Paxman (PAX) Q2 2026 earnings summary

Executive summary

• Group sales reached 105 MSEK, up 40% year-over-year, surpassing the 100 MSEK mark for the first time, with 19.9 MSEK from the Dignitana acquisition.

• EBITDA rose to 13.9 MSEK, with a positive contribution of 5.2 MSEK from Dignitana; net profit reached 2.6 MSEK versus a loss of -3.3 MSEK last year.

• Strong momentum in insurance-based billing drove US revenues to $7.1 million, up from $4 million year-over-year, with Paxman US revenue up 50.8%.

• Strategic focus on US market expansion, operational excellence, and digitalization to support scalable growth.

• Significant regulatory and legislative progress in the US and Europe, supporting future commercialisation and reimbursement.

Financial highlights

• Insurance-based billing model revenues grew 110% year-over-year.

• EBITDA margin improved to 18.5% after adjustments for CIPN and commercialization costs.

• Cash on hand: 105.6 MSEK at period end, supporting ongoing commercialization and growth plans.

• Heightened OpEx due to exhibitions, R&D, legal, and patent costs, with some one-off items.

• Net profit: 2.6 MSEK (Q2 2026) vs -3.3 MSEK (Q2 2025); EPS 0.11 SEK vs -0.14 SEK.

Outlook and guidance

• Continued strong demand in the US with 80 systems in the order book and 190 systems globally.

• Commercialisation of the CIPN device in the UK and EU expected in late Q4 2026/Q1 2027; US launch targeted for April–August 2027 pending FDA De Novo clearance.

• No major changes to full-year guidance for CIPN; CapEx rollout slowed but 150 units still planned.

• Ongoing legislative and payer engagement expected to further improve reimbursement and access.

• Confident in ongoing IBBM momentum, though not expecting 110% growth every quarter.