The Group’s total sales amounted to 41.3 (23.3) MSEK for the third quarter of the year, with EBITDA reaching 5.6 (-1.3) MSEK. The net result totalled 4.7 (-5.2) MSEK in Q3, and earnings per share were
0.24 (-0.3) SEK.

Cash flow before financing activities was -14.3 (-6.1) MSEK in the third quarter of the year, with net liquid assets totalling 28.9 (-9.9) MSEK at the end of the period.

A total number of 372 scalp cooling systems were installed around the world January-September 2022, with the orderbook containing an additional 220 number of systems.

Average daily treatment (ADTR) amounted to 27.44 TUSD for Q3 2022, corresponding to an increase of 30.9% compared to 20.96 TUSD for Q3 2021. Recurring income increased from 13.6 MSEK in Q3 2021 to 22.4 MSEK for the same period in 2022.

Significant events during the reporting period

• In the beginning of the period, 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 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.

Significant events after the reporting period

• In November, Paxman announced that the US Centers for Medicare & Medicaid Services (CMS) has published the final rule, which revises the Medicare hospital outpatient prospective payment system (OPPS) and the Medicare ambulatory surgical center (ASC) payment system for Calendar Year (CY) 2023. The OPPS Final Rule will affect 3,411 hospitals and approximately 5,500 ASCs. This final rule confirms that the payment rate of 1,850.50 USD for CY 2022 will be the same for CY 2023, and that CPT code 0662T will continue to be assigned to APC New Technology 1520.

• Later in November, Paxman announced that the company has been selected by the SWOG Cancer Research Network, an independent global cancer research community that designs and conducts publicly funded clinical trials, for the Paxman Limb Cryocompression System (PLCS) to be used in a prospectively designed study looking at prevention of Chemotherapy-Induced Peripheral Neuropathy (CIPN). S2205 “ICE COMPRESS: Randomized Trial of Limb Cryocompression Versus Continuous Compression Versus Low Cyclic Compression for the Prevention of Taxane-Induced Peripheral Neuropathy” is a clinical trial conducted by SWOG, sponsored and approved by the National Cancer Institute (NCI). In this cooperative group study, participants scheduled to receive taxane-based therapy will be randomly assigned to receive either 1) cryocompression therapy; 2) continuous compression therapy; or 3) low cyclical pressure alone. The study aims to enrol 777 patients. PLCS devices will be shipped in January to a minimum of 25 locations, with an aim to open the study to enrolment in Q1 2023. SWOG, a consortium of academic institutions, hospitals, community hospitals, community-based physician cooperatives, and individual physician offices, is one of five network groups comprising the National Cancer Institute (NCI) National Clinical Trials Network (NCTN) and as such conducts adult cancer clinical trials sponsored and approved by the NCI.