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Paxman AB
(PAX)
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Rating:53Neutral
Price Target:
kr48.00
▲(2.67% Upside)
Action:Reiterated
Date:08/21/26
Overall score reflects strong commercial traction and constructive earnings-call momentum (sales growth, improving adjusted margins, order book), partially offset by weak recent profitability and inconsistent/negative cash flow. Technicals remain soft and valuation is pressured by losses (negative P/E), keeping the score near the low-to-mid range.
Positive Factors
Strong Revenue Growth and Demand
Sustained sales expansion and a substantial order book indicate growing adoption of scalp cooling across oncology providers. This supports future equipment revenue while expanding the installed base that can generate recurring consumables and service income.
Negative Factors
Recent Losses and Weak Cash Generation
The shift from prior profits to net losses, combined with negative operating and free cash flow, raises execution risk if investment and working-capital needs remain elevated. Persistent losses could eventually reduce funding flexibility despite low leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth and Demand
Sustained sales expansion and a substantial order book indicate growing adoption of scalp cooling across oncology providers. This supports future equipment revenue while expanding the installed base that can generate recurring consumables and service income.
Read all positive factors
Paxman AB (PAX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.06B
Dividend YieldN/A
Average Volume (3M)100.37K
Price to Earnings (P/E)―
Beta (1Y)0.17
Revenue Growth28.39%
EPS Growth-141.02%
CountrySE
Employees143
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.47
Shares Outstanding23,273,417
10 Day Avg. Volume41,338
30 Day Avg. Volume100,373
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)3.05
Price to Sales (P/S)3.95
P/FCF Ratio-76.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.86
Revenue Forecast (FY)kr412.65M
Paxman AB Business Overview & Revenue Model
Company Description
Paxman AB (publ), along with its subsidiaries, specializes in the creation and worldwide sale of the Paxman scalp cooling system, an innovative solution designed to minimize hair loss in patients undergoing chemotherapy. This system is distributed...
How the Company Makes Money
Paxman primarily makes money by commercializing its scalp cooling therapy platform to oncology infusion centers and hospitals. Its revenue model typically combines (1) sales or placement of scalp cooling systems (capital equipment) to healthcare p...
Paxman AB Earnings Call Summary
Earnings Call Date:Aug 21, 2026
(Q2-2026)
| Next Earnings Date:Nov 20, 2026
Earnings Call Sentiment Positive
The call highlights strong commercial momentum: record quarterly sales (+40% YoY), substantial U.S. revenue growth (~+77.5% YoY), large increases in insurance-based billing (110%), improved adjusted margins (~19%), a robust order book (190 systems, 80 in U.S.), and a healthy cash position (SEK 105m). These positives are tempered by a regulatory setback for the neuropathy device (shift to De Novo with an 8–12 month review window), increased operating and CIPN-related costs (OpEx up ~SEK 6m q/q; CIPN costs up ~30%), and a slower near-term U.S. rollout for CIPN. Overall, company fundamentals and commercial traction are strong and appear to outweigh the regulatory and cost challenges, but the De Novo timeline introduces meaningful near-term uncertainty for the new product launch.Positive Updates
Record Group Sales and Strong YoY Growth
Group sales totaled just over SEK 105 million, the first time exceeding SEK 100 million, representing approximately 40% year-on-year growth.
Negative Updates
Regulatory Setback and Timeline Delay for Neuropathy Device
FDA determined there is no suitable predicate, requiring a De Novo submission rather than the planned 510(k). This introduces delay: expected FDA review 8–12 months with commercialization now targeted for Q2 2027 (clearance potentially April–August 2027).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Group Sales and Strong YoY Growth
Group sales totaled just over SEK 105 million, the first time exceeding SEK 100 million, representing approximately 40% year-on-year growth.
Read all positive updates
Company Guidance
Guidance from the call (Q2 FY2026) flagged concrete near‑term targets and key metrics: group sales were just over SEK 105m (≈40% YoY growth) with EBITDA around SEK 14m (Dignitana contributing ~SEK 5.2m), adjusted EBITDA margin ~18.5% (13% including CIPN costs), cash ≈SEK 105m on the balance sheet and ~SEK 5m movement in available cash. Operational datapoints: 56 systems delivered in Q2, 1,326 caps sold via insurance‑based billing (IBBM) as IBBM revenue grew ~110%, order book at 190 systems (80 in the U.S.), and utilization markedly higher under IBBM (8.6 patients/site, 3.4 patients/system) vs self‑pay (3.1/site, 1.6/system). CIPN program: De Novo submission planned this month with an FDA review horizon of ~150 days (overall 8–12 months expected) targeting U.S. commercialization in Q2 2027; build plan includes 50 units already deployed for pilots and up to 150 units with V2 commercial units to start production in Q4 (Oct–Dec). Costs and working capital: OpEx rose ~SEK 6m Q1→Q2 with CIPN/other costs ~SEK 5.6m this quarter (vs SEK 4.3m prior), and management reiterated Europe roll‑out plans (Sept in DE/FR/ES/NL) and a CapEx+consumables commercial model for neuropathy.Paxman AB Financial Statement Overview
Summary
Income Statement
53
Neutral
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 335.77M | 313.35M | 253.01M | 210.12M | 156.75M | 96.20M |
| Gross Profit | 164.59M | 208.81M | 175.42M | 146.42M | 101.44M | 64.52M |
| EBITDA | 29.06M | 28.46M | 49.73M | 31.23M | 16.18M | 1.25M |
| Net Income | -10.73M | -16.71M | 40.20M | 8.33M | -10.32M | -12.78M |
Balance Sheet | ||||||
| Total Assets | 475.17M | 479.11M | 227.23M | 167.12M | 173.96M | 166.34M |
| Cash, Cash Equivalents and Short-Term Investments | 106.09M | 120.83M | 40.31M | 24.98M | 38.09M | 72.27M |
| Total Debt | 4.58M | 13.01M | 14.29M | 13.57M | 16.98M | 17.15M |
| Total Liabilities | 66.57M | 73.95M | 63.24M | 44.51M | 59.76M | 40.59M |
| Stockholders Equity | 408.60M | 405.16M | 163.99M | 122.62M | 114.20M | 125.75M |
Cash Flow | ||||||
| Free Cash Flow | -20.43M | -16.09M | 15.99M | -9.70M | -33.01M | -27.94M |
| Operating Cash Flow | -2.23M | 7.39M | 39.10M | 15.63M | 2.69M | -4.14M |
| Investing Cash Flow | -32.47M | -33.51M | -24.50M | -25.33M | -36.69M | -24.45M |
| Financing Cash Flow | -12.12M | 108.83M | 721.00K | -3.41M | -169.00K | 97.28M |
Paxman AB Technical Analysis
Neutral
46.75
Price Trends
47.97
Negative
48.99
Negative
51.11
Negative
Market Momentum
-0.84
Positive
50.77
Neutral
42.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PAX, the sentiment is Neutral. The current price of 46.75 is above the 20-day moving average (MA) of 46.49, below the 50-day MA of 47.97, and below the 200-day MA of 51.11, indicating a neutral trend. The MACD of -0.84 indicates Positive momentum. The RSI at 50.77 is Neutral, neither overbought nor oversold. The STOCH value of 42.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:PAX.
Paxman AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr8.76B | 98.22 | 4.13% | ― | 8.79% | -20.48% | |
53 Neutral | kr1.06B | -100.17 | -2.58% | ― | 28.39% | -141.02% | |
52 Neutral | kr532.67M | -62.50 | -2.84% | ― | -13.72% | 52.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | kr272.47M | -6.02 | -25.09% | ― | 6.49% | 25.03% | |
45 Neutral | kr1.05B | -28.82 | -3.99% | ― | -0.34% | 29.54% | |
44 Neutral | kr604.49M | -5.37 | -37.43% | ― | 27.40% | 26.07% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.