Figures in parentheses refer to results during the corresponding period of the previous year.
• The Group's sales amounted to 66.2 (55.6) MSEK for the fourth quarter of the year.
• The Group's net result totalled 12.2 (-1.6) MSEK for the period October-December, which results in an accumulated net result of 40.2 (8.3) MSEK for the full year.
• EBITDA amounted to 11.5 (9.5) MSEK for the quarter and to 49.7 (31.2) MSEK for the year.
• Earnings per share were 0.64 (-0.09) SEK for the fourth quarter of the year and 2.11 (0.44) for the year.
• Net cash flow positive for the quarter 4.0 (0.72) MSEK and 15.3 (-13.1) MSEK for the year.
• Cash flow from operating activities amounted to 15.7 (7.8) MSEK for the quarter. For year, the corresponding figure is 39.1 (15.6) MSEK.
• Cash on hand totalled 40.3 (24.9) MSEK at the end of the period.
• A total number of 618 (601) scalp cooling systems were installed around the world in the year, with the order book containing an additional 151 (154) systems.
• Average Daily Treatment Revenue (ADTR) amounted to 45.6 TUSD (490 TSEK) for Q4 2024, corresponding to an increase of 29.5% compared to 35.2 TUSD (377.0 TSEK) for Q4 2023. Q3 2024 saw a temporary surge in ADTR due to Paxman's contract with Veteran Affairs. Whilst comparatively a decrease from Q3 2024, Q4 demonstrates positive growth from both Q2 2024 and Q4 2023. The figures in SEK have been converted from USD according to the average exchange rate during each period.
• Recurring income increased from 28.1 MSEK in Q4 2023 to 39.0 MSEK for the same period in 2024.
• The Board of Directors proposes that no dividend shall be paid for the financial year 2024 and that retained earnings shall be carried forward.
Significant events during the reporting period
In October, Paxman successfully passed its recertification audit. The dedication of Paxman's quality team plays a pivotal role in ensuring we remain compliant with global regulatory standards. This thorough audit assessed our documented management system processes, as well as documents and records related to the design, development, manufacture, inspection, and servicing of our Scalp Coolers, aligning with key standards such as ISO 13485, MDSAP, and EU MDR.
Later in October the American Medical Association (AMA) issued 3 CPT® Category I codes for mechanical scalp cooling, effective from January 1st, 2026. This issuance of a permanent CPT® I codes is one of the most significant breakthroughs in Paxman's efforts towards widespread adoption of Paxman's insurancebased billing model.
On November 1st, CMS published the OPPS Final Rule, this is the Hospital Outpatient Prospective Payment System. Based on the updated claims data available since the proposed rule earlier in the year, the payment rate calculated using their methodology falls within the cost band for New Technology APC 1519 (New Technology - Level 19 ($1701-$1800). Therefore, they are assigning CPT code 0662T to APC 1519 for 2025 as opposed to APC 1515, which was $1350.50.
On 5th December, Paxman announced that founder and board member Glenn Paxman, CIMON Venture Trust AB (represented by the chairman Per-Anders Johansson) and board members and the board members Björn Littorin and Robert Kelly sold shares in the company. All selling parties entered a lockup agreement for 180 days. In total, the transaction amounted to 2,000,000 shares. Among the new owners are SEB Investment Management, Carnegie Fonder, Aktia Asset Management, and Adrigo Asset Management. The high level of interest in the company is a clear signaller of performance, but more importantly a future opportunity to build a strong profitable business providing a clear impact socially.
A legislative bill (A38-A/S2063-A) in the State of New York was signed into law on 13th December 2024, requiring insurance coverage of scalp cooling systems to prevent hair loss. The bill is an acknowledgement of the importance of scalp cooling to help reduce and manage chemotherapy -induced alopecia and will highlight and narrow the disparities in access to a treatment.
Significant events after the reporting period
In January 2025, Paxman delivered important data on scalp cooling in the prevention and management of adverse effects of chemotherapy treatment at Arab Health 2025. Collaborating with The Association of British HealthTech Industries (ABHI) during the event's 50th anniversary, the presentation also featured Dr. Bassel M. Jallad from the Cleveland Clinic, Abu Dhabi, as a guest clincian speaker.
Contacts
Richard Paxman, CEO
Tel: +44 7968 020641
Email: richard@paxmanscalpcooling.com
www.paxman.se
About Us
The Paxman Scalp Cooling System has been developed by the Paxman family to reduce hair loss in breast cancer patients undergoing chemotherapy. The concept behind the system came when the mother of four, Sue Paxman, experienced first-hand the trauma of chemotherapy-induced hair loss. With close to 5,000 systems delivered in to hospitals, clinics and treatment centres around the world, PAXMAN is the leading supplier of Scalp Cooling technology. PAXMAN's scalp-cooling cap is made from lightweight, biocompatible silicone that is soft and flexible, providing a snug yet comfortable fit during treatment. PAXMAN AB (publ) has its headquarters in Karlshamn (Sweden), with subsidiaries in Huddersfield (UK), Houston, Texas (US) and Toronto, Ontario (CA).
The PAXMAN share is listed on Nasdaq First North Growth Market.
FNCA Sweden AB is the company's Certified Adviser.
This information is information that PAXMAN is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-21 08:00 CET.
