Nexstim received new sales clearances in the United States

Translation: Original published in Finnish on 3/24/2026 at 7:00 am EET.

Nexstim announced on Monday that it had received FDA clearance for its NBS 6 system to be used as an adjunct in the treatment of obsessive compulsive disorder (OCD) and as a treatment for adolescent depression. These clearances continue the company’s strategy of expanding the indications for its latest system and broaden opportunities for customers to use the NBS 6 platform to treat various patient groups. This positive news supports our growth forecasts. However, we do not expect any significant changes to the industry's competitive landscape, as several TMS companies already have similar approvals.

Applications for the NBS 6 platform are becoming more diverse

NBS 6 is Nexstim’s latest, modular generation of systems, which the company has designed to be more user-friendly than previous models. Following the latest FDA clearance, the system can now be marketed in the United States for treating depression and, on the diagnostic side, for pre-surgical mapping of the brain’s speech and motor cortices, as well as for treating OCD and adolescent depression (ages 15–21). Expanding the range of indications increases the system's appeal, as it allows the same platform to be used for multiple patient groups through software updates. These clearances could therefore increase utilization rates of existing systems and make purchasing a Nexstim system a more attractive option for some customers. FDA clearances for OCD and adolescent depression are relatively common among TMS companies. Brainsway was the first to receive OCD clearance in 2018, and among the largest companies, at least MagStim, MagVenture, Neuronetics, and YingChi have received clearance. Neuronetics was the first to receive clearance for treating adolescent depression in March 2024, and other FDA-approved systems are available from MagVenture, Brainsway, and Neurocare Group.

Increase in indications supports the therapy business

The new indications are a welcome addition to Nexstim’s range of therapies. Another potential area for future expansion is treating anxiety associated with depression, for which TMS is also commonly used. We estimate that the new indications will support the company's goal of increasing its system base and recurring revenue in the US market, where it has also recently invested in its partner clinic network. This recent sales clearance supports the company's long-term growth potential and the realization of our forecasts. Despite these new sales clearances, we expect this year’s growth to be primarily driven by progress in the Brainlab collaboration in diagnostics. We project that Nexstim will generate revenue of approximately 12.7 MEUR and EBIT of 1.2 MEUR in 2026.