PAXMAN publishes its summarized financial statements as of 31 December 2017
A good end to a great year
The Group’s sales amounted to 31.3 MSEK as of 31 December 2017, of which 9.0 MSEK refer to the fourth quarter of the year. The Group’s net loss totalled -7.8 MSEK as of 31 December, of which -6.0 MSEK related to the fourth quarter. Earnings per share were -0.66 SEK for the full year.
Cash flow before financing activities was -21.8 MSEK, of which -6.5 MSEK in the period October – December. Total assets amounted to 58 MSEK at year-end, and net liquid assets to 5.6 MSEK. Equity to assets ratio was 77.9 % at the end of the reporting period.
The Board of Directors has proposed that no dividend be paid for the accounting year 2017.
In the fourth quarter of the year, PAXMAN applied for FDA clearance for the expanded use of the company’s scalp cooling system for patients with solid tumours. PAXMAN also announced new collaboration with Memorial Sloan Kettering Cancer Centre, for the installation of 34 systems at 10 MSK locations in the New York City area. In November, PAXMAN informed that the Group’s book value of tangible fixed assets in the US had been adjusted in the consolidated accounts. The amendment referred exclusively to internal pricing in the PAXMAN Group. On 13 November PAXMAN changed its Certified Adviser from Erik Penser Bank AB to FNCA Sweden AB.
After the reporting period PAXMAN signed a license agreement for Mexico with Teva Pharmaceutical Industries, which means that PAXMAN’s Scalp Cooler will be established on a brand new market with over 150,000 new cancer cases per year. On 22 January, PAXMAN announced that the company had received a 10 MSEK credit line to be used as a financial buffer to increase the rate of expansion on the US market. In February, PAXMAN announced a new agreement with The University of Texas MD Anderson Cancer Center to install 16 scalp cooling systems in three of its Houston locations. Twelve of the systems will be installed at one single clinic, making it the largest single PAXMAN installation yet.
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 8.00 CET on 27th February 2018.
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.