Another quarter with solid growth for PAXMAN

The Group’s total sales amounted to 24.3 (17.8) MSEK for the first quarter of the year, with EBITDA reaching 5.7 (0.9) MSEK. The net result totalled 2.6 (-0.5) MSEK in Q1, and earnings per share were
0.16 (-0.03) SEK.

Cash flow before financing activities was -5.2 (-6.2) MSEK in the first quarter of the year, with net liquid assets totalling -35.5 (-18.5) MSEK at the end of the period.

In the first quarter of 2020, PAXMAN secured a credit facility of 20 MSEK as an extra financial buffer to guarantee the company’s continued expansion in the important US market.
During the period, Paxman also launched the new patient focused website www.coldcap.com and a blog that will offer comprehensive information on scalp cooling and its benefits. Paxman will also update its company website to further improve the information provided to shareholders and other stakeholders.
In late March, the National Comprehensive Cancer Network® (NCCN®) in the United States updated its guidelines for treatment of ovarian cancer, fallopian tube cancer and primary peritoneal cancer. The guidelines now include scalp cooling as a recommended category 2A treatment to prevent alopecia in connection with chemotherapy. A majority of the public and paying entities in the United States use NCCN®’s guidelines as a standard for decisions on treatment availability and cost coverage. The decision is thus expected to lead to an increased number of cancer centres offering scalp cooling from Paxman, as well as to many existing customers extending their offering to include these cancer types as well.
Considering the Covid-19 pandemic, Paxman has implemented preemptive measures during the period
to drastically reduce the company’s operational costs.

At this interim report’s date of publication, there was still a considerable uncertainty regarding the extent of the Covid-19 pandemic’s consequences on the Paxman Group. The Group is however maintaining a high level of service, while keeping all employees safe, through increased utilisation of virtual services. Furthermore, preemptive measures have been implemented to significantly reduce the company’s operational costs. Paxman’s Board and management is following the development closely. This has led the Board to decide to apply for, and have been granted, a Corona Business Interruption Loan of 700,000 GBP, and an extended credit of 400,000 GBP.

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 shortly.

Contacts

Richard Paxman, CEO
Tel: +44 7968 020641
Email: richard@paxmanscalpcooling.com
www.paxman.se

About Us

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 3,500 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 Growth Market. FNCA Sweden AB is the company’s Certified Adviser and can be contacted via info@fnca.se and +46 (0)8 528 003 99.

This information is information that PAXMAN is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2020-05-27 12:30 CEST.

Attachments

PAXMAN Q1 2020 ENG

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