PAXMAN publishes its interim report for the period 1 July to 30 September 2018

PAXMAN’s strongest quarter to date

The Group’s sales amounted to 39.6 (22.3) MSEK as of 30 September, of which 16.0 (8.3) MSEK in the third quarter of the year. Net loss totalled -2.8 (-6.7) MSEK as of 30 September, of which -0.3 (-1.7) MSEK refer to the period July – September. The group’s operating entities made a profit for the second quarter in a row.

Earnings per share were -0.18 (-0.10) SEK for the first nine months of the year, of which -0.02 (-0.11) SEK refer to Q3. 

Cash flow before financing activities was -13.8 (-15.3) MSEK for the first nine months of the year, of which -3.5 (-9.6) MSEK for the third quarter. In the period July – September, the Group’s operating activities generated a positive cash flow. 

Total assets amounted to 51.1 (50.0) MSEK on 30 September, and net liquid assets to -8.2 (11.7) MSEK. Equity to assets ratio was 58.4 (76.3) % at the end of the reporting period. 

In the third quarter of 2018, PAXMAN informed that two among the company’s largest shareholders had sold a total of 500,000 shares. Thereby, two of the company’s other largest shareholders, Länsförsäkringar Blekinge and Länsförsäkringar Kalmar län, could strengthen their positions. Also in the third quarter, PAXMAN received its first order from TEVA in Mexico, totalling 17 scalp cooling systems to be installed at five different cancer centres.

No significant events have occurred after the reporting period. 

For further information, please contact:
Richard Paxman, CEO
Tel: +44 7968 020641
E-mail: richard@paxmanscalpcooling.com
www.paxmanscalpcooling.com

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 22 November 2018.

About PAXMAN
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 more than 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.

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