Resilient performance and financial position despite continued impact of Covid-19
April -June 2020
The Group’s total sales amounted to 17.8 (21.7) MSEK for the second quarter of the year, with EBITDA reaching 0.9 (3.7) MSEK. The net result totalled -6.5 (0.3) MSEK in Q2, and earnings per share were -0.40 (0.02) SEK.
Cash flow before financing activities was 1.4 (-2.6) MSEK in the second quarter of the year, with net liquid assets totalling -38.2 (-22.5) MSEK at the end of the period.
January – June 2020
Total sales in the first six months of the year were 42.1 (39.5) MSEK, with EBITDA reaching 2.5 (2.3) MSEK. The net result for the first six months was -3.9 (-0.2) MSEK, and earnings per share were -0.24 (-0.01) SEK. Cash flow before financing activities totalled -8.4 (-11.0) MSEK in the period January – June, of which investments in fixed assets -5.5 (-8.9) MSEK mainly related to the expansion in the USA.
In the period January – June 2020 a total number of 204 scalp cooling systems were installed around the world, with an additional 89 systems in the order book.
Significant developments
During the period, the National Comprehensive Cancer Network® (NCCN®) updated its Guidelines for ovarian cancer, fallopian tube cancer and primary peritoneal cancer with scalp cooling as a recommended category 2A treatment option to reduce alopecia.
Due to the effects of the Covid-19 pandemic, Paxman implemented pre-emptive measures to significantly reduce the company’s operational costs. To further solidify its financial position during the pandemic, Paxman’s Board decided to apply for, and have been granted, a Corona Business Interruption Loan of 700,000 GBP, and an extended credit of 400,000 GBP. The company was also granted access to the Small Business Paycheck Protection Program in the United States and the Coronavirus Job Retention Scheme in the UK.
Virtual Q&A with the CEO
Paxman invites all stakeholders to a Q&A with CEO Richard Paxman on August 28 at 5pm CEST following the publication of the Q2 2020 report. To register, email name and reason to join (shareholder, investor, analyst, media representative etc.) to Paxman’s CFO Emelie Gustafsson, emelie.gustafsson@paxman.se, no later than August 28 12:00 CEST. This virtual event will replace the interviews historically held after Paxman’s quarterly reporting.
