Feb 23, 2024
Figures in parentheses refer to results during the corresponding period of the previous year. Note that the figures for Q4 2022 were affected by large movements in currency adjustments when preparing the financial statements.
• The group’s turnover amounted to SEK 55.6 (40.7) million during the fourth quarter of the year.
• During the year, turnover totaled SEK 210 M (146).
• The net result amounted to SEK -1.6 (-9.8) million for the period October-December, which resulted in a net result of a total of SEK 8.3 (-10.3) million for the full year.
• EBITDA amounted to SEK 9.5 (12.8) million for the period October-December and to SEK 31.2 (16.2) million for the full year.
• Earnings per share amounted to SEK -0.09 (-0.51) for the period October-December and to SEK 0.44 (-0.54) for the whole year.
• The period’s cash flow amounted to SEK 722 thousand, of which SEK 7.8 (-0.9) million was from current operations. For the full year, the cash flow from current operations amounted to SEK 15.6 (1.7) million.
• Number of systems installed during the year amounted to 601 (528), with a further 154 (217) systems in the order book.
• Average daily treatment revenue (ADTR) amounted to USD 35.2 thousand (SEK 377 thousand) during Q4 2023, which corresponds to an increase of 23.6% compared to USD 28.8 thousand (SEK 306.1 thousand) for Q4 2022. The figures in SEK have converted to USD according to the actual exchange rate during the respective period.
• Current income increased from SEK 22.7 M for Q4 2022 to SEK 28.1 M for the same period in 2023.
VIEW MORE...Nov 09, 2023
CMS OPPS Final Rule for 2024: CMS continues to support scalp cooling but reduces reimbursement levels from $1,850.50 to $1,250.50 for 2024 under the Hospital Outpatient Prospective Payment System (OPPS) and ASC Payment System.
Importance of CPT Code 0662T: Continued support for the 0662T CPT code allows practitioners to bill for scalp cooling services, ensuring patient access under Medicare.
2021 Data Used for Decision: The reimbursement level reduction was based on data from 2021, the first year of CPT code use for scalp cooling. Less than 5% of providers submitted claims in 2022, highlighting the need for a larger dataset for more accurate reimbursement adjustments in 2025.
Paxman and Dignitana Appeal: Paxman and Dignitana collaborated to appeal the 2024 reimbursement reduction, arguing that the current data is insufficient for a reduction decision.
Positive Trends in Claims Submission: Strong adoption of scalp cooling services among US cancer centers, with 71% of claims submitted in 2022 and 2023 resulting in positive coverage from commercial payers.
Commercial Payers: Payment for code 0662T ranges from $928 to $4,857 per patient, with additional reimbursements under code 0663T ranging from $78 to $1,200 per treatment.
Medicare Patients: Currently, fewer than 15% of scalp cooling patients are Medicare-eligible, as most are under 65.
VIEW MORE...Jul 05, 2023
This is an executive summary on UK-based and Sweden-listed Medical Equipment company Paxman from CEO and Director Richard Paxman, who will run you through Paxman’s slide deck.
VIEW MORE...Jun 20, 2023
Highlights
- Arrowhead is updating its coverage on Paxman AB with a fair value bracket of SEK 56.7 to SEK 78.2 per share (share price on June 20, 2023: SEK 31.9) based on the Discounted Cash Flow and Relative Valuation methodologies.
- Paxman reported strong results in Q1 2023 with revenue at SEK 42.3 mn, a growth of c. 51% year-on-year (YoY). The recurring revenue was at SEK 23.7 mn, an increase of 43% YoY. The company generated a positive EBITDA of SEK 2.7 mn during the period, compared with an EBITDA loss of SEK 2.9 mn YoY, driven by strong revenue growth in Q1 2023. The company incurred a net loss of SEK 2.5 mn as compared with a loss of SEK 6.2 mn YoY, primarily due to higher depreciation on capital investments in the US. The cash flow from operating activities improved to SEK -1.8 mn as compared with SEK -3.4 mn in Q1 2022 due to strong revenue growth in Q1 2023.
- PAX plans to advance its reimbursement strategy in the US, as the customers have shown interest in the ‘buy and bill’ model in FY 2022 to facilitate reimbursement with CPT lll codes. The company plans to continue investing in the research and development (R&D) pipeline in scalp cooling and cryotherapy to prevent Chemotherapy-Induced Peripheral Neuropathy (CIPN). According to the CEO, the company spent c. SEK 5.0 mn on the CIPN R&D program in the past 12 months. However, this investment is expected to be minimal in the future. Strong revenue growth and reduced CIPN investment will put the company in a better financial position.
- The company intends to accelerate its growth worldwide by expanding its sales model through direct distribution and established distribution partners in key regional markets. Paxman is already established in Asian markets such as India, Malaysia, Singapore, and Pakistan, while Japan will continue to be a strong growth market in the future. The company has signed a letter of intent with Concord Medical in China to enter a distribution and marketing agreement for Greater China, including Macau, Taiwan, and Mongolia. It has recently received market clearance for Paxman Scalp Cooling System (PSCS) use in South Korea, with the final approval for commercialization expected in May 2024.
- Paxman incorporated a new entity, Paxman Canada Inc., in the province of Ontario in January 2023. The corporation will operate on a hybrid business model, offering pay-for-use services through Paxman personnel in large academic and high-volume cancer centers and selling capital equipment to smaller regional cancer centers.
- In January 2023, the company received the European Union (EU) Medical Device Regulation (MDR) certification from the British Standards Institution (BSI). This certification reaffirms the company’s commitment to the market, its customers, and patients who will continue to benefit from the PSCS.
Paxman is offering a Patient Assistance Program (PAP) to provide affordable medical assistance across the US. The program is in its initial stages and is delivering encouraging results. Of the 203 Benefit Investigations (BIs), 163 patients received positive coverage, representing 80% of the total BIs. Of the remaining patients without insurance coverage, 88% (35 patients) were supported by Paxman’s PAP. - In the future, the company will continue to transition from selling equipment to clinics to the buy-and-bill model, which will be a key driver of growth in the US market. This, coupled with lower CIPN investment, will enable the company to deliver a strong return on investment, a positive EBITDA, and a push toward positive cash flow by the end of FY 2023.
Jun 15, 2023
Highlights:
- PAXMAN announces that the Palmetto Medicare Administrative Contractor (MAC) has issued a Proposed Local Coverage Determination (LCD) for Scalp Cooling for the Prevention of Chemotherapy-Induced Alopecia, recommending coverage for FDA cleared devices.
- This is the first proposed LCD for scalp cooling, marking a significant advancement in support for healthcare providers to receive reimbursement from Medicare for administering scalp cooling therapy.
- The proposed scalp cooling LCD will undergo public review and be discussed at Open Meetings of the Palmetto GBA. If approved, it would establish a pathway for successful reimbursement of Medicare scalp cooling claims in the service area by early 2024.
May 25, 2023
Redeye interviewed Richard Paxman regarding the Q1 report. View the interview at
https://redeye-3.wistia.com/medias/5ghlwhskcw
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