Paxman Coolers

What Paxman Coolers does

Paxman Coolers (Paxman AB, publ; Nasdaq First North: PAX) is a publicly traded medical device company headquartered in Karlshamn, Sweden, with primary operating subsidiary Paxman Coolers Limited in Huddersfield, UK. Founded in 1997 by Glenn Paxman after his wife experienced chemotherapy-induced hair loss, the company has spent more than 25 years developing and commercializing scalp cooling technology to prevent chemotherapy-induced alopecia. Paxman's core offering is a cryotherapy-based system comprising a compact refrigeration unit that circulates a specially formulated liquid coolant through a flexible, medical-grade silicone cold cap designed to maintain close scalp contact and reduce chemotherapy-induced hair loss via vasoconstriction. The company's products hold regulatory clearances spanning the FDA (all solid tumors, 2018), CE marking under both MDD and MDR, ANVISA, PMDA (Japan), MOFS (Korea), COPEPRIS (Mexico), HSA (Singapore/Malaysia), MDSAP, and ISO 13485. Over 5,000 systems are installed across 65+ countries, with 1,000 systems covering 98% of UK NHS and private hospitals; more than 100,000 patients have been treated.

The portfolio was expanded in June 2025 through the acquisition of Dignitana AB, adding the DigniCap system and consolidating the global scalp cooling market. Paxman is also developing the Paxman Limb Cryocompression System for prevention of chemotherapy-induced peripheral neuropathy (CIPN), with ongoing clinical trials involving National University of Singapore and SWOG Cancer Research Network (100 systems deployed). Revenue is generated primarily through hardware sales of scalp cooling systems to hospitals and cancer treatment centers, supplemented by recurring service, maintenance, and consumables revenue. Distribution combines direct sales (with wholly-owned subsidiaries in the UK, US, Canada, Sweden, and Italy) and an international distributor network (India, France, Spain, Germany). In the United States, the company operates an insurance-based billing model enabled by CPT Category I codes effective January 2026, and has active state-level legislation efforts (West Virginia, Maryland) to mandate insurance coverage effective January 2027. Go-to-market leverages clinical evidence and university research partnerships (University of Huddersfield, University of Leeds, King's College London, Ulster University) as a credibility and adoption mechanism. Q1 2026 group sales were 89.6 MSEK (versus 67.1 MSEK in Q1 2025), with EBITDA of 10.5 MSEK and cash on hand of 106 MSEK; Dignitana contributed 18.9 MSEK to the quarter.

Name

Paxman Coolers

Legal name

Paxman Coolers Ltd

Website

https://paxman.se

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Paxman Coolers (Paxman AB, publ) is a Swedish-listed medical device company that develops and sells cryotherapy-based scalp cooling systems used by hospitals and cancer centers globally to prevent chemotherapy-induced hair loss, with 5,000+ installations across 65+ countries.

Ownership category

akta.pro rank

Product category

Medical Devices / Cryotherapy Equipment

NAICS

Surgical Appliance and Supplies Manufacturing (339113)

SIC

Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Hot/Cold Therapy Services (Cryotherapy/Ice Baths) (HSALAFAH)

akta.pro secondary industries

Compression Therapy (Normatec/Pressotherapy) (HSADAKAH), Cryotherapy Services (HSADAKAE)

Keywords

• Scalp cooling systems
• Cryotherapy medical devices
• Cancer treatment equipment
• Medical cold caps
• Peripheral neuropathy devices

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Scalp Cooling System Sales: Sale of Paxman Scalp Cooling Systems to hospitals, clinics, and treatment centers globally. The company installs systems and provides ongoing support and consumables.
2. Service and Support: Ongoing service, maintenance, and support services for installed systems, contributing to recurring revenue streams.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Paxman designs, manufactures, and sells cryotherapy-based scalp cooling medical devices used during chemotherapy to prevent hair loss (alopecia). The flagship offering is the Paxman Scalp Cooling System, consisting of a compact refrigeration unit that circulates a specially formulated liquid coolant through a lightweight, medical-grade silicone cold cap worn by the patient. The company also markets the Paxman Limb Cryocompression System for preventing chemotherapy-induced peripheral neuropathy, and following the 2025 Dignitana acquisition, the DigniCap Scalp Cooling System. Systems are installed in hospitals, clinics, and treatment centres globally and supported with clinical training, patient education materials, and ongoing service.

Product overview

Paxman offers a unified portfolio of cryotherapy-based medical devices focused on chemotherapy side effect management. The core offering consists of the Paxman Scalp Cooling System (comprising a refrigeration unit and silicone cold cap) for preventing chemotherapy-induced hair loss, and the Paxman Limb Cryocompression System for preventing peripheral neuropathy. Following the 2025 acquisition of Dignitana, the portfolio was expanded to include the DigniCap Scalp Cooling System. The company also develops a topical agent intended to enhance scalp cooling efficacy. All products are supported by clinical training, patient education materials, and are installed across 5,000+ systems in 65+ countries.

Differentiator

Problem solved

Functional benefit

Brands

• DigniCap: Scalp cooling system brand acquired through Dignitana acquisition in 2025

Products and services

• Paxman Scalp Cooling System A cryotherapy-based medical device comprising a compact refrigeration unit that circulates a specially formulated liquid coolant through a lightweight, medical-grade silicone cold cap to prevent chemotherapy-induced hair loss in patients undergoing chemotherapy for solid tumors. Used by hospitals, cancer clinics, and treatment centres.
• Paxman Cold Cap A lightweight, medical-grade silicone cold cap designed for flexibility to ensure close contact with the patient's scalp; used in combination with the Paxman Scalp Cooling System to deliver optimal hair retention outcomes during chemotherapy.
• Paxman Limb Cryocompression System A cryocompression medical device used for the prevention of chemotherapy-induced peripheral neuropathy (CIPN) in the hands and feet of patients undergoing chemotherapy, addressing an underserved side effect affecting approximately 1.5 million patients at any one time.
• DigniCap Scalp Cooling System A scalp cooling system acquired through the 2025 Dignitana acquisition and now part of Paxman's expanded portfolio, with several thousand installations in hospitals, clinics, and treatment centres worldwide.

Quantifiable outcome

• 50% chance of retaining half of hair with scalp cooling (average across drug regimens)
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• University of HuddersfieldcoreStrategic or Co-development PartnerLong-standing collaborative relationship with the Paxman Research & Innovation Centre at University of Huddersfield. Produced the first ever research paper on cellular response to cold protection from chemotherapy. University awarded 4 stars by Research Excellence Framework. Joint work on new cooling cap and cover design using recyclable and sustainable materials.
• University of LeedscoreStrategic or Co-development PartnerCombined mathematical modeling and experimental study on bio-inspired flexible tubular heat exchangers for wearable medical cooling devices. Research funded by Innovate UK through Smart Grant scheme.
• National University of SingaporecoreStrategic or Co-development PartnerDevelopment of new approach to combinatorial treatment of chemotherapy-induced peripheral neuropathy. Medical device in final stages of clinical trialing with 100 systems deployed.
• King's College LondoncoreStrategic or Co-development PartnerOngoing collaborative relationships for development of devices, cooling caps, scalp cooling treatment and efficacy research.
• Ulster UniversityminorStrategic or Co-development PartnerPartnership for cancer care research. Paxman partially funded World Cancer Day conference organized by Cancer Care Research Group within Ulster University's Institute of Nursing and Health Research. Paxman presented on managing chemotherapy-induced alopecia.
• Calderdale and Huddersfield NHS Foundation TrustcoreStrategic or Co-development PartnerPartnership with University of Huddersfield for health innovation including MRI scanner simulator development. Paxman is expanding operations in Huddersfield.
• SWOG Cancer Research NetworkcoreStrategic or Co-development PartnerClinical trials for limb cryocompression system using 100 Paxman Limb Cryocompression Systems, providing evidence for cryocompression methods in treating chemotherapy-induced peripheral neuropathy.
• University of ÇukurovaminorStrategic or Co-development PartnerJoint research with University of Leeds and Paxman on bio-inspired flexible tubular heat exchangers for wearable medical cooling devices.
• University of Huddersfield (National Health Innovation Campus)coreStrategic or Co-development PartnerExpansion of National Health Innovation Campus with third eco-building expected approval. £55m research centre opened featuring UK's first MRI scanner simulator. Paxman is expanding operations in Huddersfield as part of this innovation ecosystem.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• BTL Group: Global manufacturer of medical and aesthetic devices including cryotherapy equipment. While not focused on oncology supportive care, BTL operates broadly in the cryotherapy device category with overlapping cooling technology.
• Mölnlycke Health Care: Global medical device company with leadership in wound care and surgical supplies sold to hospitals and clinics. Comparable in its B2B hospital sales motion, regulatory footprint, and presence in oncology-adjacent supportive care categories.
• Impact Cryotherapy: Manufactures whole-body and localised cryotherapy equipment used in sports recovery, wellness, and some clinical settings. Adjacent technology and customer base to Paxman's medical-grade cryotherapy platform.
• Baxter International (Hillrom): Global hospital equipment and medical device manufacturer (including acquired Hillrom). Operates broadly across hospital capital equipment channels where Paxman sells scalp cooling systems, making it a relevant indirect competitor for hospital contracts.

Direct peers

• Arctic Cold Caps: Manual cold cap system using dry ice cooling, serving patients seeking to prevent chemotherapy-induced hair loss. Competes with Paxman on price and portability in markets without reimbursement coverage for mechanised systems.
• Penguin Cold Caps: Provides manual, gel-based cold cap systems as a lower-cost alternative to mechanised scalp cooling for chemotherapy patients. Targets the same patient population (chemo-induced alopecia prevention) using a different delivery mechanism, making it the closest non-mechanised substitute for Paxman.
• Wishcaps: Manual cold cap rental service for chemotherapy patients seeking to retain hair during treatment. Competes with Paxman's mechanised approach primarily on cost and convenience for self-administered home use.
• Dignitana (DigniCap): Dignitana's DigniCap system was the other major mechanised scalp cooling system globally and was acquired by Paxman in June 2025. Operates as a Paxman subsidiary and brand but historically competed head-to-head with the Paxman Scalp Cooling System in the US and Europe.

Emerging players

• Game Ready (CoolSystems): Provides cold-and-compression therapy systems for post-surgical and injury recovery, with technology architecture similar to Paxman's limb cryocompression system. Represents an adjacent/overlapping technology platform relevant to Paxman's CIPN cryocompression expansion.
• NICE Recovery Systems: Developer of cold compression therapy devices used in clinical and sports medicine settings. Operates in an adjacent therapeutic area with overlapping cryocompression technology applicable to Paxman's emerging CIPN indication.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/scalpcooling
• Facebookfacebook.com/paxmanscalpcooling

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paxman Coolers