earnings per share by 2 cents per fully diluted share versus the prior period.

Jeff Baker: Total operating expenses were $41.4 million, an increase of 32.6%, well below the revenue growth we experienced, which, coupled with our improved gross profit margin to 59.4% versus 55.1%, drove our operating margins to 9% versus 1.7% the prior year. We have reached an important inflection point where our fixed costs can support meaningful scalability without commensurate increased expenses, so we expect further improvements in these metrics throughout 2026. This is consistent with what Mark described earlier. As patient affordability becomes a larger part of our business, we expect to see continued improvement in margins and operating leverage. Here are a few other important details to point out for the Q4 and full year results.

Speaker #1: The fourth quarter adjusted EBITDA, which is a non-GAAP measure that adds back stock compensation to EBITDA, was 5.4 million, or 9 cents per diluted share, versus 2.9 million, or 5 cents per diluted share for the same period last year.

More importantly, we are beginning to see the benefits of operating leverage across the business. Total operating expenses were 41.4 million and increase of 32.6%, well, below the revenue growth we experienced, which coupled with our improved growth profit margin to 59.4% versus 5.

55.1% drove our operating margins to 9% versus 1.7%, the prior year.

Speaker #1: The fully diluted share count for the quarters used in calculating the per-share amounts was 61.6 million and 55.5 million, respectfully. We exited the year with 21.1 million in cash, almost double from the prior year.

We have reached an important inflection point where our fixed costs can support meaningful scalability without commensurate increased expenses. So, we expect further improvements in these metrics throughout 2026.

Speaker #1: This excludes any impact to pass-through receivables and payables we periodically have related to our pharma patient affordability business. We also continue to have zero bank debt funding operations and our gamma acquisition through operating cash flow.

This is consistent with what Mark described earlier, as patient, affordability becomes, a larger part of our business. We expect to see continued Improvement in margins and operating Leverage

Jeff Baker: For the Q4, our earnings before taxes increased to $2.5 million versus $1.2 million the same period last year. Q4 net income was impacted by a higher effective tax rate of 45.4%, which reduced earnings per share by $0.02 per fully diluted share versus the prior period. The Q4 adjusted EBITDA, which is a non-GAAP measure that adds back stock compensation to EBITDA, was $5.4 million or $0.09 per diluted share, versus $2.9 million or $0.05 per diluted share for the same period last year. The fully diluted share count for the quarters used in calculating the per share amounts was 61.6 million and 55.5 million, respectively. We exited the year with $21.1 million in cash, almost double from the prior year.

Speaker #1: Turning to our outlook for 2026, we expect revenue of $106.5 million, to $110.5 million, representing 30% to 35% year-over-year growth, with plasma and pharma contributing equally and other revenue contributing 2.5 million.

Here are a few other important details to point out for the fourth quarter and full year results. For the fourth quarter, our earnings before taxes increased to $2.5 million versus $1.2 million in the same period last year. Fourth quarter net income was impacted by a higher effective tax rate of 45.4%, which reduced earnings per share by $0.02 per fully diluted share versus the prior period.

Speaker #1: Considering the seasonality in both our main healthcare businesses, we expect plasma revenue to be the lowest in the first quarter, with tax refunds going out and ramp-up throughout the remainder of the year, while we expect pharma revenues to be the highest in the first quarter and decline throughout the remaining of the year as patient affordability claims ramp down.

The fourth quarter adjusted EVIDA, which is a non-GAAP measure that adds back stock compensation to EBITDA, was $5.4 million, or $0.09 per diluted share, versus $2.9 million, or $0.05 per diluted share, for the same period last year. The fully diluted share count for the quarters used in calculating the per share amounts was 61.6 million and 55.5 million.

Speaker #1: This outlook reflects continued momentum in our patient affordability business, which we expect to remain the primary driver of growth. Gross profit margins are expected to be between 60% to 62%, reflecting increased revenue contribution from our pharma patient affordability business.

5.5 million respectfully.

Jeff Baker: This excludes any impact to pass-through receivables and payables we periodically have related to our pharma patient affordability business. We also continue to have zero bank debt, funding operations and our Gamma acquisition through operating cash flow. Turning to our outlook for 2026, we expect revenue of $106.5 million to $110.5 million, representing 30% to 35% year-over-year growth, with plasma and pharma contributing equally and other revenue contributing $2.5 million. Considering the seasonality in both our main healthcare businesses, we expect plasma revenue to be the lowest in Q1, with tax refunds going out and ramp up throughout the remainder of the year. While we expect pharma revenues to be the highest in Q1 and decline throughout the remainder of the year as patient affordability claims ramp down.

We exited the year with $21.1 million in cash, almost double from the prior year. This excludes any impact to pass-through receivables and payables we periodically have related to our Pharma patient affordability business.

Speaker #1: Operating expenses are expected to increase 20% over 2025, as we continue to make investments in people and technology. Of this amount, depreciation in amortization expense is expected to be between 9.5 million and 10 million dollars, while stock-based compensation is expected to be approximately 5.5 million dollars.

We also continue to have zero bank debt, funding operations and our Gamma acquisition through operating cash flow.

Speaker #1: Given our large unrestricted and restricted cash balances, and the current interest rate environment, we expect to generate interest income of approximately 3.1 million dollars.

Turning to our outlook for 2026, we expect revenue of $106.5 million to $110.5 million, representing 30% to 35% year-over-year growth, with Plasma and Pharma contributing equally, and Other Revenue contributing $2.5 million.

Speaker #1: Our full-year tax rate is estimated to be between 22.5% and 25%. Net income is estimated to nearly double over 2025, reaching a range of 13 million dollars to 16 million dollars, or 21 cents to 26 cents per diluted share, and adjusted EBITDA to be in the range of 30 million dollars to 33 million dollars, or 49 cents to 53 cents per diluted share.

Jeff Baker: This outlook reflects continued momentum in our patient affordability business, which we expect to remain the primary driver of growth. Gross profit margins are expected to be between 60% and 62%, reflecting increased revenue contribution from our pharma patient affordability business. Operating expenses are expected to increase 20% over 2025 as we continue to make investments in people and technology. Of this amount, depreciation and amortization expense is expected to be between $9.5 million and $10 million, while stock-based compensation is expected to be approximately $5.5 million. Given our large unrestricted and restricted cash balances and the current interest rate environment, we expect to generate interest income of approximately $3.1 million. Our full year tax rate is estimated to be between 22.5% and 25%.

Considering the seasonality in both our main Healthcare businesses, we expect plasma revenue to be the lowest in the first quarter, with tax refunds going out, and ramp up throughout the remainder of the year. While we expect Pharma revenue to be the highest in the first quarter and decline throughout the remainder of the year, as patient affordability claims ramp down.

This outlook reflects continued momentum in our patient affordability business, which we expect to remain the primary driver of growth.

Speaker #1: The number of fully diluted shares for the year is estimated to be 62.3 million. For the first quarter of 2026, we expect revenue of 27 to 27.5 million dollars, representing a 45.2% to 47.8% growth over first quarter 2025, and expect to have $137 active patient affordability programs and $589 plasma centers exiting the quarter.

Gross profit margins are expected to be between 60% and 62%, reflecting increased revenue contribution from our Pharma patient affordability business.

Operating expenses are expected to increase, 20% over 2025, as we continue to make investments in people and Technology.

All this amount depreciation and amateur expense is expected to be between 9.5 million and 10 million. While stock based compensation is expected to be approximately 5.5 million.

Speaker #1: Margins are expected to expand across the income statement versus the same period last year, equating to an operating margin between 20% to 22%. Net margin between 17% to 19%, and adjusted EBITDA margin between 34.5% to 36.5%.

balances and the current interest rate environment, we expect to generate interest income of approximately 3.1 million

Jeff Baker: Net income is estimated to nearly double over 2025, reaching a range of $13 million to $16 million or $0.21 to $0.26 per diluted share. Adjusted EBITDA to be in the range of $30 million to $33 million, or $0.49 to $0.53 per diluted share. The number of fully diluted shares for the year is estimated to be 62.3 million. For Q1 2026, we expect revenue of $27 to $27.5 million, representing 45.2% to 47.8% growth over Q1 2025, and expect to have 137 active patient affordability programs and 589 plasma centers exiting the quarter.

Speaker #1: Fully diluted earnings per share is estimated to be 7 cents to 8 cents, while adjusted EBITDA per share is estimated to be 15 cents to 16 cents.

Speaker #1: Overall, our outlook reflects continued strong growth driven primarily by our patient affordability business, along with further margin expansion as we scale. With that, I would like to turn the call back over to Kevin for questions and answers.

Our full year tax rate is estimated to be between 22.5% and 25%. Net income is estimated to nearly double over 2025, reaching a range of 13 million to 16 million, or 21 cents to 26, cents per diluted share and adjusted evidence to be in the range of 30 million to 33 million or 49 cents to 53 cents per diluted share.

The number of fully diluted shares for the year is estimated to be 62.3 million.

Speaker #2: Thank you. And I'll be conducting a question-and-answer session. If you'd like to be placed in the question queue, please press star 1 on your telephone keypad.

Speaker #2: A confirmation tone will indicate your line is in the question queue. One moment, please, while we pull for questions. Our first question is coming from Jacob Stephan from Lakeshore Capital Markets.

Jeff Baker: Margins are expected to expand across the income statement versus the same period last year, equating to an operating margin between 20% to 22%, net margin between 17% to 19%, and adjusted EBITDA margin between 34.5% to 36.5%. Fully diluted earnings per share is estimated to be $0.07 to $0.08, while adjusted EBITDA per share is estimated to be $0.15 to $0.16. Overall, our outlook reflects continued strong growth driven primarily by our Patient Affordability business, along with further margin expansion as we scale. With that, I would like to turn the call back over to Kevin for questions and answers.

Speaker #2: Your line is now live.

Speaker #3: Hey, guys. Appreciate you taking the questions. Congrats on a really nice quarter here. I appreciated all the color on the pharma industry. One thing I kind of wanted to touch on a little bit.

Speaker #3: So we're kind of hearing some pharma services providers and that the drug manufacturers have actually been kind of less active recently with regards to new initiatives.

For the first quarter of 2026, we expect revenue of $27 to $27.5 million, representing 45.2% to 47.8% growth over the first quarter of 2025. We expect to have 137 active patient affordability programs and 589 plasma centers. Exiting the quarter, margins are expected to expand across the income statement versus the same period last year, equating to an operating margin between 20% to 22%, net margin between 17% to 19%, and adjusted EBITDA margin between 34.5% to 36.5%.

5%.

Speaker #3: I'm wondering if you're seeing any difference in behavior with your pharma manufacturers over the last few months here.

Fully diluted earnings per share is estimated to be $0.07 to $0.08, while adjusted EBITDA per share is estimated to be $0.15 to $0.16.

Speaker #2: No. I mean, this is Matt Turner. I would argue that it's just the opposite if you were at JPMorgan and listening to the conversations there.

Speaker #2: Nobody's slowing down anything. We were sitting there listening to Dave Rix, the CEO of Lilly, and he was talking about the billions of dollars they're pumping into AI and the fact that they're doing a deal every nine days and almost all the presentations there really pointed to not a slowdown by any means.

Operator: Thank you. We'll now be conducting a question and answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. One moment please while we poll for questions. Our first question is coming from Jacob Stephan from Lake Street Capital Markets. Your line is now live.

Overall, our outlook reflects continued strong growth, driven primarily by our patient affordability business, along with further margin expansion as we scale with that. I would like to turn the call back over to Kevin for questions and answers.

Thank you. And I'll be conducting a question-and-answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad.

Speaker #2: Everybody's pipelines are really strong right now. Almost every manufacturer has some form of a weight loss or GLP-1 type product. In line, FDA calendar for PDUFAs this year looks really good.

Jacob Stephan: Hey, guys, appreciate you taking the questions. Congrats on a really nice quarter here. You know, I appreciated all the color on the pharma industry. One thing I kinda wanted to touch on a little bit. We're kinda hearing some, you know, pharma services providers, and you know, that the drug manufacturers have actually been kinda less active recently with regards to new initiatives. I'm wondering if you're seeing any difference in behavior with your pharma manufacturers over the last few months here.

A confirmation tone will indicate your line is in the question queue. One moment, please, while we pull for questions. Our first question is coming from Jacob. To make sure, you are now live.

Speaker #2: So no, I mean, I don't really see a slowdown. I would say that the push for innovation is growing. Overall, and I think that's obviously what we've been trying to provide for the last seven years as we built out this vertical really is the innovation side of things.

Speaker #2: So no, I don't see a slowdown from our perspective at all, especially not in the patient affordability business.

Matt Turner: No, I mean, this is Matt Turner. I would argue that it's just the opposite. You know, if you were at J.P. Morgan and listening to the conversations there, nobody's slowing down anything. You know, we were sitting there listening to David A. Ricks, the CEO of Lilly, and he was talking about the billions of dollars they're pumping into AI, and you know, the fact they're doing a deal every 9 days, you know. Almost all the presentations there really pointed to not a slowdown by any means. Everybody's pipelines are really strong right now, and almost every manufacturer has some form of a weight loss or GLP-1 type product in line. You know, FDA calendar for PDUFAs this year looks really good. You know, I mean, I don't really see a slowdown.

Matthew Turner: No, I mean, this is Matt Turner. I would argue that it's just the opposite. You know, if you were at J.P. Morgan and listening to the conversations there, nobody's slowing down anything. You know, we were sitting there listening to David A. Ricks, the CEO of Lilly, and he was talking about the billions of dollars they're pumping into AI, and you know, the fact they're doing a deal every 9 days, you know. Almost all the presentations there really pointed to not a slowdown by any means. Everybody's pipelines are really strong right now, and almost every manufacturer has some form of a weight loss or GLP-1 type product in line. You know, FDA calendar for PDUFAs this year looks really good. You know, I mean, I don't really see a slowdown.

Hey guys, I appreciate you taking the questions. Uh, congrats on a really nice quarter here. Um, you know, I appreciate it all the color on the, on the Pharma industry. Um, 1 thing, I kind of wanted to, to touch on a little bit. So we're kind of hearing some, you know, pharmac Services providers. Uh, and you know that the drug manufacturers have actually been kind of less active. Uh, recently with regards to new initiatives. Um, I'm wondering if you're seeing any difference in Behavior, Uh, with your Pharma manufacturers, uh, over over the last few months here.

Speaker #3: Okay. And maybe, I mean, you did kind of touch on the GLP-1 opportunity. I'm wondering what that looks like for you guys. Do you have any current GLP-1s on the platform?

Speaker #3: And how are you thinking about attacking that market going forward?

Speaker #2: Yeah. So that's we don't have the any of the two larger GLP-1s that are for weight loss nor do we have the diabetes products.

Speaker #2: Those are largely retail plays and we're certainly making a push. We've been making a push in that area. Those drugs have been in market now for a little bit.

No, I mean, this is Matt Turner. I I would argue that. It's just the opposite. Um, you know, if you were a JP Morgan, uh, and listening to the conversations there. Nope. Nobody's slowing down. Anything. Um, you know, we were sitting there listening to uh, to Dave Ricks the CEO of Lily and he was talking about the billions of dollars, they're pumping into Ai and, you know, the defective doing a deal, every 9 days, uh, you know, and and almost all the presentations, there really pointed to to not a, not a Slowdown, by any means.

Speaker #2: If you look at those products as well, they're very much a they're much more of a DTC product than they are a traditional copay type product.

Speaker #2: It's not to say that the copay offers aren't out there. They are. But it represents a very small subset of that actual volume is going through copay.

Matt Turner: I would say that the push for innovation is growing overall, and I think that's obviously what we've been trying to provide, you know, for the last seven years as we built out this vertical really is the innovation side of things. No, I don't see a slowdown from our perspective at all, especially not in the patient affordability business.

Matthew Turner: I would say that the push for innovation is growing overall, and I think that's obviously what we've been trying to provide, you know, for the last seven years as we built out this vertical really is the innovation side of things. No, I don't see a slowdown from our perspective at all, especially not in the patient affordability business.

Speaker #2: So there's not a ton of upside on a GLP-1 product used for weight loss. There would be if you're looking at the diabetes sides.

Speaker #2: We have one client that has a GLP-1 product I think we're in an that's coming to market. I think we're in an excellent position to win that business as we do have a very good portion of their retail as well as almost all of their specialty products.

Jacob Stephan: Okay. Maybe, I mean, you did kinda touch on the GLP-1 opportunity. I'm wondering, you know, what that looks like for you guys. Do you have any current GLP-1s on the platform? You know, how are you thinking about attacking that market going forward?

Everybody's pipelines are really strong right now. You know almost every manufacturer has some form of a weight loss or glp1 type product uh in line, you know, FDA calendar for padukas this year, looks really good. So you know I mean I don't I don't really see a Slowdown. I I would say that the push for Innovation is growing um overall and I I think that's obviously what we've been trying to provide you know for the last 7 years as we built out this vertical really is the Innovation side of things. So, no, I don't, I don't see a Slowdown uh, from our perspective at all. Especially, not in the patient, affordability business.

Speaker #2: So I think we're in a very good spot to pick up a GLP-1 in the next 12 to 18 months. And I think that's as much as I can really say there.

Matt Turner: Yeah, we don't have any of the two larger GLP-1s that are for weight loss, nor do we have the diabetes products. Those are largely retail plays, and we're certainly making a push. We've been making a push in that area.

Matthew Turner: Yeah, we don't have any of the two larger GLP-1s that are for weight loss, nor do we have the diabetes products. Those are largely retail plays, and we're certainly making a push. We've been making a push in that area.

Okay. And maybe I mean, you just, you did kind of touch on the glp1 opportunity. Um, I'm I'm wondering you know what that looks like for you guys. Do you have any current glp ones on the platform and, you know, how are you thinking about attacking that market going forward?

Speaker #2: I don't we don't have any commitment saying that it's ours or anything. And plus, we don't know what the volume is going to look like there.

Speaker #2: But yeah, we're certainly trying to make inroads to get access to more of those programs.

Matt Turner: Market now for a little bit. If you look at those products as well, they're very much more of a DTC product than they are, you know, a traditional copay type product. It's not to say the copay offers aren't out there, they are, but it represents a very small subset of that actual volume is going through copay. There's not a ton of upside on a GLP-1 product used for weight loss. There would be if you're looking at the diabetes side. You know, we have one client that has a GLP-1 product. I think that's coming to market.

Matthew Turner: Market now for a little bit. If you look at those products as well, they're very much more of a DTC product than they are, you know, a traditional copay type product. It's not to say the copay offers aren't out there, they are, but it represents a very small subset of that actual volume is going through copay. There's not a ton of upside on a GLP-1 product used for weight loss. There would be if you're looking at the diabetes side. You know, we have one client that has a GLP-1 product. I think that's coming to market.

Speaker #3: Got it. And then maybe just last one for me. Jeff, you made an interesting comment about fixed costs. Potentially kind of plateauing minimal additions kind of needed.

Speaker #3: I'm wondering, from just looking at the math, that looks like around a 22 to 23 million dollar quarterly kind of cost basis. I'm wondering if you could kind of give me some more color on that.

Yeah, so that's uh, we we don't have the, uh, any of the, the 2 larger glp ones that are for weight loss or do we have the diabetes products? Those are uh largely retail plays and we're certainly making a push. We've been making a push in that area. Um, you know, those drugs have been in market now, for a little bit if you look at those products as well, they're very much a d. They're they're much more of a DTC, uh, product than they are. Um, you know, a traditional co-pay type product. It's not to say the copay offers aren't out there they are, but it represents a, a very small subset of that, actual

Speaker #2: Yeah. So the comment really on the when we talk about fixed costs is like the base cost of what our business has been in 2025.

Matt Turner: I think we're in an excellent position to win that business, as we do have a very good portion of their retail as well as almost all of their specialty products. I think we're in a very good spot to pick up a GLP-1 in the next 12 to 18 months. You know, I think that's as much as I can really say there. You know, we don't have any commitments saying that it's ours or anything, and plus we don't know what the volume is gonna look like there. Yeah, we're certainly trying to make inroads to get access to more of those programs.

Matthew Turner: I think we're in an excellent position to win that business, as we do have a very good portion of their retail as well as almost all of their specialty products. I think we're in a very good spot to pick up a GLP-1 in the next 12 to 18 months. You know, I think that's as much as I can really say there. You know, we don't have any commitments saying that it's ours or anything, and plus we don't know what the volume is gonna look like there. Yeah, we're certainly trying to make inroads to get access to more of those programs.

Speaker #2: So we looked at our OPEX of 41 million. The incremental costs that we have to add going forward as the business grows is certainly a lot less than what it has been historically.

Speaker #2: If you look at 2024, we were pushing SG&A growth was pretty much tracking with revenue growth. 2025 really strong improvements there. And 2026, we think there's even more operating leverage to win out of that business.

Okay, so there's not a ton of upside on a, on a glp-1 product used for weight loss. There would be, uh, if you're looking at the um, the diabetes sides. Um, you know, we have 1 client that has a glp1 product. Um, I think we're in an ex that that's coming to Market. I think we're in an excellent position to win that business as we do have, uh, a very good portion of their retail as well as almost all of their Specialty Products. So I, I think we're in a, we're in a very good spot to pick up a glp 1 in the next 12 to 18 months. Um, you know, and and I think that's as much as I can really say there. I don't you know we don't have any any commitments saying that it's ours or anything and plus we don't know what the volume is going to look like their. Um but yeah we are we're certainly trying to make inroads to to get access to more of those programs.

Jacob Stephan: Got it. Maybe just last one for me. Jeff, you made an interesting comment about fixed costs, you know, potentially kind of plateauing, minimal additions kinda needed. I'm wondering, you know, from just looking at the math, you know, that looks like around a $22 to 23 million quarterly kind of cost basis. I'm wondering if you could kinda give me some more color on that.

Speaker #2: So when you look at it, we're going to do a good job trying to control our costs. We're only looking for SG&A to grow 20, 20%.

Speaker #2: And when you peel the onion back, keep in mind some of that growth is related to the acquisition we did in March and wasn't even in for a full year.

Got it. Um, and then maybe just lasts 1 for me. Uh, Jeff you made an interesting comment about fixed costs. Uh, you know, potentially kind of plateauing, uh, minimal additions kind of needed. Um, I'm wondering, you know, from just looking at the math, you know, that looks like around to 22 to 23 million quarterly kind of cost basis. I'm wondering if you could kind of give me some more color on that.

Jeff Baker: Yeah. The comment really, when we talk about, you know, fixed costs, is like the base cost of what our business has been in 2025. We looked at our OpEx of $41 million. The incremental cost that we have to add going forward as the business grows is certainly a lot less than what it has been historically. If you look at 2024, we were pushing, you know, SG&A growth was pretty much tracking with revenue growth. 2025, really strong improvements there. In 2026, we think there's even more operating leverage to lend out of that business. When you look at it, you know, we're gonna do a good job trying to control our costs. We're only looking for SG&A to grow 20 to 20%.

Speaker #2: In 2025, so you have a full year of amortization in 2026. And then you have some stock comp increase about a million and a half year over year.

Speaker #2: So take those two if you however you want to look at that and adjust it out or whatever. But our controllable SG&A is really looking very leverageable.

Speaker #3: Got it. I appreciate all the color. Great quarter, guys.

Speaker #2: Yeah. Thanks.

Speaker #1: Our next question today is coming from Gary Prestopino from Barrington Research. Your line is now live.

Yeah, so, um, the comment really on the—on the—when we talk about, you know, fixed cost, is like the base cost of what our business has been in 2025. So we looked at our Opex of $41 million. Um, the incremental cost that we have to add going forward, as the business grows, is certainly a lot less than what it has been historically. If you look at 2024, we were pushing, you know, SG&A growth was pretty much tracking with revenue growth. 2025—

Speaker #4: Hi. Good afternoon all. Hey, I couldn't write down fast enough. Did you say you were going to exit Q1 with about $137 farmer programs?

Speaker #2: Yes. That's correct.

Speaker #4: And then what did you say for the plasma? Was it 589?

Jeff Baker: When you peel the onion back, you know, keep in mind, you know, some of that growth is related to the acquisition we did in March. It wasn't even in for a full year in 2025. You have a full year of amortization in 2026. You have some stock comp increase, about $1.5 million year over year. Take those two however you wanna look at that and adjust it out or whatever. Our, you know, our controllable SG&A is really looking very leverageable.

Speaker #2: 589. Yeah. We had in the first quarter we had five centers get sold to a competitor. So they left us. And then one center closed.

Speaker #2: So there are six those are the six centers.

Speaker #4: Okay. Okay. That's fine. And then just getting back to when you were talking about the GLP-1s versus your high-cost branded pharmaceuticals, is there any difference in the revenue per claim process there?

Really strong improvements there, uh, in 2026. Um, we think there's even more operating leverage to uh, 1 out of that business. So when you look at it, um, you know, we we're we're going to do a good job trying to control our costs. We're only looking for sgna uh to grow uh 20 20% um and when you peel the onion back, you know, keep in mind, you know, some of that growth is related to the acquisition. We did in March, it wasn't even in for a full year, um, in 2025. So you have a full year of conversation in 2026, um, and then you have some stock comp increase, uh, about a million and a half.

Year-over-year. So

Speaker #4: If you're doing basically kind of lack of a better word, it's not really a specialty drug like say a cancer or an oncology drug?

Take those too, if you, however, you want to look at that and adjust it out or whatever. But our, you know, our controllable SG&A, um, is really looking, uh, very leverageable.

Jacob Stephan: Got it. I appreciate all the color. Great quarter, guys.

Jeff Baker: Yeah, thanks.

Got it. I appreciate all the color. Uh, great quarter, guys.

Operator: Our next question today is coming from Gary Prestopino from Barrington Research. Your line is now live.

Yeah, thanks.

Speaker #2: Yeah. So I mean, each claim type, right, is going to have different potential transactional fees that will attach to it. If you look at the special and I would say that overall, if you just look at a base say pharmacy claim or medical claim, it doesn't really matter if it's specialty or pharmacy.

Gary Prestopino: Hi, good afternoon, all. Hey, I couldn't write down fast enough. Did you say you were gonna exit Q1 with about 137 pharma programs?

For the next question, today is coming from Gary Prestipino from Bington Research. Your line is now live.

Uh, good afternoon, all. Hey, I could write that down fast. Did you say you were going to exit Q1?

Jeff Baker: Yes, that's correct.

With about 137 farmer programs.

Gary Prestopino: What did you say for the plasma? Was it $589?

Yes, that's correct.

Speaker #2: We're going to make on that claim processing fee, we're going to make about the same. But when you look at the bolt-ons that can happen in the specialty space, they compound pretty quickly.

Jeff Baker: 589. Yeah, in Q1, we had five centers get sold to a competitor. They left us, and then one center closed. There are six. Those are the six centers.

And then, what did you say for the plasma? Was it 589?

Speaker #2: A dynamic business rule claim is worth far more to us than just the singular copay claim. So while the volume around retail products like GLP-1s or any of the cardiovascular drugs, if you go back historically and look at like Crestor, Lipitor, Plavix, modern-day Brilinta, sure, there's a lot of there's a lot of volume there.

Gary Prestopino: Okay. That's fine. Just getting back to when you were talking about, like, the GLP-1s versus your, you know, high-cost branded pharmaceuticals, is there any difference in the revenue per claim process there if you're doing, you know, basically kind of, lack of a better word, it's not really a specialty drug, like say, a cancer or an oncology drug?

Yeah, we had, um, in, uh, in the first quarter, we had, uh, five centers get sold to a competitor. Uh, so they left us, and then one center closed. So, there are six. Uh, those are the six centers.

Okay. Okay, that's fine.

Um, and then

Speaker #2: But your chance to make to kind of add on the additional functionality that can generate larger revenue is just not there on the retail side.

Just just getting back to what you were talking about like the glp ones versus your you know, high cost branded Pharmaceuticals. Is there any any difference in the revenue per claim process there? If if you're doing, you know basically kind of

Speaker #2: Which is one of the reasons we highly target the specialty space because we can make far more money on a thousand DBR claims than we can on, say, 20,000 retail claims.

Lack of a better word. It's not really a specialty drug, like—like, say, a cancer and oncology drug.

Matt Turner: Yeah. I mean, each claim type, right, is gonna have different potential transactional fees that will attach to it. If you look at the specialty, you know, I would say that overall, you know, if you just look at a base, say, pharmacy claim or medical claim, it doesn't really matter if it's specialty or pharmacy, we're gonna make on that claim processing fee, we're gonna make about the same. But when you look at the bolt-ons that can happen in the specialty space, they compound pretty quickly. You know, dynamic business rule claim is worth far more to us than just the singular copay claim.

Matthew Turner: Yeah. I mean, each claim type, right, is gonna have different potential transactional fees that will attach to it. If you look at the specialty, you know, I would say that overall, you know, if you just look at a base, say, pharmacy claim or medical claim, it doesn't really matter if it's specialty or pharmacy, we're gonna make on that claim processing fee, we're gonna make about the same. But when you look at the bolt-ons that can happen in the specialty space, they compound pretty quickly. You know, dynamic business rule claim is worth far more to us than just the singular copay claim.

Speaker #2: So profit potential and even bottom line margin is far superior in the specialty space. That being said, we are working to bring on more retail brands so that we have a very weighted and comprehensive portfolio of products.

Speaker #4: Okay. Thank you.

Speaker #1: Thank you. Our next question is coming from John Hickman from Landberg Solomon. Your line is now live. Our next question is coming from Peter Heckman from DA Davis.

Matt Turner: While the volume around retail products like GLP-1s or, you know, any of the cardiovascular drugs, you know, if you go back historically and look at like Crestor, Lipitor, Plavix, modern-day Brilinta, sure, there's a lot of volume there. But your chance to make, you know, to kinda add on the additional functionality, that can generate larger revenue is just not there on the retail side, which is one of the reasons we highly target the specialty space, because we can make far more money on 1,000 DBR claims than we can on, say, 20,000 retail claims. Profit potential, you know, and even bottom line margin is far superior in the specialty space.

Matthew Turner: While the volume around retail products like GLP-1s or, you know, any of the cardiovascular drugs, you know, if you go back historically and look at like Crestor, Lipitor, Plavix, modern-day Brilinta, sure, there's a lot of volume there. But your chance to make, you know, to kinda add on the additional functionality, that can generate larger revenue is just not there on the retail side, which is one of the reasons we highly target the specialty space, because we can make far more money on 1,000 DBR claims than we can on, say, 20,000 retail claims. Profit potential, you know, and even bottom line margin is far superior in the specialty space.

Speaker #1: And your line is now live.

Speaker #2: Hey, good afternoon, everyone. I had a follow-up, Jeff, on in terms of thinking about the guidance for 2026. You talk about equal contribution from plasma and pharma.

Speaker #2: I assume you're talking about from a dollar revenue perspective. And if so, that still represents a pretty significant acceleration on the plasma side. I didn't hear in your prepared comments why that might be.

Speaker #2: So if you could provide a little bit of additional color in terms of whether that's an increase in revenue per center or anticipation of a big addition of net centers for the year.

Matt Turner: That being said, we are working to bring on more retail brands so that we have a very weighted and comprehensive portfolio of products.

Matthew Turner: That being said, we are working to bring on more retail brands so that we have a very weighted and comprehensive portfolio of products.

Ones or, you know, any of the cardiovascular drugs, you know, if you go back historically and look at like, press store, lipor Plavix modern day, bright lenta, uh, sure. There's a lot of, there's a lot of volume there, uh, but your chance to make, you know, to kind of add on the additional functionality, uh, that can generate larger. Revenue is just not there on the retail side, um, which is 1 of the reasons. We highly Target the specialty space because we can make far more money on a thousand dbr claims than we can on say 20,000, uh, retail claims so profit potential. Uh, you know, and even bottom line, margin is far superior in the specialty space,

Speaker #4: Yeah. So sorry.

Um, that being said, we are working to bring on more retail brands so that we have a very weighted and comprehensive portfolio of products.

Mark Newcomer: Okay. Thank you.

Speaker #2: No, go ahead.

Speaker #4: The revenue comment, the comment on the equal business was revenue, both from the plasma and the patient affordability or pharma side. The one of the main drivers in the plasma, if you recall, we had 132 centers in June and July.

Okay, thank you.

Operator 2: Thank you. Our next question is coming from Jon Hickman from Ladenburg Thalmann. Your line is now live. Our next question is coming from Peter Heckmann from D.A. Davidson, and your line is now live.

Operator: Thank you. Our next question is coming from Jon Hickman from Ladenburg Thalmann. Your line is now live. Our next question is coming from Peter Heckmann from D.A. Davidson, and your line is now live.

Thank you. Our next question is coming from John Hickman from Ladenburg Thalmann. Your line is now live.

Speaker #4: So we're going to have those uncomped until that time, so mid-year. So you're going to see the growth plasma with those numbers for the first half of the year be much stronger than the second half of the year, obviously.

Peter Heckmann: Hey, good afternoon, everyone. Had a follow-up, Jeff, on in terms of thinking about the guidance for 2026. You talk about equal contribution from plasma and pharma. I assume you're talking about from a dollar of revenue perspective. If so, that still represents a pretty significant acceleration on the plasma side. I didn't hear in your prepared comments, you know, why that might be. If you could, you know, provide a little bit of additional color in terms of whether that's an increase in revenue percent or anticipation of a big addition of new centers for the year.

Our next question is coming from Peter Heckner from D.A. Davidson. Your line is now live.

Speaker #4: My expectations haven't changed. With plasma, is that in a normalized year, it's about a 5% grower. And it's a very good cash cow. And we manage the business accordingly.

Speaker #2: And let me give a little more color on the plasma revenue growth. The increase in collection efficiencies associated with the latest hardware upgrades effectively gives the average plasma center approximately 10% greater capacity.

Matt Turner: Yeah. So, sorry.

Matthew Turner: Yeah. So, sorry.

Hey, good afternoon everyone. Uh, had a follow-up, Jeff on. Uh, in terms of thinking about uh the guidance for 2026 you talk about uh uh equal contribution from uh plasma and Pharma. I, I assume you're talking about from a dollar, uh, of Revenue perspective. Um, and and if so, that that still represents a pretty significant acceleration on the plasma side. I didn't hear in your prepared comments, you know why that might be. So, if you could, uh, you know, provide a little bit of additional, uh, color in terms of whether that's an increase in Revenue per Center, or, or anticipation of a, a big addition of net centers for the year,

Mark Newcomer: No, go ahead.

Matt Turner: The comment on the overall business was revenue both from the Plasma and the Patient Affordability or pharma side. One of the main drivers in the Plasma, if you recall, we had 132 centers in June and July. We're gonna have those uncomped until that time, so midyear. You're gonna see the growth of Plasma with those numbers for H1 be much stronger than H2, obviously. My expectations haven't changed with Plasma is that in a normalized year it's about a 5% grower, you know, and it's a very good cash cow, and we manage the business accordingly.

Matthew Turner: The comment on the overall business was revenue both from the Plasma and the Patient Affordability or pharma side. One of the main drivers in the Plasma, if you recall, we had 132 centers in June and July. We're gonna have those uncomped until that time, so midyear. You're gonna see the growth of Plasma with those numbers for H1 be much stronger than H2, obviously. My expectations haven't changed with Plasma is that in a normalized year it's about a 5% grower, you know, and it's a very good cash cow, and we manage the business accordingly.

Speaker #2: So a good way to look at that would be for every 10 centers, a collector canal get 11 centers worth of capacity. Which is reducing the demand for new center openings.

Speaker #2: So that just gives them the ability to collect more.

Speaker #4: I see. That's helpful. Okay. And then just going back to the new BEC system, any feedback so far from the FDA or any thoughts in terms of the potential timeline there for their completion of the review?

Speaker #2: Yeah. I mean, it's currently under review. We expect to hear back from them within the next 60 days. And that's kind of about as much as I'll go into at this point.

Yeah, so sorry. No, go ahead. Um, the, uh, the revenue comment was the comment on the equal, uh, business was revenue, uh, both from the plasma and the, uh, patient affordability or, or pharmacist. The, um, one of the main drivers in the plasma—if you recall, um, we had 132 centers in June and July. Uh, so we're, we're going to, uh, have those, uh, on comped until that time, so mid-year. Um, so you're, you're going to see the growth, uh, plus

Speaker #2: But so far, everything's very positive. We've gone into our substantive review with them.

Speaker #4: Okay. That's good to hear. Thank you.

Speaker #2: Yep. You're welcome.

Speaker #1: Thank you. Our next question is coming from John Hickman from Landberg Solomon. Your line is now live.

Mark Newcomer: Let me give a little more color on the plasma revenue growth. The increase in collection efficiencies associated with the latest hardware upgrades effectively gives the average plasma center approximately 10% greater capacity. A good way to look at that would be for every 10 centers, a collector can now get 11 centers worth of capacity, which is reducing the demand for new center openings. That just, you know, gives them the ability to collect more.

With those numbers, uh, for the first half of the year, be much stronger than the second half of the year. Obviously, my expectations haven't changed, uh, with plasma—is that in a normalized year, it's about a 5% grower. Um, you know, and it's a very good cash cow. Um, and, uh, we manage the business accordingly.

Speaker #5: Hi. Could you give us some sense of where you are in the pharma side with your kind of part of the market? What's the TAM here, and are you in the second inning, third inning of growth here, or can you elaborate?

Speaker #2: Yeah. So this is Matt. We always hesitate to give the TAM because it's very difficult for us to give a TAM for something that you can't you just there's no way to exactly tell the dollars are wrapped up in marketing amounts and everything else and nobody discloses exactly how much money they're paying these vendors.

Peter Heckmann: I see. That's helpful. Okay. Just going back to the new BECS system, any feedback so far from the FDA or any thoughts in terms of the potential timeline there for the completion of the review?

And, and, and let me give a little more color on the plasma revenue growth. Uh, the increase in collection efficiencies associated with the latest hardware upgrades effectively gives the average plasma center approximately 10% greater capacity. So a good way to look at that would be, for every 10 centers, a collector can now get 11 centers' worth of capacity, which is reducing the demand for new center openings. Um, so that just, you know, it gives them the ability to collect more.

and then, just just going back to the, uh, the new Bex this, um, uh, uh, any feedback so far from the FDA or or any thoughts in terms of the

Speaker #2: So we estimate the TAM as somewhere between 500 million to 850 million. At any given time, we think with some of the offerings that we have, specifically with dynamic business rules that we are pushing that TAM higher.

Mark Newcomer: Yeah, I mean, it's currently under review. We expect to hear back from them within the next 60 days. That's kind of about as much as I'll go into at this point. So far everything's very positive. We've gone into our substantive review with them.

Potential timeline there for the, for the completion of the review.

Yeah, I mean it's currently under review. We expect to hear back from them within the next 60 days.

Peter Heckmann: Okay, that's good to hear. Thank you.

Um, and that's kind of about as much as I'll go into at this point, but so far, everything's very positive. We've, we've gone into our substantive review with them.

Speaker #2: As we're able to generate revenue from some of these unique offerings that we're bringing to the table, also as we continue to build this out and add more features, add more products, we think the TAM can expand even further upwards to a billion.

Mark Newcomer: Yep. Welcome.

That's good to hear. Thank you. Yep. Welcome.

Operator 2: Thank you. Our next question is coming from Jon Hickman from Ladenburg Thalmann. Your line is now live.

Operator: Thank you. Our next question is coming from Jon Hickman from Ladenburg Thalmann. Your line is now live.

Thank you. The next question is coming from John Hickman from Latin America SA. Your line is now live.

Jon Hickman: Hi. Could you give us some sense of where you are on the pharma side with your kind of part of the market? What's the TAM here and where like, are you in the second inning, third inning of growth here, or can you elaborate?

Speaker #2: Asking about if we're kind of what inning we're in, I think we're in the first inning. There's still a lot of growth potential here.

Hi, could you give us some sense of where you are on the far side with your kind of part of the market? What's the TAM here and where, like,

Speaker #2: We don't see anything slowing down when it comes to new program acquisition. And if you look at the growth that we're doing year over year, and not just from a dollar perspective, right, just from a also throwing in the number of programs that we're adding in, last year it was one every 6-point-something days.

Are you in the second inning? Third inning.

of growth here, or

Matt Turner: Yeah. You know, this is Matt. We always hesitate to give the TAM because it's very difficult for us to give a TAM for something that you can't, you know, there's no way to exactly tell. The dollars are wrapped up in marketing amounts and everything else, and nobody discloses exactly how much money they're paying these vendors. We estimate the TAM is somewhere between, you know, $500 million to $850 million, at any given time. You know, we think with some of the offerings that we have, specifically with dynamic business rules, that we are pushing that TAM higher, as we're able to generate revenue from some of these unique offerings that we're bringing to the table.

Matthew Turner: Yeah. You know, this is Matt. We always hesitate to give the TAM because it's very difficult for us to give a TAM for something that you can't, you know, there's no way to exactly tell. The dollars are wrapped up in marketing amounts and everything else, and nobody discloses exactly how much money they're paying these vendors. We estimate the TAM is somewhere between, you know, $500 million to $850 million, at any given time. You know, we think with some of the offerings that we have, specifically with dynamic business rules, that we are pushing that TAM higher, as we're able to generate revenue from some of these unique offerings that we're bringing to the table.

can you elaborate

Yeah. So I

You know, we—this is man. I—I

We always hesitate to give.

Speaker #2: We were putting a new program up. And hopefully this year, we have similar metrics as far as the number of programs that we're pulling in.

Speaker #2: But it's we're nowhere near the middle of this at all. We're very much in the beginning. And I think we'll continue to see very strong growth out of this vertical for many years to come.

Speaker #5: So a follow-up. So are you inviting competition here? Are your people starting to pay attention to what you're

Matt Turner: Also, as you know, as we continue to build this out and add more features, add more products, we think the TAM can expand, you know, even further, you know, upwards to $1 billion. Asking about if we're, you know, kind of what inning we're in, I think we're in the first inning. There's still a lot of growth potential here. We don't see anything slowing down when it comes to, you know, to new program acquisition. If you look at the growth that we're doing year over year, and not just from a dollar perspective, right, you know, also throwing in the number of programs that we're adding in. You know, last year it was one every six-point-something days we were putting a new program up.

Matthew Turner: Also, as you know, as we continue to build this out and add more features, add more products, we think the TAM can expand, you know, even further, you know, upwards to $1 billion. Asking about if we're, you know, kind of what inning we're in, I think we're in the first inning. There's still a lot of growth potential here. We don't see anything slowing down when it comes to, you know, to new program acquisition. If you look at the growth that we're doing year over year, and not just from a dollar perspective, right, you know, also throwing in the number of programs that we're adding in. You know, last year it was one every six-point-something days we were putting a new program up.

Time. Um, you know, we think with some of the offerings that we have specifically with Dynamic business rules that we are pushing that Tam higher, um, as we're able to generate revenue from some of these, uh, unique offerings that we're bringing to the table. Um, also it's, you know, as we continue to build this out and add more features,

Speaker #2: Yeah. I mean, yeah.

Speaker #4: There's always really been competition here, right?

And add more products. We think the TAM can expand, you know, even further—you know, upwards to a billion.

Speaker #2: Yeah. Yeah. There's.

Speaker #4: I mean, we've come into the market and really gone up against the competition. And by bringing new functionality, new features to the market, that's part of the reason why we're winning the business.

Speaker #2: Yeah. This was a very stale business that had become almost commoditized. It was treated like just picking something off of the shelf. And that made it very easy for some manufacturers and, of course, they enjoyed that when things like maximizers and accumulators weren't an actual threat to their bottom line.

Matt Turner: You know, hopefully this year we have similar metrics as far as the number of programs that we're pulling in. Yeah, we're nowhere near the middle of this at all. We're very much in the beginning, and I think we'll continue to see very strong growth out of this vertical for many years to come.

Matthew Turner: You know, hopefully this year we have similar metrics as far as the number of programs that we're pulling in. Yeah, we're nowhere near the middle of this at all. We're very much in the beginning, and I think we'll continue to see very strong growth out of this vertical for many years to come.

Asking about if we're, you know, kind of what inning we're in. I think we're—we're—we're in the first inning. Um, there's still a lot of growth potential here. We don't see anything slowing down when it comes to, you know, to new program acquisition. And if you look at the growth that we're doing year-over-year—and not just from a dollar perspective, right? Just from a, you know, also throwing in the number of programs that we're adding in, you know, last year—it was the one, every 6 point something days, we were putting a new program up.

Speaker #2: And as that has emerged as a bigger threat, the need for innovation was there. Unfortunately, kind of the legacy dinosaurs in the industry just never reacted.

Uh, you know, and hopefully this year we have similar metrics as far as the number of programs that are pulling in. But yeah, it's

Speaker #2: So yeah, there's some new players popping up just that happens every time there's an industry that's ripe for disruption. I would say the good thing for us is we were ahead of that, and we also helped to cause a lot of the disruption.

Jon Hickman: Follow-up. Are you inviting competition here? Like, are people starting to pay attention to what you're doing?

We're nowhere near the middle of this at all. We're we're very much in the beginning and uh, and I think we'll continue to see very strong growth out of uh, out of this vertical for many years to come.

Jon Hickman: Follow-up. Are you inviting competition here? Like, are people starting to pay attention to what you're doing?

So, uh, follow-up. So, were you inviting competition here, like—

Matt Turner: I mean, yeah.

Matthew Turner: I mean, yeah.

Are people starting to pay attention to what you're doing?

Speaker #2: If you look at how we have sold into this industry, we have we've really shaken a lot of things up. And forced manufacturers to rethink how copay programs should function as a whole, how they should pay for them.

Mark Newcomer: There's always really been competition, right?

Matt Turner: Yeah. Yeah,

Matthew Turner: Yeah. Yeah,

Mark Newcomer: I mean, we've come into the market and really gone up against the competition. By bringing new functionality, new features to the market, that's part of the reason why we're winning the business.

Speaker #2: The open book pricing that we brought to the table, where we're not making shady money that we can't tell people how we're getting paid, that really was a disruptor to this marketplace.

Matt Turner: Yeah. This was a very stale business that had become almost commoditized. It was, you know, it was treated like just picking something off of the shelf. Things like maximizers and accumulators weren't an actual threat to, you know, to their bottom line. As that has emerged as a bigger threat, the need for innovation was there. Unfortunately, kind of the legacy, you know, dinosaurs in the industry just never reacted. You know, yeah, there's some new players popping up. You know, that happens every time there's an industry that's ripe for disruption. I would say the good thing for us is we were ahead of that, and we also helped to cause a lot of the disruption.

Matthew Turner: Yeah. This was a very stale business that had become almost commoditized. It was, you know, it was treated like just picking something off of the shelf. Things like maximizers and accumulators weren't an actual threat to, you know, to their bottom line. As that has emerged as a bigger threat, the need for innovation was there. Unfortunately, kind of the legacy, you know, dinosaurs in the industry just never reacted. You know, yeah, there's some new players popping up. You know, that happens every time there's an industry that's ripe for disruption. I would say the good thing for us is we were ahead of that, and we also helped to cause a lot of the disruption.

Yeah, I mean, that—that, yeah, there's always really been competition. That's right. Yeah. There's—I mean, we've come in, we've come into the market and really gone up against the competition, and by bringing new functionality, new features to the market, that's part of the reason why we're winning the business.

Yeah. This was a very stale business that had become almost commoditized. It was, you know, it was treated like just picking something off of the shelf,

Speaker #2: And if you kind of look at our the catapult that we had for growth, you go back to I think it was 2023 when we in June, July, when we put out a webinar around pricing transparency, and a lot of things in that area.

Speaker #2: That was really part of the liftoff for us because we did show the industry there's a better way to do this. You can still make money.

And that made it very easy for some manufacturers. And, you know, of course, they enjoyed that when things like maximizers and accumulators weren't an actual threat to, you know, to their bottom line. That has emerged as a bigger threat. Um, the need for innovation was there. Unfortunately, kind of the legacy, you know, dinosaurs in the industry just never reacted.

Speaker #2: You can still have everything that you need. Just we can do it in a way to where we're not robbing you blind behind your back, which is what a lot of other competitors were doing.

Speaker #1: And another thing, John, when we look at our competitive advantage, certainly that's one very important one. Another one is, and we take it for granted as a payments company, but our competitors don't have the same what I say insight into for their pharma customers' programs like we do.

Matt Turner: If you look at how we have sold into this industry, we have, you know, we've really shaken a lot of things up and forced manufacturers to rethink how co-pay programs should function as a whole, how they should pay for them. The open-book pricing that we brought to the table, where we're not making shady money that we can't tell people how we're getting paid, like, that really was a disruptor to this marketplace.

Matthew Turner: If you look at how we have sold into this industry, we have, you know, we've really shaken a lot of things up and forced manufacturers to rethink how co-pay programs should function as a whole, how they should pay for them. The open-book pricing that we brought to the table, where we're not making shady money that we can't tell people how we're getting paid, like, that really was a disruptor to this marketplace.

So you know, yeah, there's there's some new players popping up, you know, it just that happens every time there's an industry that's right for for disruption I would say the good thing for us is we were ahead of that and we also helped to calls a lot of the disruption. If you, if you look at how we have sold into this industry, we have, you know, we've really shaken a lot of things up and

and,

Speaker #1: I mean, we give our customers a web portal. They come in. They can see bank balances. They can see transaction data. They see a lot of information that we're able to provide them.

Speaker #1: So they could figure out if their program is successful or not. And we take that as for granted as it's kind of table stakes as a payments company.

Matt Turner: If you kinda look at our, you know, the catapult that we had for growth, you go back to, I think it was 2023 when we, in June, July, when we put out a webinar around pricing transparency and a lot of things in that area, that was really part of the lift-off for us, because we did show the industry there's a better way to do this. You can still make money. You can still have everything that you need, just we can do it in a way to where we're not robbing you blind behind your back, which is what a lot of other competitors were doing.

Matthew Turner: If you kinda look at our, you know, the catapult that we had for growth, you go back to, I think it was 2023 when we, in June, July, when we put out a webinar around pricing transparency and a lot of things in that area, that was really part of the lift-off for us, because we did show the industry there's a better way to do this. You can still make money. You can still have everything that you need, just we can do it in a way to where we're not robbing you blind behind your back, which is what a lot of other competitors were doing.

Speaker #1: But there are other our other competitors don't have that because they're not payments companies. And then the last thing is the dynamic business rules.

Speaker #1: I can't stress enough the fact that with 97% efficacy on first fill, that's completely agnostic to the consumer that is getting their that is getting their drug, that we're able to identify whether that transaction is related to a maximizer program or not.

Jeff Baker: Another thing, Jon, you know, when we look at our competitive advantage, certainly that's one very important one. Another one is, we take it for granted as a payments company, but our competitors don't have the same, let's say, insight into their pharma customers' programs like we do. I mean, we give our customers a web portal. They come in, they can see bank balances. They see transaction data. They see a lot of information that we're able to provide them, so they could figure out if their program's successful or not. We take that for granted as, you know, it's kind of table stakes as a payments company. But our other competitors don't have that because they're not payments companies.

Speaker #1: That's huge. It's unheard of. And nobody else in the market has that technology.

Forced manufacturers to rethink, how co-pay programs should function as a whole, how they should pay for them. The open Book pricing that we brought to the table where we're not making shading money that we can't tell people how we're getting paid like that really was a disruptor to this Marketplace and if you kind of look at our, you know, the the Catapult that we had for growth you go back to I think it was 2023 when we in June July when we put out a webinar around pricing transparency and uh and a lot of things in that in that area that was really part of the liftoff for us. Um, because we did show the industry, there's a better way to do this. You can still make money, you can still have uh, everything that you need. Just we can do it in a way to where we're not robbing you blind behind your back, which is what a lot of other competitors were doing. And another thing, John, you know, when we look at our competitive Advantage, certainly that

Speaker #5: Okay. One more question. So Matt, what are you most worried about here on this side of the business?

Speaker #2: That's a tough one. I don't know that right now we really have a lot of worries. It's pretty positive on our side. If you look at what we've built out, I would say going back three years, it was a lot around personnel and how would we scale this inside with people.

That's that's 1 very important 1. Another 1 is and and we take it for granted as a payments company but our competitors don't have the same. Uh uh. Well, I say insight into uh, for for their far customers programs like we do. I mean we give our our our customers, uh, a web portal, they come in. They can see Bank balances, they can see transaction data. They see a lot of information that we're able to provide them so they could figure out if their program is successful or not.

Speaker #2: It was about finding talent at that point that we could bring in and that could help the organization grow. And we spent the last few years really doing that.

Jeff Baker: The last thing is the dynamic business rules. I can't stress enough the fact that with 97% efficacy on first fill, that's completely agnostic to the consumer that is getting their drug, that we're able to identify whether that transaction is related to a maximizer program or not. That's huge. It's unheard of, and nobody else in the market has that technology.

Speaker #2: We invested a lot of time and energy in bringing in the right people and creating a pathway for people that were really good to be able to grow inside the organization.

Speaker #2: And now that we have that in place, as you look at over the 55 programs that we brought in last year, we didn't have a growth issue when it came to dealing with people.

Speaker #2: We had already naturally built the systems around that. So we were able to just drag people in, drop them into the right place. We have established training curriculums now.

Unheard of, and no, nobody else in the market has that technology.

Jon Hickman: Okay, one more question. Matt, what are you most worried about here on this side of the business?

Speaker #2: It's become a much easier lift for us. So I would say I don't really have any fears at the moment. It's all positive for us right now.

Okay, one more question. So, Matt, what are you most worried about here on this side of the business?

Matt Turner: That's a tough one. I don't, you know, I don't know that right now we really have a lot of worries. It's pretty positive on our side. If you look at what we've built out, I would say going back three years, it was a lot around personnel and how would we scale this inside with people. It was about finding talent at that point that we could bring in and that could help the organization grow. We spent the last few years really doing that. We invested a lot of time and energy in bringing the right people and creating a pathway for people that were really good to be able to grow inside the organization.

Matthew Turner: That's a tough one. I don't, you know, I don't know that right now we really have a lot of worries. It's pretty positive on our side. If you look at what we've built out, I would say going back three years, it was a lot around personnel and how would we scale this inside with people. It was about finding talent at that point that we could bring in and that could help the organization grow. We spent the last few years really doing that. We invested a lot of time and energy in bringing the right people and creating a pathway for people that were really good to be able to grow inside the organization.

Speaker #2: And we look forward to the continued growth that we have. We're looking forward to expanding on the partnerships that we currently

Speaker #1: We have .

Speaker #2: Okay . Thank you very much . And nice results .

Speaker #3: Thank you .

Speaker #4: Thank you . Our next question is coming from Gary Prestopino Barrington Research . Your line is now live

Speaker #2: Yeah , I just have a follow up . Did you give Mark ? Did you give any indication of your pipeline on the patient affordability side ?

Speaker #2: I mean , at times you've have said that you feel pretty confident you're going to exit the year at X amount of programs .

Matt Turner: You know, now that we have that in place, as you look at over the 55 programs that we brought in last year, we didn't have a growth issue when it came to dealing with people. We had already actually built the systems around that. We were able to just drag people in, drop them into the right place. We have established training curriculums now. It's become a much easier lift for us. I would say I don't really have any fears at the moment. It's all positive for us right now. You know, we look forward to the continued growth that we have. We're looking forward to expanding on the partnerships that we currently have.

Matthew Turner: You know, now that we have that in place, as you look at over the 55 programs that we brought in last year, we didn't have a growth issue when it came to dealing with people. We had already actually built the systems around that. We were able to just drag people in, drop them into the right place. We have established training curriculums now. It's become a much easier lift for us. I would say I don't really have any fears at the moment. It's all positive for us right now. You know, we look forward to the continued growth that we have. We're looking forward to expanding on the partnerships that we currently have.

Speaker #2: Could you maybe just comment on that

Speaker #5: This is Matt . So I don't know that we've ever given that guidance . This early in the year You know , and I'll also kind of point back to our selling cycle , you know , for most of our , our opportunities is , you know , in the 90 day area , you know , we know what the pipeline looks like right now for a number of opportunities .

That's, that's a tough 1. I don't, you know, I don't know that. Uh, right now we really have a lot of worries. We it it's pretty positive on our side if you if you look at what we've built out. Um, you know, I I would say going back 3 years, it was a lot around personnel. And how would we scale this inside with with people? Um, you know, it was about finding Talent at that point that we could bring in and that could help your organization grow. And we spent the last few years really doing that, we invested a lot of time and energy in bringing in the right people in creating a pathway for people that were really good to, uh, to, to be able to grow inside the organization. And, you know, now that we have that in place, as you look at over the 55 programs that we we brought in last year. We didn't have, um, a growth issue when it came to dealing with people. Uh, we had already actually built the systems around that so we were able to just drag people in. Drop them into the right place. We have established training curriculums now.

Speaker #5: I think we would probably comment on that as we got a little more a little further down the year . You know , exited the SMB conference , things like that .

Speaker #5: That's that's really where we kind of start to narrow down what we think the pipeline will look like between now and the end of the year .

It's it's become a much easier lift for us. So I, I would say I don't really have any fears at the moment. It's it's all positive for us right now. And you know, we look forward to the continued growth that we have. We're looking forward to, to expanding on the Partnerships that we that we currently have.

Jon Hickman: Okay, thank you very much. Nice results.

Matt Turner: Thank you.

Matthew Turner: Thank you.

Okay, thank you very much, and, um, nice results.

Thank you.

Jeff Baker: Thank you.

Speaker #5: Plus , it gives us a chance to do a better evaluation of the FDA for calendar and what opportunities out of that , we believe are are truly winnable for us So yeah , I don't I don't think we can give a programs this early in the year .

Operator 2: Back to our next question. It's coming from Gary Prestopino, Barrington Research. Your line is now live.

Operator: Back to our next question. It's coming from Gary Prestopino, Barrington Research. Your line is now live.

Gary Prestopino: Yeah, I just have a follow-up. Did you give, Mark, any indication of your pipeline on the patient affordability side? I mean, at times you have said that you feel pretty confident you're gonna exit the year at X amount of programs. Could you maybe just comment on that?

Thank you for your answer. Next question is coming from Gary Prestipino. Back to research, your line is now live.

Yeah, I just have a follow-up. Um,

Speaker #5: But hopefully we can do that . You know , at the next quarter , if if everything lines up right .

Speaker #2: All right . And you know , you guys are doing really well . And you know , obviously the stock market's been a you know , miniature disaster the last couple of months here Doesn't look like obviously the fundamentals of the business are reflected in the stock price .

Did you give, Mark, did you give any indication of, um, your pipeline on the patient affordability side? I mean, at times you have said that you feel pretty confident you're going to exit the year in X amount of programs. Could you maybe just comment on that?

Matt Turner: This is Matt. I don't know that we've ever given that guidance this early in the year.

Matthew Turner: This is Matt. I don't know that we've ever given that guidance this early in the year.

Uh, this—this is Matt. So, I don't know that we've ever...

Jeff Baker: No.

Matt Turner: You know, I'll also kind of point back to our selling cycle, is, you know, for most of our opportunities, you know, in the 90-day area. You know, we know what the pipeline looks like right now for a number of opportunities. I think we would probably comment on that as we get a little more

Matthew Turner: You know, I'll also kind of point back to our selling cycle, is, you know, for most of our opportunities, you know, in the 90-day area. You know, we know what the pipeline looks like right now for a number of opportunities. I think we would probably comment on that as we get a little more

Speaker #2: And I'm just wondering as you as you go around and talk to investors , is it that they don't understand what's going on with your company ?

Speaker #2: Is there say a fear that artificial intelligence is going to usurp maybe your ability with your dynamic business roles ? You know , what ?

Jeff Baker: Correct.

Matt Turner: A little further down the year, you know, after the Asembia conference, things like that. That's really where we kind of start to narrow down what we think the pipeline will look like between now and the end of the year. Plus, it gives us a chance to do a better evaluation of the FDA PDUFA calendar and what opportunities out of that we believe are, you know, truly winnable for us. Yeah, I don't think we can give a number of programs this early in the year, but hopefully we can do that, you know, in the next quarter if everything lines up right.

Matthew Turner: A little further down the year, you know, after the Asembia conference, things like that. That's really where we kind of start to narrow down what we think the pipeline will look like between now and the end of the year. Plus, it gives us a chance to do a better evaluation of the FDA PDUFA calendar and what opportunities out of that we believe are, you know, truly winnable for us. Yeah, I don't think we can give a number of programs this early in the year, but hopefully we can do that, you know, in the next quarter if everything lines up right.

Speaker #2: Can you pinpoint as to what is , is some of the hesitation among investors to grasp the story

Given that guidance this early in the year, um, you know, and I'll also kind of point back to our selling cycle, uh, is, you know, for most of our opportunities, is, you know, in the 90-day area. You know, we know what the pipeline looks like right now for a number of opportunities. I think we would probably comment on that as we got a little more, a little further down the year, um, you know, exited the assembly, at conference, things like that. That's really where we kind of start to narrow down what—

Speaker #3: Yeah . Gary . So when we talked to investors , you know , everybody obviously understands the plasma business . It's kind of like retail , same store sales type stuff .

Speaker #3: And , and I think the biggest , you know , the market's been in a show me state sort of speak with the , the , the operating leverage from the patient affordability business .

Speaker #3: Now there's a lot of noise out there . Always with direct to consumer . If you remember back when Donald Trump was going to solve all the pricing issues , he had his own Donald Trump pharmacy and and he had his direct to consumer initiative .

Gary Prestopino: All right. You know, you guys are doing really well and, you know, obviously the stock market's been a, you know, miniature disaster the last couple of months here. Doesn't look like, obviously, the fundamentals of the business are reflected in the stock price. I'm just wondering, as you go around and talk to investors, is it that they don't understand what's going on with your company? Is there, say, a fear that artificial intelligence is going to usurp maybe your ability with your dynamic business rules? You know, what can you pinpoint as to what is some of the hesitation among investors to grasp the story?

What we think the pipeline will look like between now and the end of the year, plus it gives us a chance to do a better evaluation of the FDA Padua calendar. And what opportunities out of that we believe are, you know, are truly winnable for us. Um, so yeah, I don't, I don't think we can give a number of programs this early in the year, but hopefully we can do that, you know, in the next quarter if, uh, if everything lines up right.

All right. And, um, you know, you guys are doing really well and, you know, obviously the stock market's been a, you know, miniature disaster the last couple of months here. Uh

Speaker #3: And quite frankly , I mean , they announced it . I think there were 30 drugs or something , whatever We had two of them on there and the , the pricing , the pricing on the direct to consumer side for and again , those are cash paying customers was , was cheaper .

Speaker #3: If you had insurance than if you paid directly to , to the , to the consumer . So and keep in mind , you know , there's roughly 160 million people out there on private insurance .

Speaker #3: That's what these co-pay programs are for . It's not for the cash paying customer . So I think there's there has , I think people don't necessarily understand copay .

Jeff Baker: Yeah, Gary. When we talk to investors, you know, everybody obviously understands the plasma business is kind of like retail, same store sales type stuff.

Doesn't look like obviously, the fundamentals of the business are reflected in the stock price and I'm just wondering as you as you go around and talk to investors. Is it that they don't understand what's going on with, with your company. Is there say a fear that artificial intelligence is going to usurp maybe your ability with your Dynamic business roles, you know, is that what can you pinpoint as to what is, is some of the the hesitation among investors to grasp the story?

Speaker #3: I know for a fact they don't understand copay . And , you know , we're going to work really hard . And in 2026 to tighten that message to make sure people understand that the that there is a co-pay , the co-pay really exists .

Gary Prestopino: Right.

Jeff Baker: I think the biggest, you know, the market's been in a show me state sort of space with the operating leverage from the Patient Affordability business. Now, there's a lot of noise out there always with direct to consumer. If you remember back when Donald Trump was gonna solve all the pricing issues, he had his own TrumpRx, and he had his direct to consumer initiative. Quite frankly, I mean, they announced that I think there were 30 drugs or something, whatever. We had two of them on there. The pricing on the direct to consumer side, and again, those are cash paying customers, was cheaper if you had insurance than if you paid directly to the consumer.

Speaker #3: There's a market for co-pay . We have a better mousetrap that nobody else has . And it's showing up in the numbers . And now this year , in 2025 , you definitely saw , you know , the operating leverage possible .

Uh, yeah Gary uh, so when, when we talked to investors, um, you know, everybody obviously understands the plasma business. It's kind of like retail same store sales type stuff. Um, and uh, and I I think the biggest, you know, uh the the Market's been in a show, me state sort of spake with uh, the the the operating leverage from the

Patient affordability, business. Now, there's a lot of noise out there always with direct to consumer. If you remember back when Donald Trump was going to solve all—

Speaker #3: I mean , our operating margin goes from 1.7% to nine . And that's not insignificant . And then , you know , based on the guidance that I've given , you know , we expect that to go up substantially in 2026 .

Speaker #3: And beyond . So , you know , we , you know , I can't control the stock price or the investor community or whatever , but I think the numbers speak for themselves .

Jeff Baker: Keep in mind, you know, there's roughly 160 million people out there on private insurance. That's what these co-pay programs are for. It's not for the cash paying customer. I think people don't necessarily understand co-pay. I know for a fact they don't understand co-pay. You know, we're gonna work really hard in 2026 to tighten that message, to make sure people understand that there is a co-pay. The co-pay really exists. There's a market for co-pay. We have a better mousetrap than nobody else has, and it's showing up in the numbers. Now this year in 2025, you definitely saw, you know, the operating leverage possible.

Speaker #3: And eventually the market is efficient over the long term .

Speaker #5: And one thing I'll add to , if you , if you look at the other competitors that we have in the marketplace , if you go and look at , you know , syncora , you look at McKesson , they both own , you know , copay offerings , right ?

Speaker #5: But it's such a small part of their balance sheet that it never gets brought up in an earnings call . So we're really the first public company that's out here talking about this to where analysts are trying to absorb this information , because , you know , for us , it's not a rounding error for for McKesson , for Syncora .

Speaker #5: This represents a part of their their overall portfolio . So I think it's also given the street a chance to catch up to see this as a new a new , a new offering in the market and hopefully , you know , they'll , they'll get behind this and , you know , we'll have more people understand it .

Jeff Baker: I mean, our operating margin goes from 1.7% to 9%, and that's not insignificant. You know, based on the guidance that I've given, you know, we expect that to go up substantially in 2026 and beyond. You know, I, we, you know, I can't control the stock price or the investor community or whatever, but I think the numbers speak for themselves and eventually the market is efficient over the long term.

Speaker #5: I think the private equity market understands as well . There's a number of private equity funds that have purchased assets like this privately .

Speaker #5: If you were to go look at the private markets , there's a lot of M&A activity happening in this space , not just the copay space , but patient services as a whole .

Have an insurance. That's what these copay programs are for. Uh, it's not for the cash paying customers. So I think there's there has I think people don't necessarily understand co-pay. I know for a fact they don't understand co-pay, um, and uh, you know, we're going to work really hard and in 2026 uh, to tighten that message to make sure people understand that the that there is a co-pay, the co-pay really exists. There's a market for co-pay, we have a better mouse trap that nobody else has and it's it's showing up in the numbers and and now this year in 2025, you definitely saw, you know, the operating leverage possible. I mean, our operating margin goes from 1.7% to 9. UM, and that's not insignificant, and then. And now based on the guidance that I've given, you know, we expect that to go up, uh, substantially in 2026 and and Beyond. So, um, you know, I we, you know, I can't control the stock price or the investor community.

Speaker #5: It's constantly changing . So , you know , we had a chance to go down to to the Cantor HCI conference and meet with a bunch of people and just listen to what they had to say .

Matt Turner: One thing I'll add, too, if you look at the other competitors that we have in the marketplace, if you go and look at, you know, Syncora, you look at McKesson, they both own, you know, co-pay offerings, right? It's such a small part of their balance sheet that it never gets brought up in an earnings call. We're really the first public company that's out here talking about this to where analysts are trying to absorb this information because, you know, for us, it's not a rounding error. For McKesson, for Syncora, this represents a de minimis part of their overall portfolio. I think it's also given the street a chance to catch up to see this as a new offering in the market.

Matthew Turner: One thing I'll add, too, if you look at the other competitors that we have in the marketplace, if you go and look at, you know, Syncora, you look at McKesson, they both own, you know, co-pay offerings, right? It's such a small part of their balance sheet that it never gets brought up in an earnings call. We're really the first public company that's out here talking about this to where analysts are trying to absorb this information because, you know, for us, it's not a rounding error. For McKesson, for Syncora, this represents a de minimis part of their overall portfolio. I think it's also given the street a chance to catch up to see this as a new offering in the market.

Speaker #5: And it's , you know , there's a lot of activity in this space . It's just not in the public market . So I think that's part of a part of the headwind for is explaining that .

Speaker #5: And having people understand that this is a , there's a there's a bigger amount of money at play here than what it just seems like on our side .

Or whatever. But, um, I think, uh, the numbers speak for themselves and eventually the market is efficient over the long term. And that 1 thing, I'll add to if you, if you look at the other competitors that we have in the marketplace, if you go and look at, you know, sendora you look at McKesson, they both own, you know, co-pay offerings right. But it's such a small part of their balance sheet that it never gets brought up in an earnings call. So we're really the first public company that's out here talking about this to our analysts are trying to

Speaker #2: What about from the standpoint of , you know , your competitive advantages , those dynamic business rules ? Is there feeling out there ?

Speaker #2: I guess this is the stupid AI question that could AI somehow usurp what you're doing in the market .

This information, because, you know, for us, it's not a rounding error. For McKesson, for Sora, this represents a de minimis—

Matt Turner: Hopefully, you know, they'll get behind this and, you know, we'll have more people understand it. I think the private equity market understands as well. There's a number of private equity funds that have purchased assets like this privately. If you were to go look at the private markets, there's a lot of M&A activity happening in this space, not just the co-pay space, but patient services as a whole. It's constantly changing. You know, we had a chance to go down to the Cantor HCIT conference, meet with a bunch of people, and just listen to what they had to say. You know, there's a lot of activity in this space. It's just not in the public market.

Matthew Turner: Hopefully, you know, they'll get behind this and, you know, we'll have more people understand it. I think the private equity market understands as well. There's a number of private equity funds that have purchased assets like this privately. If you were to go look at the private markets, there's a lot of M&A activity happening in this space, not just the co-pay space, but patient services as a whole. It's constantly changing. You know, we had a chance to go down to the Cantor HCIT conference, meet with a bunch of people, and just listen to what they had to say. You know, there's a lot of activity in this space. It's just not in the public market.

Speaker #5: So I mean , I kind of I joke with clients when we talk on the phone that , you know , AI can do anything that you can dream up .

Speaker #5: I just don't know when it's going to be able to do it , you know ? I mean , AI , we don't view AI as a threat .

A new offering in the market and hopefully, you know, they'll get behind this and, you know, we'll have more people understanding. I think the private equity market understands as well. There's a number of private equity, uh, uh, funds that have

Speaker #5: We're working internally to build out , you know , our own AI based systems to help us make our algorithms stronger so that we spot maximizers and accumulators easier .

Speaker #5: You know , I think the other part of that to , to say is that just because they change what they're doing one time doesn't mean that we won't be right there changing it to , to find it and not to go into a ton of detail .

Speaker #5: But once I have one patient and I know that patient's , you know , impacted by a maximizer , I can it doesn't matter what the plan does .

Matt Turner: I think that's part of the headwind for us too, is explaining that, and having people understand that there's a bigger amount of money at play here than what it just seems like on our side.

Matthew Turner: I think that's part of the headwind for us too, is explaining that, and having people understand that there's a bigger amount of money at play here than what it just seems like on our side.

Speaker #5: I can back into that patient because I know they were a maximizer patient yesterday . They're probably a maximizer patient today . So we don't we don't think that's really a threat to our to our business model .

Gary Prestopino: What about from the standpoint of, you know, your competitive advantages, those dynamic business rules? Is there a feeling out there, and I guess this is the stupid AI question, could AI somehow usurp what you're doing in the market?

Purchased assets, like this privately. If you were to go look at the private markets, there's a lot of m&a activity happening in this space. Not just the co-pay space, but patient services as a whole, the, it's constantly changing. So, uh, you know, and we had a chance to go down to, um, to the caner hcit conference and, and meet with a bunch of people, uh, and just listen to what they had to say. And it's, you know, there's a lot of of activity in the space. It's just not in the public market. So I think that's part of a part of the headwind for us too is explaining that, uh, and having people understand that, this is a, there's a, there's a bigger amount of money at play here than what it just seems like on our side.

What about from the standpoint of, um,

Speaker #5: You know , we we see AI on our side is actually a positive and we're going to be implementing more of that on the patient affordability side to , to help us have a stronger , more robust product across our vertical .

You know, your competitive advantage is those dynamic business rules as they're feeling out there, and I guess this is the stupid AI question: could AI somehow usurp what you're doing in the market?

Matt Turner: I mean, I kind of joke with clients when we talk on the phone that, you know, AI can do anything that you can dream up. I just don't know when it's gonna be able to do it. You know, I mean, AI, we don't view AI as a threat. We're working internally to build out, you know, our own AI-based systems to help us make our algorithms stronger, so that we spot maximizers and accumulators easier. You know, I think the other part of that to say is that just because they change what they're doing one time doesn't mean that we won't be right there changing it to find it.

Matthew Turner: I mean, I kind of joke with clients when we talk on the phone that, you know, AI can do anything that you can dream up. I just don't know when it's gonna be able to do it. You know, I mean, AI, we don't view AI as a threat. We're working internally to build out, you know, our own AI-based systems to help us make our algorithms stronger, so that we spot maximizers and accumulators easier. You know, I think the other part of that to say is that just because they change what they're doing one time doesn't mean that we won't be right there changing it to find it.

Speaker #2: Okay . Thank you

Speaker #4: Thank you . We reached out of our question and answer session . I'd like to turn the floor back over for any further closing comments .

So, I mean, I kind of—I joke with clients when we talk on the phone that, you know, AI can do anything that you can dream up. I just don't know when it's going to be able to do it.

Speaker #6: Thank you . Kevin . In closing , we delivered strong results in 2025 . We remain confident in our long term strategy . I want to thank you all for joining us today , and we look forward to speaking with you again in Q one .

Matt Turner: Not to go into a ton of detail, but once I have one patient and I know that patient's, you know, impacted by a maximizer, I can back into that patient because I know they were a maximizer patient yesterday. They're probably a maximizer patient today. We don't think that's really a threat to our business model. You know, we see AI on our side as actually a positive, and we're gonna be implementing more of that on the patient affordability side to help us have a stronger, more robust product across our vertical.

Matthew Turner: Not to go into a ton of detail, but once I have one patient and I know that patient's, you know, impacted by a maximizer, I can back into that patient because I know they were a maximizer patient yesterday. They're probably a maximizer patient today. We don't think that's really a threat to our business model. You know, we see AI on our side as actually a positive, and we're gonna be implementing more of that on the patient affordability side to help us have a stronger, more robust product across our vertical.

Uh, you know I mean AI, we don't view AI as a threat. Um, we're working internally to build out, you know, our own AI based systems to help us make our algorithm stronger. Uh so that we spot maximizers and accumulators easier. Um you know I I think the other part of that to to say is that just because they change what they're doing 1 time, doesn't mean that we won't be right there, changing it to uh, to find it. Um, and not to go into a ton of detail, but once I have 1 patient and I know that patient's, you know, impacted by a maximizer. I can it doesn't matter what the plan does. I can back into that patient because I I know they were a maximizer patient. Yesterday, they're probably a maximizer patient today so we don't, we don't think that's really a threat to our to our business model. Um, you know, we we see AI on our side is actually a positive and we're going to be implementing more of that on the patient affordability side to uh to help us have a stronger more robust.

Gary Prestopino: Okay. Thank you.

Product across our vertical.

Okay, thank you.

Mark Newcomer: Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over for any further closing comments. Thank you, Kevin. In closing, we delivered strong results in 2025. We remain confident in our long-term strategy. Wanna thank you all for joining us today, and we look forward to speaking with you again in Q1.

Thank you. We have reached the tenth question in our question and answer session. I'd like to turn the floor back over for any further closing comments.

Thank you. Kevin, uh, in closing, we delivered strong results in 2025. We remain confident in our long-term strategy. I want to thank you all for joining us today, and we look forward to speaking with you again in Q1.

Operator: Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today. Okay. Bye.

Thank you. That's a nice teleconference. Webcast. I will disconnect from my laptop now. Today, we thank you for your participation.

Bye.

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