Paxman

• The Group’s sales amounted to 63.4 (51.0) MSEK for the second quarter of the year.
• The Group’s net result totalled 9.8 (5.1) MSEK for the period April-June.
• EBITDA amounted to 14.8 (6.1) MSEK for the quarter.
• Earnings per share were 0.52 (0.27) SEK for the period.
• Cash flow from operating activities amounted to 12.2 (9.4) MSEK for the quarter.
• Cash on hand totalled 33.4 MSEK at the end of the period
• A total number of 313 (276) scalp cooling systems were installed around the world in the first six months of the year, with the order book containing an additional 130 (191) systems.
• Average Daily Treatment Revenue (ADTR) amounted to 41.2 TUSD (440.2 TSEK) for Q2 2024, corresponding to an increase of 11.1% compared to 37.1 TUSD (389.8 TSEK) for Q2 2023. The figures in SEK have been converted from USD according to the actual exchange rate during each period.
• Recurring income increased from 27.3 MSEK in Q2 2023 to 33.4 MSEK for the same period in 2024

Significant events during the reporting period

During May, Susy Brown left Paxman as Head of Brand& Marketing after close to 6 years in the business. She is pursuing a new opportunity and has been replaced in the role by Louise Aspey-Smith. You can find out more about Louise at paxman.se/investor-centre/corporate-governance

Also 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).

In June, an important paper on persistent chemotherapy-induced alopecia (PCIA) was published. The study showed that scalp cooling reduced the incidence of PCIA primarily by increasing hair thickness and was found to be helpful in promoting qualitative hair regrowth.

In the same month, The Dutch Scalp Cooling Registry was published in The Oncologist – the world’s largest real-world study into the determinants of scalp cooling efficacy. The cumulative study now has data from 7,424 scalp cooling patients across 68 hospitals in The Netherlands. You can find out more about this valuable study at: scalpcoolingstudies.com/dutchregistry

Significant events after the reporting period

In July, it was announced that Paxman had secured contract for the provision of scalp cooling systems to the U.S. Department of Veterans Affairs (VA) for the National Precision Oncology Program (NPOP). Paxman is partnering with Capri Construction 426 LLC, who were awarded an Indefinite Delivery, Indefinite Quantity (IDIQ) contract, with Paxman as the sole subcontractor. It is projected to be worth $2.7 million over the contract period which has a base year and four option years spanning 1st July 2024 to 30th June 2029.

Paxman won the SMART award from Innovate UK for its work on a device for the prevention of chemotherapy-induced peripheral neuropathy (CIPN). The project will build on previous highly successful collaborations, between Paxman and the University of Huddersfield whilst also integrating expertise from University of Leeds, extending the collaboration network and strengthening Paxman’s developing R&D team.