Paysign Inc (PAYS)

[WOW23P]

On February 21, there was an unprecedented cyberattack on the U.S. health system and the change health care claims and payment infrastructure. This had a substantial impact to consumers, providers and many of our competitors, leaving their pharmaceutical manufacturer clients scrambling for a solution to the prolonged outage.

As a result of the fallout, we were able to secure and launch 8 new programs from 2 manufacturers in less than ten days, adding substantial revenue and approximately 1 million additional claims to our 2024 claims volume. We are confident that this will lead to additional programs in 2024 from these and other manufacturers as we continue to assist our current partners and filled new requests. Much like our payment platform, our patient affordability platform has been purpose-built for high availability and utilizes multiple redundant network connections to assure continuity. These multiple process or connections enabled us to quickly move to other processors not impacted by this event.