PAXMAN publishes its year-end report January - December 2018

After a strong fourth quarter PAXMAN exceeded its turnover target for 2018

Fourth quarter 2018

  • The Group’s sales volume increased to 18.4 (9.0) MSEK in the period October – December. 
  • Pre-tax earnings were -2.3 (-5.8) MSEK, impacted by intensified measures to increase the utilization rate of systems already installed in the US. 
  • EBITDA improved to -0.8 (-4.4) MSEK.
  • Earnings per share were -0.26 (-0.36) SEK. 
  • Cash flow before financing activities improved to -4.1 (-6.5) MSEK, of which a positive cash flow from operating activities of 1.6 MSEK. The strong expansion in the US continues to impact cash flow from investing activities. 
  • 155 scalp cooling systems were installed around the world in Q4, of which 54 in the USA.
  • The Board of Directors proposes that no dividend be paid to the company’s shareholders for the year 2018.

January - December 2018

  • The Group’s sales increased to 58.0 (31.3) MSEK, thus exceeding the 50-MSEK target set for 2018.
  • Pre-tax earnings were -5.2 (-6.9) MSEK.
  • EBITDA improved to -0.1 (-5.2) MSEK. 
  • Earnings per share were -0.44 (-0.56) SEK. 
  • Cash flow before financing activities was -17.9 (-18.7) MSEK, of which 506 TSEK from operating activities and -18.4 MSEK from investing activities. Of this amount, 13.3 MSEK refer to investments in fixed assets in the US. 
  • The Group’s net liquid assets totalled -12.3 (5.6) MSEK on balance sheet day. PAXMAN has increased its total credit line to 25 MSEK, of which 10 MSEK were utilized at year-end. The credit is earmarked for investments in fixed assets in the US. 
  • In 2018, PAXMAN installed a total of 550 scalp cooling systems around the world, of which 246 in the US. 

Webcasted interview
CEO Richard Paxman will comment on PAXMAN’s year-end report at a webcasted interview after publication. The interview will be available on www.playdirekt.se in the near future.

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 11.00 CET on 27 February 2019.

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 and can be contacted via info@fnca.se and +46 (0)8 528 003 99.

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