Paxman AB

08/30/2018 | Press release | Distributed by Public on 08/30/2018 00:05

PAXMAN publishes its interim report for the period 1 April to 30 June 2018

Continued expansion in line with business plan

The Group's sales amounted to 23.6 (14.0) MSEK as of 30 June, of which 12.6 (7.1) MSEK in the second quarter of the year. Net profit/loss totalled -2.5 (0.7) MSEK as of 30 June, of which -0.9 (-0.4) MSEK refer to the period April - June. Earnings per share were -0.16 (0.09) SEK for the first six months of the year, of which -0.05 (-0.03) SEK refer to Q2.

Cash flow before financing activities was -10.4 (-5.7) MSEK for the first six months of the year, of which
-3.6 (-3.2) MSEK for the second quarter. Total assets amounted to 45.4 (50.0) MSEK on 30 June, and net liquid assets to -4.8 (21.3) MSEK. Equity to assets ratio was 66.4 (79.4) % at the end of the reporting period.

In the second quarter of the year, PAXMAN applied for SHONIN approval in Japan, the application being based on a clinical trial with five leading cancer clinics in the country. In April PAXMAN also received market approval in Mexico, which made it possible for TEVA and PAXMAN to intensify their preparations for the official launch on the Mexican market. In late April PAXMAN announced an update of its accounting treatment of the acquisition of Paxman Group Ltd, which improved the Group's net result for the year 2017 by 1.1 MSEK. In early May, PAXMAN supplemented its premarket notification application to the US FDA for an expanded indication by responding to a request for additional information and analyses. The expanded FDA clearance was announced on 7 June. On 24 May, PAXMAN held its first AGM at NetPort in Karlshamn, with slightly more than 83 % of all issued shares represented at the meeting. On 19 June, PAXMAN commented on the AMA decision not to introduce a specific CPT code for scalp cooling at this time. For PAXMAN the decision was not unexpected, as scalp cooling is still a relatively new type of treatment in the USA.

After the reporting period, PAXMAN informed that the company's two largest shareholders had sold a total of 500,000 shares. Thereby, two of the company's other largest shareholders, Länsförsäkringar Blekinge and Länsförsäkringar Kalmar län, could strengthen their positions. On 17 July, PAXMAN received its first order from TEVA in Mexico, totalling 17 scalp cooling systems.

Aug 30, 2018