Paxman (PAX) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 net revenue of SEK 86.9 million, a 34% year-over-year increase, primarily driven by the Dignitana acquisition and highest sales to date.

• Integration of Dignitana, the largest competitor, completed with 100% shareholding, consolidating market leadership and expanding US presence.

• Recurring revenue streams increased 41.9% to SEK 57.6 million, with SEK 19.2 million from Dignitana.

• Commercialisation of the new CIPN device advanced, with strong clinical trial results and FDA STEP program acceptance.

• Cash position strengthened to SEK 130 million, supporting ongoing investments and integration.

Financial highlights

• Net revenue of SEK 86.9 million in Q3 2025, up from SEK 64.8 million in Q3 2024; only SEK 1.1 million was organic growth, with SEK 21 million from acquired revenues.

• EBITDA of SEK 7.8 million (9% margin) and operating profit of SEK 1 million; profit and loss impacted by SEK 7.5 million in merger-related costs.

• Net result: SEK 1.3 million vs. SEK 5.0 million prior year, impacted by merger-related costs.

• Negative operating cash flow of SEK 6 million and total cash outflow of nearly SEK 20 million, mainly due to acquisition and restructuring.

• Earnings per share: SEK 0.05 vs. SEK 0.26, diluted by new share issue.

Segment performance

• US entity achieved $3.6 million in revenue, down from $4.2 million in the prior quarter due to timing of VA orders; UK revenue stable at SEK 3.4 million.

• Rest of world markets saw 20% year-over-year growth despite limited investment.

• ADTR revenue grew 41.9% year-over-year to $70,000 in Q3 2025 with Dignitana included.

• 480 scalp cooling systems installed YTD, with an order book of 140 additional systems.

• Average Daily Treatment Revenue: 52 TUSD (Paxman only), 79.9 TUSD (including Dignitana).