Translation: Original published in Finnish on 10/26/2026 at 8:37 am EET.

Nexstim published its Q3'26 business update on Wednesday. The number of systems sold was clearly up year-on-year, as already indicated by previously announced sales. Sales were in line with our expectations, and we make no changes to our forecasts based on the report. Reaching our full-year estimate requires normal, active sales toward the end of the year, which we believe is very achievable.

System sales clearly up year-on-year

Nexstim reports its results semi-annually and supplements them with Q1 and Q3 business updates. The updates do not include financial figures, but the company does report the number of systems delivered during the period. In Q1–Q3, the company delivered 13 diagnostic systems (Q1–Q3'25: 13), 6 therapy systems (Q1–Q3'25: 3), and 2 research systems. At the end of Q3, there were 17 undelivered systems (Q3'25: 7). Delivered and backlog systems totaled 38, compared with 23 in the comparison period (+65%). Growth has been driven in particular by orders received through distributors. Volumes sold through the Brainlab collaboration are not broken out, but we estimate that most of the growth came through Brainlab. No further deals have been announced since the end of the period.

Reaching our estimate for the rest of the year, set after H1'26, would require ~14 new system deals beyond those already known. We consider this realistic, given the company’s seasonally busy Q4. External visibility into sales for the rest of the year is limited, so we will follow releases and update our estimates after the turn of the year if necessary.

Joint marketing with Brainlab and development work with Sinaptica

On the Brainlab collaboration, Nexstim reported that it had attended several industry conferences with its partner to market the companies’ integrated solutions and train users. The companies will continue their joint development work, and Nexstim will also continue active product development and marketing in therapeutic and research applications outside the Brainlab collaboration.

In June 2024, Nexstim announced a collaboration with Sinaptica Therapeutics on the treatment of Alzheimer’s disease. Under the letter of intent, the companies aim to conclude a final exclusive agreement by the end of 2026. The planned 10-year agreement would cover the R&D phase in Alzheimer’s disease and the potential subsequent commercialization phase, provided the study results support it. The report gave no significant new information on the progress of the collaboration, so we assume it is advancing in line with the previously communicated milestones. Uncertainty over the finalization of the agreement remains, however.

Expecting a year of growth and profit

Nexstim guides for 2026 revenue growth (2025: 11.0 MEUR) and improved EBIT (2025: 0.6 MEUR). We see the guidance as easily achievable, supported by known deliveries, the order book, and recurring revenue. Revenue will also be boosted by revenue recognized under last year’s 1.5 MEUR Sinaptica agreement, although this will not affect cash flow this year. We forecast 2026 revenue of 13.9 MEUR and EBIT of 1.3 MEUR. The outcome depends essentially on system sales during the rest of the year, which are difficult to assess precisely. As noted, our forecast assumes ~14 system sales in the rest of the year beyond the deals already announced. In our calculations, we use an average system price of 180 TEUR, in line with historical levels.