Nexstim NBS6 system receives approval for therapy use in Canada

Translation: Original comment published in Finnish on 5/7/2024 at 7:40 am EEST.

Nexstim announced on Monday that it had received approval from Health Canada for the marketing and commercial distribution of its NBS 6 system for the treatment of Major Depressive Disorder (MDD). The approval expands the commercial potential of Nexstim's latest system beyond the major markets of the US and Europe. The company's previous system models have already been available in Canada. The positive news has no immediate impact on our forecasts or our view of the stock.

Launched last year, NBS6 is gradually replacing older models

The NBS6 system is Nexstim’s latest model. The modular solution is suitable for both therapeutic and diagnostic applications. The system was launched last year in Europe and the US, where it received regulatory approvals for therapeutic use. For diagnostic applications, regulatory approvals are expected this year. To our knowledge, the Canadian approval is the next geographic expansion for the NBS6 after Europe and the United States. Nexstim has sold a few systems to the Canadian market, so commercially this market plays a complementary role for Nexstim. The clear majority of the company's business is in the United States and Europe.