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Beskrivning

LandSverige
ListaFirst North Stockholm
SektorHälsovård
IndustriMedicinteknik
Paxman är verksamt inom skalpkylning, som används för patienter som behandlas för cytostatika. Bolagets produkt Paxman Scalp Cooler används för att minimera håravfallet hos patienten under behandlingens gång. Scalp Coolern är en fristående, mobil och eldriven kylenhet som kyler ner patientens hårbotten via en kylmössa. Paxman grundades 1996 och har idag sitt huvudkontor i Karlshamn.
2022-08-24 08:00:00

Strong quarter with major global sales growth

The Group’s total sales amounted to 35.9 (22.8) MSEK for the second quarter of the year, with EBITDA reaching 0.3 (-0.5) MSEK. The net result totalled 0.6 (-5.5) MSEK in Q2, and earnings per share were
0.03 (-0.31) SEK.

Cash flow before financing activities was -3.1 (-6.8) MSEK in the second quarter of the year, with net liquid assets totalling 43.1 (-3.8) MSEK at the end of the period.

A total number of 240 (222) scalp cooling systems were installed around the world January-June 2022, with the orderbook containing an additional 214 number of systems.

Average daily treatment (ADTR) amounted to 25.7 TUSD for Q2 2022, corresponding to an increase of 25% compared to 20.5 TUSD for Q2 2021. Recurring income increased from 11.9 MSEK in Q2 2021 to 18.0 MSEK for the same period in 2022.

Significant events during the reporting period

  • In early April, the company announced that a bill 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 Health Benefits Program. The bill would require all health insurers to provide coverage for scalp cooling treatments for the prevention of chemotherapy-induced alopecia for cancer patients. The next step for the bill is a vote by the full House Committee. It will then be considered by the Senate and in the House of Representatives. If passed, the bill will require final approval by the President before it is signed into law.
  • Later 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. The initial collaboration is for a period of five years and will include an evaluation period of 24 months to treat up to 300 patients at Concord Medical’s Guangzhou Concord Cancer Center (GCCC), a National Health Commission certified tertiary specialty hospital, situated in Sino-Singapore Guangzhou Knowledge City.
  • 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 had launched its enhanced Paxman HUB services. Previously, in the U.S., scalp cooling has only been available to patients on a self-pay basis – to those who have the financial means to pay out-of-pocket, or those who qualify for foundation or grant assistance. Consequently, patient access to the treatment has been limited.
  • In May, Paxman hosted the world’s first Scalp Cooling Summit, a global and first of its kind conference with leading researchers and clinicians. The Summit was a great success, with 50 speakers and over 1,400 delegates attending.
  • In June, the company announced that the American Medical Association (AMA) resolved to advocate for and seek through legislation and/or regulation, universal insurance coverage for scalp cooling therapy. At the annual meeting for its principal policy-making body House of Delegates (HOD), the AMA HOD approved two scalp cooling proposals put forward by New York to support a broad insurance coverage for scalp cooling.

Significant events after the reporting period

  • In August, Paxman received notification of medical device regulatory clearance in both Colombia and Uruguay. Paxman’s exclusive distribution partner for the territory of Colombia, Rocol International SAS, received INVIMA Medical Device Regulatory Approval for Paxman Scalp Cooling from the Colombia National Food and Drug Surveillance Institute (Instituto Nacional de Vigilancia de Medicamentos y Alimentos or INVIMA). In Uruguay, Nelson Arcos S.A. received confirmation from the country’s Ministry of Health for the product registration of Paxman Scalp Cooling. As one of the leading medical technology companies in the country, Nelson Arcos is excited to move forward with the marketing launch of the product in the coming weeks.
  • In August, the company also announced that the Centers for Medicare & Medicaid Services (CMS) in the United States proposed Medicare payment rates for hospital outpatient and Ambulatory Surgical Center (ASC) services. The calendar year 2023 Hospital Outpatient Prospective Payment System (OPPS) and ASC Payment System Proposed Rule is published annually and will have a 60-day comment period, which will end on September 13, 2022. The final rule will be issued in early November. The proposed policies will affect 3,411 US hospitals and approximately 5,500 ASCs. CMS publishes the proposed rule to meet the legal requirements to update Medicare payment policies for OPPS hospitals and ASCs on an annual basis.