PAXMAN publishes its interim report for Q2 2026

Figures in parentheses refer to the outcome for the corresponding period of the previous year. Dignitana has been part of the group since June 1 2025.

Q2 2026 highlights

US revenue and growth

• US revenues: 67.6 MSEK ($7.1m), +76% YoY in local currency
  • Paxman IBBM: 23.1 MSEK ($2.4m), +110% YoY
  • Paxman Self-pay: 23.2 MSEK ($2.5m), +19% YoY
  • Paxman Rental/Other income: 1.5 MSEK ($0.2m), +29% YoY
  • Dignitana IBBM: 3.1 MSEK ($0.3m)
  • Dignitana Self-pay: 15 MSEK ($1.6m), +152% YoY
  • Dignitana Rental/Other income: 1.6 MSEK ($0.2m), +166% YoY

Group performance

• Group revenues 105 (74.9) MSEK
• Rest of World revenues: 38.1 (36.4) MSEK
• Gross margin: 65.6 (65.5) %
• EBITDA margin: 13.2 (6.6) %
• Adjusted EBITDA margin: 18.5 (14.5) %*
• Adjusted EBITDA less Capex margin: 13.8 (6.6)%*

*Adjusted EBITDA adjusts for costs associated to acquisition, CIPN and relocation

Cash and capital structure

• Net cash at the end of the period: SEK 105.6 (149.3) MSEK
• Outstanding shares at the end of the period: 23.3 M

Additional financial highlights

• The Group’s net result totalled 2.6 (-3.3) MSEK for the quarter. 5.3 MSEK of costs relates to the acquisition, due to goodwill amortisation. 
• Earnings per share amounted to 0.11 (-0.14) SEK for the quarter.

A live interview with the CEO regarding the interim report will be broadcast here: *link*

Significant events during and after the reporting period 

During 

On 2nd April 2026, West Virginia Governor Patrick Morrisey signed HB 4089– a scalp legislative bill to mandate insurance coverage for scalp cooling. The bill becomes effective January 1st, 2027. 

On 14th April 2026, Maryland Governor Wes Moore signed HB 0393 / SB 0272, enacting a similar scalp cooling bill following an investigative study, which becomes effective January 1st 2027. Backed by strong patient advocacy, the signing of this bill brings the total number of states with enacted legislation around scalp cooling to four – alongside West Virginia, New York and Louisiana – with 11 more currently pending. 

During the Annual General Meeting, held on 22^nd May 2026, it was resolved to elect Mats Hyttinge as a new board member. Based in Stockholm, he has extensive experience from the capital markets as both an equity analyst and portfolio manager. The Nomination Committee considers this expertise to be particularly valuable in light of the Company’s current phase, with increasing international expansion and a need to clearly communicate complex and research-driven developments to a broad investor base. Mats is proposed to take office on 15 August 2026. 

The Annual General Meeting also resolved to implement a long-term share-based incentive programme for key employees in Paxman's North American operations. The programme strengthens the Group's ability to attract and retain strategic talent while aligning participants' interests with those of the Company's shareholders through a clear long-term focus on value creation. 

After 

Paxman announced a series of significant regulatory milestones on the 14^th July, supporting the forthcoming commercialisation of its device to prevent chemotherapy-induced peripheral neuropathy. Paxman has successfully extended the scope of its UK Conformity Assessed (UKCA), European Conformity (CE), International Organization for Standardization (ISO) 13485 and Medical Device Single Audit Program (MDSAP) certifications to include its new cryocompression technology for the management of chemotherapy-induced peripheral neuropathy (CIPN). 

The extended scope fulfils certification requirements in the UK and the EU and represent a key milestone toward approvals in Australia, Brazil, Canada, Japan and the United States. 

On July 16^th. the Centers for Medicare & Medicaid Services (CMS) has released its Calendar Year (CY) 2027 proposed Hospital Outpatient Prospective Payment System (OPPS) and Medicare Physician Fee Schedule (MPFS) rules affecting mechanical scalp cooling. The proposed OPPS rule would establish separate payment for CPT® code 97008, following continued dialogue between Paxman and CMS regarding appropriate Medicare reimbursement for mechanical scalp cooling. The proposed payment rates under both rules, however, underscore the need for further progress toward fair and reasonable Medicare reimbursement. 

In August, Paxman announced a significant regulatory milestone in the development of its Limb Cryocompression System for the reduction of chemotherapy-induced peripheral neuropathy (CIPN), with the U.S. Food and Drug Administration (FDA) identifying the De Novo process as an appropriate pathway for review of this novel indication. 

While this development extends Paxman's timeline, the FDA's feedback provides a clear framework for advancing the CIPN programme towards potential U.S. market authorisation and reflects the innovative nature of the technology, which addresses a significant unmet need for cancer patients undergoing chemotherapy.