The Group’s sales amounted to 67.1 (58.6) MSEK for the first quarter of the year, representing an increase of 14.5% compared to Q1 2024.

EBITDA amounted to 10.3 (11.7) MSEK for the quarter.

Within the net financial items for the period is a currency loss of 11.5 MSEK compared to a gain of 6.8 MSEK in Q1 2024. This loss primarily occurs as a result of retranslation of historic intercompany balances due to movements between the GBP, USD and SEK.

Earnings per share were -0.26 (0.69) SEK for the period.

Cash flow from operating activities amounted to 6.2 MSEK (10.1) for the quarter.

Cash on hand totalled 152.7 MSEK at the end of the period.

A total number of 150 (154) scalp cooling systems were installed around the world in the first quarter of the year, with the order book containing an additional 163 (153) systems.

Average Daily Treatment Revenue (ADTR) amounted to 51.5 TUSD (550 TSEK) for Q1 2025, corresponding to an increase of 32% compared to 38.8 TUSD (403 TSEK) for Q1 2024. The figures in SEK have been converted from USD according to the average exchange rate during each period.

Recurring income increased from 29.9 MSEK in Q1 2024 to 35.6 MSEK for the same period in 2025.

Significant events during the reporting period

On 18th March 2025, it was announced that Paxman was making a recommended takeover offer to Dignitana shareholders. Dignitana is a Swedish medical technology company whose shares are traded on Nasdaq First North Growth Market. The company develops, manufactures, and markets the DigniCap Scalp Cooling System, a patented medical cooling device for the prevention of chemotherapyinduced alopecia. The Offer values the shares in Dignitana at a total of approximately SEK 153.0 million, corresponding to SEK 1.90 per share in Dignitana. The Offer consideration in the form of newly issued shares in Paxman is based on the closing price of the Paxman share of SEK 61.80 on 17 March 2025, which was the last trading day prior to the announcement of the Offer. The acceptance period for the Offer was expected to commence on or around 14 April 2025 and end on or around 5 May 2025, with payment of consideration expected to be made on or around 13 May 2025.

On 20th March 2025, Paxman carried out a directed issues of 1.9 million new shares, raising proceeds of SEK 123.5 million. The Share Issue was subscribed by several Swedish and international institutional investors, including Eiffel Investment Group and Unionen, as well as certain existing shareholders, including Alcur Fonder, Andra AP-Fonden, Aktia Asset Management and SEB Asset Management.

Carried out independently from the acquisition of Dignitana, Paxman intends to use the net proceeds to capitalise on growth opportunities and further strengthen its market position including commercialisation of a device to prevent chemotherapy-induced peripheral neuropathy, investment into a new state-of-the-art facility, and further investment in to research and development.

Significant events after 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 state-of- 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, the board resolved to issue a maximum of 2,476,207 new shares for payment as consideration in the offer. Through the new share issue, Paxman’s share capital increased by up to SEK 2,476,207, from SEK 20,912,500 to SEK 23,388,707. The total number of shares in Paxman also rose accordingly, from 20,912,500 to 23,388,707. Payment of the consideration for acceptances submitted by 5 May 2025 commenced on or about 13 May 2025. Payment of the consideration for shares tendered during the extended acceptance period is expected to be made on or about until 30 May 2025.