May. 13 at 2:10 PM
$PAYS is down hard (~20%) even though Q1 was strong. Revenue grew 51%, pharma grew 82%, plasma grew 25%, and operating margin jumped to 23.8%. This looks less like a broken quarter and more like a market disappointment story: full-year guidance was only reiterated, Q2 steps down seasonally, and investors focused on plasma-center churn after one customer moved centers to a competitor. It was undervalued in our screen before the sell-off, this sell-down makes it even more interesting.
