Shares plunged 12.9% as investors reacted negatively to the company’s cautious outlook and operational headwinds despite reported revenue growth. The disconnect likely stems from Q1 being described as “operationally constrained” and uncertainty around the impact of center closures in the plasma business.

• Revenue increased 50.8% year-over-year to $28 million, driven primarily by an 82% rise in the patient affordability segment to $15.7 million.
• Operating margins expanded by 10.4 percentage points year-over-year, reflecting some operating leverage.
• Patient affordability claim volume grew 49% versus Q1 2025, with $540 million in financial assistance provided to patients (up from $320 million).
• Plasma donor revenue rose 25% to $11.7 million but faced headwinds from the closure of 19 low-performing centers and a net decline of 22 centers compared to end-2025.
• Management highlighted that Q1 is typically a constrained period due to plan year renewals and formulary changes, suggesting potential near-term deceleration and pressure on growth visibility.