Paxman

The Group’s sales amounted to 58.6 (42.3) MSEK for the first quarter of the year, and as result of increased sales in combination with stabilized costs and return on investments the Group’s EBITDA amounted to 11,7 (2,7) MSEK. The net result totaled 13.1 (-2.5) MSEK for the period.
Cash flow from operating activities amounted to 10.1 (-1.7) MSEK for the quarter.

A total number of 154 (140) scalp cooling systems were installed around the world in the first three months of the year, with the order book containing an additional 153 (162) systems.

Average Daily Treatment Revenue (ADTR) amounted to 38.8 TUSD (403.0 TSEK) for Q1 2024, corresponding to an increase of 22.6% compared to 32.0 TUSD (333.9 TSEK) for Q1 2023. Recurring income increased from 23.7 MSEK in Q1 2023 to 29.9 MSEK for the same period in 2024.

Significant events during the reporting period
In February the Paxman Group has increased its investment from 20% to 49% in Paxman GmbH, working our partner Novidion to relaunch Paxman in the German Direct market. The German market is an excellent opportunity for the company and with the UK company’s increased involvement traction is expected to improve through 2024.
In March, Paxman was honoured to receive the Export Achievement Award during the prestigious Medilink North of England Healthcare Business awards, recognising our outstanding growth and success in international markets. Paxman’s R&D team were also runners-up for the Partnership with Academia category for our collaborative efforts with academic institutions.
 
Significant events after the reporting period
During May, Susy Brown will be leaving Paxman as Head of Brand & Marketing after close to 6 years in the business. She will be pursing a new opportunity and will be replaced in the role by Louise Apsey-Smith. You can find out more about Louise at www.paxman.se/investor-centre/corporate-governance
In May, the partnership between the University of Huddersfield and Paxman was awarded an outstanding grade from UK Research and Innovation. The award is the culmination of a two-year Knowledge Transfer Partnership (KTP) that designed and developed the Paxman device for the unmet clinical need of chemotherapy-induced peripheral neuropathy (CIPN).