Paxman AB ( (PXMBF) ) has released its Q4 earnings. Here is a breakdown of the information Paxman AB presented to its investors.
Paxman AB is a global leader in cryotherapy-based chemotherapy side effect management, focusing on the development and deployment of scalp cooling systems to prevent chemotherapy-induced alopecia. The company operates in multiple regions worldwide, including Europe, the Americas, Asia, and Oceania, and is also working on a device to prevent chemotherapy-induced peripheral neuropathy.
In the fourth quarter of 2024, Paxman AB reported robust financial growth with net sales reaching 66.2 million SEK, a 19% increase compared to the same period last year. The company achieved a net profit of 12.2 million SEK for the quarter, marking a significant turnaround from a loss in the previous year’s quarter. Key highlights include a positive cash flow and increased cash reserves, alongside strategic developments such as new CPT codes for scalp cooling and legislative support in New York for insurance coverage of scalp cooling systems.
Paxman’s impressive performance is underscored by a 29.5% increase in Average Daily Treatment Revenue and a strong focus on recurring revenue streams, which grew significantly from the previous year. The company has expanded its global footprint with the installation of 618 scalp cooling systems worldwide. Notably, strategic actions such as the issuance of permanent CPT I codes for scalp cooling and the signing of a significant legislative bill in New York reflect Paxman’s ongoing efforts to enhance accessibility and insurance coverage for its services.
Looking ahead, Paxman plans to focus on reimbursement strategies, including coding, coverage, and pricing, to prepare for the new CPT codes effective in 2026. The company aims to strengthen its market presence by expanding its insurance-based billing model and continuing its research and development efforts, particularly in the area of chemotherapy-induced peripheral neuropathy prevention. With a strong financial position and strategic initiatives in place, Paxman is well-positioned for further growth and impact in the healthcare sector.