Paxman (PAX) investor relations material

Strategic achievements and business development

• Raised over SEK 123 million in March 2025 to fund commercialization, expansion, and R&D for new therapies.

• Acquired main competitor Dignitana, creating a world-leading business and enabling significant synergies.

• Transitioned focus to insurance-based billing in the US, shifting from self-pay and driving utilization.

• Ended 2025 with SEK 121 million in cash, positioning for strong growth in 2026.

• Rationalized operations post-acquisition, reducing cost burden and integrating teams for 2026.

Financial performance and market trends

• Achieved record sales of SEK 330 million in 2025, up from SEK 253 million in 2024, with SEK 85 million in Q4.

• Organic and acquisition-driven growth, with US sales up 10% and rest of world showing moderate growth.

• Insurance-based billing sales rose to SEK 38.2 million in Q4, up from SEK 34 million in 2024.

• Acquisition and CIPN commercialization costs pressured EBITDA margins, but underlying margin at 13%.

• Expect improved margins in 2026 as cost synergies materialize and investments continue.

US market focus and reimbursement landscape

• US remains the highest growth potential market, with significant investment and focus on insurance-based billing.

• Utilization and coverage improved with insurance-based billing, especially as CPT I codes take effect in 2026.

• Legislation in New York and Louisiana mandates scalp cooling coverage, with 11 more states considering mandates.

• Main bottleneck is switching self-pay sites to insurance-based billing, requiring better payer communication.

• Community oncology providers show more resistance, but favorable payment rates under CPT I codes expected to help.