PAXMAN publishes its Interim Report as of 30 September 2017
Continued growth and market expansion in the third quarter of the year.
The Group's sales amounted to 22.3 MSEK as of 30 September 2017, of which 8.3 MSEK refer to the third quarter of the year. The Group's net loss totalled -1.8 MSEK as of 30 September 2017, of which -2.5 MSEK related to the period July - September. Earnings per share were -0.17 SEK for the period January - September 2017. Q3 earnings were affected by sizeable costs for the ongoing market launch in the US.
Cash flow before financing activities was -15.3 MSEK, of which -9.6 MSEK in the third quarter of the year. Net liquid assets totalled 11.7 MSEK on 30 September, and equity to assets ratio was 81.1%.
In the third quarter of the year, PAXMAN confirmed product approval in Argentina by ANMAT - the Argentinean medical device market regulator. In August, PAXMAN reached its half way point towards the goal set for the US market, as a total of 127 systems had then been ordered since the FDA clearance in April this year. In August, PAXMAN also launched The PAXMAN Hub, as well as its USA focused website.
After the reporting period, PAXMAN filed a 510(k) premarket notification application for the expanded use of its Scalp Cooling System, to reduce the likelihood of chemotherapy-induced hair loss in cancer patients with solid tumours. In early November, PAXMAN announced new collaboration with Memorial Sloan Kettering Cancer Center, which means that patients being treated for breast cancer will get access to PAXMAN's scalp cooling systems at ten MSK locations in the New York City area where a total of 34 systems will be installed from January 2018 onwards. In November PAXMAN also informed that the Group's value of tangible fixed assets had been adjusted in the consolidated accounts as of 30 June 2017. The amendment referred exclusively to internal pricing in the Group and had no effects on cash flow in the period.
For further information, please contact:
Richard Paxman, CEO
Tel: +44 7968 020641
This information is information that PAXMAN AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 24th November 2017.
The Paxman Scalp Cooling System has been developed by the Paxman family to reduce hair loss in breast cancer patients undergoing chemotherapy. The concept behind the system came when the mother of four, Sue Paxman, experienced first-hand the trauma of chemotherapy-induced hair loss. With close to 3,000 systems delivered in to hospitals, clinics and treatment centres around the world, PAXMAN is the leading supplier of Scalp Cooling technology. PAXMAN’s scalp-cooling cap is made from lightweight, biocompatible silicone that is soft and flexible, providing a snug yet comfortable fit during treatment. PAXMAN AB (publ) has its headquarters in Karlshamn (Sweden), with subsidiaries in Huddersfield (UK) and Houston, Texas (US)
The PAXMAN share is listed on Nasdaq First North. FNCA Sweden AB is the company’s Certified Adviser.