3Pea International Inc (OTCBB:TPNL) revenue surged 63% to $10.3 million in FY2014. The gross profit jumped to $5.6 million compared to $2.2 million in the same period a year ago. The net income came higher at $2.6 million, or $0.06 per diluted share, compared to $0.6 million, or $0.01 per diluted share. The revenue in 4Q2014 surged 156% to $4.9 million against $1.9 million in 4Q2013.The higher revenue can be attributed to growth in corporate incentive reward programs, particularly, the healthcare reimbursement payments, donor payments for source plasma and pharmaceutical co-pay assistance. Gross profit in 4Q2014 came higher at $4.0 million compared to $1.0 million in the year-ago quarter.
The management view
Arthur De Joya, the Chief Financial Officer of 3Pea International Inc (OTCBB:TPNL), said that FY2014 was a breakthrough year as the company reported record net income and revenue. Much of the growth came due to the continued strong progress on front on healthcare reimbursement payments, Pharma co-pay assistance plans, and donor payments for source plasma. These payments were done utilizing ‘PaySign’ platform of prepaid debit cards. It helped the company to quickly plan and executes comprehensive solutions for several industries that are cost effective for the company’s customers.
Internalization of sales and marketing team
3Pea International internalized marketing and sales team which the company will use to penetrate the plasma industry. It intends to venture into new targeted verticals including retail and payroll, automotive and among others. The company is also looking to sign additional clients in the pharmaceutical space. All the measures have resulted in the strong pipeline of prospective customers in company’s history.
The future ahead
Going forward, 3Pea International expects strong growth in business. The company aggressively pursued new clients in the pharmaceutical and plasma markets. It penetrated other verticals with its PaySign payment platform. The company is confident that margins will continue to expand in FY2015 and beyond.