(Dignitana has been part of the group since June 1. Figures in parentheses refer to the outcome for the corresponding period of the previous year.)

The Group’s sales amounted to 86.9 (64.8) MSEK for the third quarter of the year. 21.1 MSEK
as a result of acquisition (hereafter referred to as merger) with Dignitana.

The Group’s net result totalled 1.3 (5.0) MSEK for the period July-September. 355TSEK net loss in the period as a result of the merger.

EBITDA amounted to 7.8 (11.8) MSEK for the quarter. 2.8 MSEK EBITDA earned by the Dignitana Group.

As a result of the additional 4M shares issued earlier in the year the earnings per share were 0.05 (0.26) SEK for the period.

The net cash outflow for the period amounted to -19.9 (2.9) MSEK as a result of repayment of acquired external debts following the merger and and continued investing activities.

Cash flow from operating activities amounted to -6.0 MSEK (1.1 MSEK) for the quarter.

Cash on hand totalled 130 MSEK at the end of the period

A total number of 480 (484) Paxman scalp cooling systems were installed around the world in the first nine months of the year, with the order book containing an additional 140 (153) systems.

Average Daily Treatment Revenue (ADTR) amounted to 52 TUSD (495 TSEK) for Q3 2025, corresponding to a decrease of 4.5% compared to 54.5 TUSD (568.5 TSEK) for Q3 2024, excluding the acquisition of Dignitana.
Including Dignitana Treatment Revenue the ADTR is 79.9 TUSD (760.9). The figures in SEK
have been converted from USD according to the actual exchange rate during each period.

Recurring income increased from 40.6 MSEK n Q3 2024 to 57.6 MSEK for the same period in 2025 of which 19.2 MSEK is attributable to the acquisition of Dignitana. Q3 2024 had a large stock order of 6.8MSEK with the veterans affairs (VA).

Significant events during 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 expected this year, 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.

On 23rd September, Paxman announced that the company’s founder and board member, Glenn Paxman sold shares in the company. In connection to this, he has entered a lock-up agreement for 180 days. In total, the transaction amounts to 1,850,000 shares. Notable among those who increased their ownership are Aktia Fund Management Company Ltd for and on behalf of mutual funds managed by it, Alcur Fonder, Unionen and Grenspecialisten Förvaltning AB. Also, the company’s CEO, CFO, and Chairman of the Board further increased their respective holdings

Significant events after the reporting period

At the beginning of the fourth quarter, Paxman was granted a special arbitral award providing advance possession of the remaining shares in Dignitana AB, and in early November the advance possession was completed, giving Paxman control of all shares in Dignitana AB.

In October, The American Medical Association (AMA) confirmed the new Category I CPT® code set for mechanical scalp cooling, which will take effect on January 1, 2026. These codes replace temporary Category III codes 0662T and 0663T: 97007 – Scalp cooling, mechanical; initial measurement and calibration of cap. Reported once per chemotherapy treatment period. 97008 – Mechanical scalp cooling; including hair preparation, individual cap placement, therapy initiation, and pre-cooling period. Reported once per chemotherapy session. 97009 – Mechanical scalp cooling provided after chemotherapy discontinuation, each 30 minutes. Reported in addition to 97008, for post-cooling of 16 minutes or longer.

Also in October, CEO Richard Paxman joined the UK Prime Minister, Rt Hon Sir Keir Starmer KCB KC MP and senior government officials as part of His Majesty’s Government’s Trade Delegation to Mumbai, aimed at deepening UK–India business relations following the landmark UK–India Free Trade Agreement in July. During the mission, the UK delegation, engaged with Indian industry counterparts to explore opportunities across life sciences, clean technology, and innovation, hosted at the Taj Mahal Palace in Mumbai.

During the same month, Paxman announced the presentation of data from its ongoing clinical trial for Chemotherapy Induced Peripheral Neuropathy (CIPN) in Singapore at the European Oncology Nursing Society (EONS) Conference, part of the European Society for Medical Oncology (ESMO) Congress 2025 held from October 17-21 in Berlin, Germany. The industry sponsored symposium “Strategies for Chemotherapy-Induced Side-Effect Management: Preventing CIPN with Cryotherapy” held on Monday 20th October in front of 200 in-person delegates, was also streamed live to 30,000 delegates at the congress.