October - December 2022
In the end of year report, the group’s total sales amounted to 40.7 (29.3) MSEK for the period October–December, an increase of 39%. The revenues in the US have seen a growth rate of 21% compared to Q4 2021.
The EBITDA for Q4 amounted to 12.8 (4.2) MSEK. For the same period, the PAXMAN Group achieved a negative net result of -9.8 MSEK (-1.3 MSEK). Included within the financial costs is a currency loss of -16.8 MSEK in Q4 2022. Differing from a loss of -1.2 MSEK in Q4 2021.
The corresponding earnings per share were -0.51 (-0.07) SEK. Cash flow before financing activities totalled -7.8 (-4.7) MSEK for the period October - December, of which investments in fixed assets accounted for -6.8 (-5.8) MSEK.
January - December 2022
Total 2022 sales were 145.9 (96.2) MSEK. EBITDA amounted to 16.2 (2.8) MSEK. The net result for the year reached -10.3 (-12.8) MSEK, and earnings per share were -0.54 (-0.73) SEK. Cash flow before financing activities totalled -34.0 (-28.6) MSEK, of which investments in fixed assets were -35.7 (-23.8) MSEK.
In 2022, 528 scalp cooling systems were installed around the world, with an additional 217 systems in the order book as of 23 February 2023.
Significant developments in Q4
- In November, Paxman was selected by the SWOG Cancer Research Network. An independent global cancer research community that designs and conducts publicly funded clinical trials. A prospective study will use the Paxman Limb Cryocompression System (PLCS) to look at the prevention of Chemotherapy-Induced Peripheral Neuropathy (CIPN).
- In November, Paxman announced that the US Centers for Medicare & Medicaid Services (CMS) published the final rule, which revises the Medicare hospital outpatient prospective payment system (OPPS) and the Medicare ambulatory surgical center (ASC) payment system for Calendar Year (CY) 2023
- At the end of the quarter, Paxman AB announced that it retained Arrowhead Business and Investment Decisions, LLC. (“Arrowhead”) to provide investor relations services to the Company and develop its international market awareness. Arrowhead will advise Paxman on its international capital markets strategy to expand the involvement of the investment community.
Significant developments after year-end
- In January the company announced that it received EU Medical Device Regulation (MDR) certification from its Notified Body, the British Standards Institution (BSI). Paxman is amongst the latest companies to achieve MDR approval. Importantly, it reaffirms its commitment to the market, to its customers, and to the patients who will continue to benefit from the Paxman Scalp Cooling System.
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