Paxman (PAX) Q4 2024 earnings summary

Executive summary

• Achieved record revenues and profits in FY 2024, with net sales of 253 MSEK, up 20% year-over-year, and net profit of 40.2 MSEK, up from 8.3 MSEK in 2023.

• Q4 2024 net sales reached 66.2 MSEK, a 19% increase compared to Q4 2023, with EBITDA of 11.5 MSEK and net profit of 12.2 MSEK.

• Strong cash position at year-end with 40.3 MSEK, positive cash flow from operations, and 618 scalp cooling systems installed globally in 2024.

• Major regulatory and reimbursement milestones in the US, including new CPT® Category I codes and New York state insurance coverage law.

Financial highlights

• Q4 2024 net sales: 66.2 MSEK (Q4 2023: 55.6 MSEK); full-year net sales: 253 MSEK (2023: 210 MSEK).

• Q4 2024 EBITDA: 11.5 MSEK (Q4 2023: 9.5 MSEK); full-year EBITDA: 49.7 MSEK (2023: 31.2 MSEK).

• Q4 2024 net profit: 12.2 MSEK (Q4 2023: -1.6 MSEK); full-year net profit: 40.2 MSEK (2023: 8.3 MSEK).

• Cash flow from operating activities in Q4: 15.7 MSEK; full-year: 39.1 MSEK.

• Cash on hand at year-end: 40.3 MSEK (2023: 24.9 MSEK); net cash flow positive for the year at 15.3 MSEK.

Outlook and guidance

• Focus in 2025 on preparing for US reimbursement, including education on new CPT I codes and working with CMS on pricing.

• Continued investment in R&D, commercial readiness for new scalp cooling and CIPN prevention devices, and expansion in key global markets.

• No dividend proposed for 2024; retained earnings to be carried forward.