8 High Growth Penny Stocks That Are Profitable in 2024

5. Paysign, Inc. (NASDAQ:PAYS)

Share Price: $3.61

5-Year Net Income Growth: 13.78% 

5-Year Revenue Growth: 12.94%

TTM Net Income: $7.73 Million

Number of Hedge Fund Holders: 6

Paysign, Inc. (NASDAQ:PAYS) is an international financial services company that provides payment processing solutions and prepaid card products for various industries. The company caters to corporate companies, Healthcare providers, and Government organizations providing them with payroll cards that can be used as debit cards or health benefit cards.

It has incorporated technology into its services to ensure that payment systems are easily connected with other businesses. It is also currently managing payment programs for 6 large pharmaceutical companies around the globe.

Financially speaking, Paysign, Inc. (NASDAQ:PAYS) has done well in maintaining a good revenue stream and growing its net income. During the past 5 years, it has grown its top line by 13% and bottom line by 14% making it one of the high-growth stocks that are profitable in 2024.

The second quarter of 2024 witnessed some key financial achievements. The company’s Patient Affordability business drove the success by improving around 267% in revenue year-over-year. As a result, the overall revenue of the company improved nearly 30% from the comparable quarter last year and 8.7% subsequently.

Paysign, Inc. (NASDAQ:PAYS) processed 365% more claims during the quarter year-over-year indicating that more companies are using its payment services and cards. Management expects margins to continue to expand as its Patient Affordability business dominates the growth.