May. 13 at 1:24 PM
$PAYS
Strong Q1 across the board.
Revenue beat, EPS beat, EBITDA beat, and margins came in above the high end of guidance. Patient affordability continues to be the engine, with 135 active programs at quarter end, already 141 by the call, and management expecting 147 to 150 by Q2 exit.
Slight disappointment was no full year raise after beating every line. That said, management said they’re comfortable with the upper half of the guide, which leaves the door open for a raise later if execution continues.
Plasma also looks like it may be inflecting. Lost centers were low quality, average loads per center turned positive YoY for the first time since the inventory correction, and management expects plasma revenue to grow sequentially through the year.
Bear side remains share count. SBC dilution is real. With ~
$20M cash, zero debt, and cash generation improving, buybacks to offset dilution would make sense.
