Strong sales growth and positive EBITDA

The Group’s total sales amounted to 42.3 (27.9) MSEK for the first quarter of the year, with EBITDA reaching 2.7 (-2.9) MSEK. The net result totalled -2.5 (-6.2) MSEK in Q1, and earnings per share were
-0.13 (-0.33) SEK.

Cash flow before financing activities was -8.3 (-8.9) MSEK in the first quarter of the year, with net liquid assets totalling 12.8 (46.2) MSEK at the end of the period.

A total number of 140 (99) scalp cooling systems were installed around the world January-March 2023, with the orderbook containing an additional 162 number of systems.

Significant events during the reporting period

  • In January the company announced that it received EU Medical Device Regulation (MDR) certification from its Notified Body, the British Standards Institution (BSI). Paxman is amongst the latest companies to achieve MDR approval, reaffirming its commitment to the market, its customers and, most importantly, the patients who will continue to benefit from the use of the Paxman Scalp Cooling System.
  • In January the company incorporated Paxman Canada Inc., as a corporation in the province of Ontario. Following a successful pilot of the business through 2021 and 2022 the decision was taken to fully launch the company and incorporate. The company shall operate a hybrid business model offering pay for use services through Paxman personnel in large academic and high volume cancer centres and the sale of capital equipment to smaller regional cancer centres.

Significant events after the reporting period

  • Paxman attended its first exhibition in relation to the promotion and marketing of the company and its products in China. Paxman, along with it’s partner Concord Medical was exhibiting at BEYOND 2023 International Technology Innovation Expo in Macau. The exhibition took place at the Venetian Macao Convention and Exhibition Centre for 3 days from May 10-12 2023.
  • Paxman have shipped its first clinical trial Paxman Limb Crycocompression Systems (PLCS) to the USA in the months of April and May for the initiation of the ICE COMPRESS: Randomized Trial of Limb Cryocompression versus Continuous Compression versus Low Cyclic Compression for the Prevention of Taxane-Induced Peripheral Neuropathy. The first sites include Columbia University Medical Center, University of Washington Medical Center and Caromont Regional Medical Center.

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 2023-05-24 08:00 CEST.

Attachments

Paxman Q1 2023 ENG 230523

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