Analyst Comment

Another welfare services country is piloting Nightingale's technology

Summary

Nightingale Health announced a pilot project with North Karelia wellbeing services county to integrate its blood analysis technology into health check-ups for unemployed individuals, aiming for a cost-effective preventive healthcare model.
This initiative marks Nightingale's second collaboration with Finnish public healthcare, following a similar project with South Savo, indicating growing public sector interest despite no immediate financial impact.
The pilot, set to begin testing in the first half of 2026, targets statutory health check-ups, aligning with Nightingale's strategy to integrate into existing healthcare processes without major changes.
The project's success could enhance Nightingale's reference value, potentially leading to broader adoption in North Karelia or other counties, although its short-term financial impact is expected to be minor.

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Translation: Original published in Finnish on 12/18/2025 at 8:10 pm EET.

Nightingale Health announced on Thursday that the North Karelia wellbeing services county is piloting the company's blood analysis technology as part of health check-ups for unemployed individuals. The project aims to develop a cost-effective and impactful operating model for preventive healthcare. The project will start immediately with preliminary preparations, and the actual testing is scheduled to begin in the first half of 2026. The news is a positive signal of the company's technology being of interest to the public sector, but due to its pilot nature, it has no immediate impact on our forecasts.

A step towards broader public sector adoption

The project now announced is Nightingale's second opening in Finnish public healthcare, as the company has previously reported similar cooperation with the South Savo wellbeing services county. We consider the public sector a significant but slowly developing potential market for Nightingale. The new pilot project is an encouraging sign of the interest Nightingale's technology has generated in welfare areas struggling with cost pressures. We originally commented on the company's public sector initiative here in June.

The target group selected for the North Karelia wellbeing services county pilot, health check-ups for unemployed individuals, is a statutory service. This provides a natural and existing process for piloting new technology without massive changes to treatment pathways. This is in line with Nightingale's strategy, which aims to integrate into existing healthcare routines and value chains.

The project will proceed to the testing phase in the first half of 2026, and its financial impact is, in our view, minor in the short term. However, the success of the pilot is important for its reference value, as it could open doors for wider use in North Karelia or other wellbeing services counties in the future. We will be following with interest how the pilot progresses and whether Nightingale can demonstrate concrete benefits that would lead to a permanent and broader commercial agreement.

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Nightingale Health operates in the medical technology sector. The company specializes in the development of medical technology products. The product portfolio is broad and includes platforms and services within blood analysis that are used for disease prevention purposes. In addition to the main business, service and related ancillary services are also offered. The business is operated globally with the largest presence in Europe.

Key Estimate Figures19.09.2025

	2025	26e	27e
Revenue	4.7	7.9	8.8
growth-%	7.7 %	67.2 %	12.1 %
EBIT (adj.)	-19.4	-17.3	-15.2
EBIT-% (adj.)	-413.7 %	-220.4 %	-172.8 %
EPS (adj.)	-0.30	-0.27	-0.24
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.