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Paxman
Paxman (PAX) investor relations material
Paxman Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Q4 net sales reached SEK 84.4 million, up from SEK 66 million year-over-year, mainly due to the Dignitana acquisition, with organic growth at 5% and 18.6 MSEK from Dignitana.
Full-year sales were SEK 330 million versus SEK 253 million last year, with about 10% overall growth and Dignitana contributing 46.6 MSEK since June 1, 2025.
Integration of Dignitana, the largest competitor, completed, expanding the US installed base by 38%.
U.S. insurance-based billing sales were strong, reaching $3.95 million in Q4, up from $3.2 million sequentially.
Significant investments in R&D and commercialisation of a new device for chemotherapy-induced peripheral neuropathy (CIPN).
Financial highlights
Gross margins remained strong despite increased operating costs from merger and restructuring.
Q4 EBITDA was 5.8 MSEK (down from 11.5 MSEK in Q4 2024), impacted by acquisition and CIPN commercialisation costs.
Full-year EBITDA totaled 28.5 MSEK (49.7 MSEK in 2024), reflecting one-time acquisition and integration costs.
Adjusted for CIPN and restructuring costs (SEK 9.2 million), EBITDA margin was about 13%, down from historical 20%.
Cash on hand at year-end was 120.8 MSEK, boosted by a 123.5 MSEK share issue.
Outlook and guidance
2026 expected to be pivotal, focusing on insurance-based billing model expansion, CIPN device commercialisation, and further revenue growth in global markets.
Positive sentiment for 2026, with expectations of increased U.S. utilization and insurance coverage due to CPT I codes and legislative momentum.
Regulatory clearance for the CIPN device anticipated in April 2026, with US and UK launches planned.
Modest revenues from the new neuropathy (CIPN) product expected in Q3/Q4 2026, with main launch in 2027.
Continued investment in CIPN development will pressure margins until commercialization.
Quantify Q4 non-recurring acquisition/CIPN costs?
When will Dignitana turn EBITDA positive?
What are initial CIPN revenue targets for 2026?
Payer engagement strategy for CPT I codes
CIPN commercialization ramp-up and revenue outlook
Accelerate Dignitana US IBBM adoption plan
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Next Paxman earnings date
DNB Carnegie Healthcare Seminar 20269 Mar, 2026
Paxman
Next Paxman earnings date
DNB Carnegie Healthcare Seminar 20269 Mar, 2026
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Frequently asked questions
Paxman AB is a Swedish medical device company specializing in scalp cooling systems designed to minimize hair loss in patients undergoing chemotherapy. Its primary product, the Paxman Scalp Cooling System, is used in hospitals and cancer centers globally to help reduce chemotherapy-induced alopecia. The system works by cooling the scalp, which reduces the impact of chemotherapy on hair follicles. The company is headquartered in Karlshamn, Sweden, and its shares are listed on the Nasdaq Stockholm.
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