Dignitana has been part of the group since June 1

The Group’s sales amounted to 74.9 (63.4) MSEK for the second quarter of the year

The Group’s net result totalled -3.3 (9.8) MSEK for the period April-June. The result is affected by costs arising from the Dignitana merger restructuring by 4.4 MSEK.

Within the net financial items for the period is a currency loss of 3.6 MSEK compared to a loss of 464 TSEK in Q2 2024. This loss primarily occurs as a result of retranslation of historic intercompany balances due to movements between the GBP, USD and SEK

EBITDA amounted to 5.0 (14.8) MSEK for the quarter

Earnings per share were -0.14 (0.52) SEK for the period

Net cash outflow for the quarter -3.2 (3.9) MSEK

Cash flow from operating activities amounted to 369 TSEK (12.2 MSEK) for the quarter.

Cash on hand totalled 149.3 MSEK at the end of the period

A total number of 329 (313) scalp cooling systems were installed around the world in the first six months of the year, with the order book containing an additional 123 (130) systems.

Average Daily Treatment Revenue (ADTR) amounted to 59 TUSD (570 TSEK) for Q2 2025, corresponding to an increase of 43.2% compared to 41.2 TUSD (440.2 TSEK) for Q2 2024. Excluding the acquisition of Digntana, the increase is 20.6%. The figures in SEK have been converted from USD according to the actual exchange rate during each period

Recurring income increased from 33.4 MSEK in Q2 2024 to 40.5 MSEK for the same period in 2025 of which 6.4 MSEK is attributable to the acquisition of Dignitana

Significant events during the reporting period
In April, Paxman released further details on its relocation plans to the public, moving from its current location in Fenay Bridge to a new stateof-the-art headquarters and manufacturing hub in the heart of Huddersfield, part of England’s third HealthTech and Digital Investment Zone. This new development, sitting alongside the University of Huddersfield’s National Health Innovation Campus, will rejuvenate the JL Brierly Turnbridge Mills site whilst conserving the heritage of the site and minimising the environmental impact. Investment into the new facility will support the growth of the organisation, support the commercialisation of Paxman’s CIPN device through improved and increased manufacturing capability and bring wider benefits to the local economy. Relocation is anticipated towards the end of 2026.

On 8 May 2025, Paxman completed its public offer to Dignitana shareholders and extended the acceptance period. As all conditions for completion of the offer were fulfilled, Paxman’s board of directors resolved to declare the offer unconditional and proceeded with its completion. Based on the authorisation granted by the extraordinary general meeting held on 8 April 2025, at which the meeting resolved to authorise the board of directors to, on one or more occasions until the next annual general meeting, resolve on a directed share issue of up to 2,476,207 shares, with the possibility of payment in kind within the framework of the public takeover offer to the shareholders of Dignitana AB, a total of 2,360,916 new shares in Paxman were issued as consideration to shareholders in Dignitana. As a result, the total number of shares in Paxman increased from 20,912,500 to 23,273,416. The share capital increased by a total of SEK 2,360,916, from SEK 20,912,500 to SEK 23,273,416. The completion of the Offer resulted in a dilution effect of approximately 10.1 percent based on the total number of shares and votes in Paxman following the Offer.

Paxman also announced on 2 June that it will initiate compulsory acquisition proceedings in accordance with the procedure set out in Chapter 22 of the Swedish Companies Act (2005:551) in order to acquire all remaining shares in Dignitana.

On 16th May, Paxman held its 2025 Annual General Meeting at NetPort in Karlshamn. Almost 51.7 % of all issued shares were represented at the meeting. After the formal AGM, CEO Richard Paxman gave a company presentation and responded to questions from the attending shareholders.

In June, Carnegie initiated their coverage of Paxman through a commissioned research piece, with a fair value range of SEK80-115 per share.

Significant events after the reporting period
In July, Paxman announced the U.S. Centres for Medicare & Medicaid (CMS) has published its Medicare Physician Fee Schedule (MPFS) Proposed Rule for Calendar Year (CY) 2026, which assigns reimbursement rates for the three new Category I Current Procedural Terminology (CPT®) codes for mechanical scalp cooling. It assigned Medicare Physician Fee Schedule CY 2026 Rates of $1,701 per patient, per treatment cycle for initial cap fitting and patient education (CPT I placeholder code 9XX01), $10 per treatment for the pre-cooling period (CPT I placeholder code 9XX02) and $6 per unit, per treatment for post-infusion cooling, per each 30-minute period (CPT I placeholder code 9XX03). A typical MPFS rate for 6 scalp cooling treatments totals $1,905 per patient.

Also in July, Paxman announced the U.S. Centers for Medicare & Medicaid Services (CMS) has published its Medicare Outpatient Prospective Payment System (OPPS) Proposed Rule for Calendar Year (CY) 2026. Specifically, they proposed to bundle payment rates into 9XX01, assigning APC 1517 with a $1,550.50 payment rate for CY 2026. A typical OPPS rate for 6 scalp cooling treatments would total $1,550.50 per patient. While it is disappointing that CMS has decided to bundle the payment rate into placeholder code 9XX01, Paxman is actively engaging in efforts ahead of the final rule in November, with the hope that CMS will reconsider and adjust its decision. Paxman remains committed to supporting both its customers and patients to help ensure that the proposed rates do not negatively impact patient access or fair reimbursement for clinicians.