Paxman is publicly listed on the Nasdaq First North Growth Market in Sweden. Publicly traded companies are required to publish quarterly reports and annual reports to keep investors and analysts informed of financial performance and future prospects.
The company has just published its year-end Q4 2024 report, which details Paxman’s financial performance for the period between 1st October and 31st December 2024. This completes the financial reporting for that year and includes significant events from the quarter, commentary by CEO Richard Paxman OBE, company history, corporate information and financial results. It also shares the current status of our R&D projects and clinical trials.
We are delighted to share that we have once again achieved our strongest-ever quarterly sales, surpassing our previous achievements. This subsequently confirms 2024 as Paxman’s best year to date.
In the report, Richard Paxman OBE reflects on the past year, highlighting the most notable milestones, events, and actions that contributed to Paxman’s success in 2024.
He also outlines Paxman’s key focus areas for 2025, with a particular emphasis on advancing reimbursement in the U.S. and strengthening rest of world markets for sustainable growth.
Additionally, the CEO commentary provides an update on when Paxman’s device for treating chemotherapy-induced peripheral neuropathy is expected to launch commercially.
Alongside financial results, the report highlights significant progress in scalp cooling adoption within the United States.
Firstly, the issuance of three CPT® Category I codes for mechanical scalp cooling by the American Medical Association (AMA), effective from 1st January 2026. This represents a major breakthrough in Paxman’s mission to drive widespread adoption of the Insurance-Based Billing Model (IBBM), further expanding access to scalp cooling in the U.S.
The introduction of a CPT® Category I code also sends a strong message to commercial insurers, Medicare, and Medicaid that a clear pathway now exists for consistent and predictable reimbursement. This will benefit providers in both community and academic healthcare settings.
Furthermore, the report discusses the new legislative bill (A38-A/S2063-A) in New York State, which was signed into law on 13th December 2024. This legislation mandates insurance coverage for scalp cooling systems to prevent chemotherapy-induced hair loss, marking a significant milestone for coverage in the state. We are optimistic that this will serve as a precedent for other states to follow.
For full details on the current state of reimbursement in the U.S., please refer to pages 10 and 11 of the Q4 report.
Paxman publishes quarterly and annual reports available from Paxman.se, in both English and Swedish, and includes all of our corporate and financial information.
The next report to be published will be the company’s annual report on 25th April 2025.
