The Group’s total sales amounted to 27.9 (20.8) MSEK for the first quarter of the year, with EBITDA reaching -2,9 (0.4) MSEK.
The net result totalled -6.2 (-3.7) MSEK in Q1, and earnings per share were -0.33 (-0.04) SEK.
Cash flow before financing activities was -8.9 (-11) MSEK in the first quarter of the year, with net liquid assets totalling 46.2 (2.9) MSEK at the end of the period.

A total number of 99 scalp cooling systems were installed around the world January-March 2022, with the orderbook containing an additional 215 number of systems.

Significant events during the reporting period

• In February, Paxman appointed Rocol International SAS as the company’s exclusive distribution partner for the new territory of Colombia. As an established medical device distributor in the oncology space, Rocol International SAS is well positioned to introduce scalp cooling to the Colombian market from its headquarters in Barranquilla, the capital of Colombia’s Atlántico Department.
• Also in February, Paxman announced that the company has launched the Scalp Cooling Study Library, a digital library website with a comprehensive database which unites key published clinical research studies and data on scalp cooling and cryocompression therapy.
• In March, Paxman announced that the company hosts the first ever Scalp Cooling Summit, where innovative leaders in the industry come together to talk all things scalp cooling, on 5 May 2022. This international, digitally hosted event included a series of talks, keynote discussions and live dialogue, with a speaker list containing representatives from institutions including Memorial Sloan Kettering Cancer Center, New York, USA; Tata Memorial Hospital, Mumbai, India; Dana Farber Cancer Institute, Boston, USA; Seattle Cancer Care Alliance, Washington, USA and Kyoto University, Japan.

Significant events after the reporting period

• In April, the bill HB7322 was introduced to the House in the USA to require coverage for scalp cooling under group health plans and group and individual health insurance coverage, specified Federal health care programs, and the Federal Employees Health Benefits Program.
• In April, Paxman announced that it signed a letter of interest with a plan to enter into a distribution and marketing agreement with Guangzhou Concord Medical Sci-Tech Innovation Center Co., Ltd. (Concord Medical), a business subsidiary of Concord Medical Services Holdings Limited (NYSE: CCM), to jointly develop the market for the Paxman Scalp Cooling System within the Greater China territory, including Macau, Taiwan and Mongolia.
• In May, Paxman announced that the company signed its first contract under the new business model in the USA with a comprehensive healthcare system in New Jersey, and that the company has launched its enhanced Paxman HUB services.
• Paxman hosted the world’s first Scalp Cooling Summit, a global and first of its kind conference with leading researchers and clinicians, in May. The Summit was a great success, with 50 speakers and over 1,400 delegates attending.