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Paxman (PAX) investor relations material

Paxman Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Net sales grew 17% year-over-year to 74.9 MSEK, driven by the Dignitana acquisition and strong international sales, with only one month of Dignitana revenue included.

  • Integration of Dignitana is progressing, with restructuring and headcount increases, now totaling about 140 employees.

  • The group reported a net loss of -3.3 MSEK, impacted by 4.4 MSEK in merger restructuring costs and a 3.6 MSEK currency loss.

  • EBITDA for the quarter was 5.0 MSEK, down from 14.8 MSEK in Q2 2024, reflecting higher costs from integration and commercialization investments.

  • Cash on hand at period end was 149.3 MSEK, bolstered by a share issue earlier in the year.

Financial highlights

  • Organic growth contributed SEK 4.4M, while Dignitana added SEK 6.9M in revenue for the quarter.

  • Net result: -3.3 MSEK vs. 9.8 MSEK in Q2 2024, due to restructuring and forex losses.

  • Recurring revenue: 40.5 MSEK, up 21% year-over-year, with 6.4 MSEK from Dignitana.

  • Gross profit margins remained strong, but operating expenses were elevated due to commercialization, exhibitions, and restructuring costs exceeding SEK 4M.

  • Operating cash flow was positive, despite cash outflows from acquisition and investments; cash reserves remain robust at over SEK 149M.

Outlook and guidance

  • Integration of Dignitana expected to be completed by year-end, with anticipated improvements in profitability and cash flow.

  • Launch of the CIPN device is expected to be a major growth driver in the next twelve months, with commercialization progressing and product launch targeted for 2026.

  • Ongoing efforts to improve US reimbursement rates for scalp cooling, with CPT I codes effective January 2026.

  • Positive momentum in recurring revenue streams and insurance-based billing model adoption in the US.

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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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