Nightingale completes necessary regulatory approvals in Singapore

Translation: Original published in Finnish on 11/14/2024 at 10:25 am EET.

According to the release, Nightingale's Singaporean subsidiary was granted ISO 13485:2016 certification, the final approval needed to begin operations in Singapore. The company says it is now ready to launch its blood testing service in Singapore before the end of the year. Nightingale's technology has passed regulatory approvals several times before, and we assumed that passing the Singapore process was mainly a time-consuming formality. The announcement therefore comes as no surprise, but the progress of the launch is of course positive for Nightingale and further validation of the suitability of the company's technology for use in healthcare.

Nightingale is collaborating with Innoquest Diagnostics, a leading clinical diagnostics service provider in Singapore and a subsidiary of Pathology Asia Holdings. Nightingale Health's blood testing service will be offered to healthcare providers through Innoquest Diagnostic's customer network. We see a lot of potential in this collaboration and its success is a key driver of our revenue growth projections for Nightingale. At the same time, we see the public success of the service and the revenue growth rate it generates as a key uncertainty for the collaboration. Blood analysis will be sold separately in the collaboration and, as we understand it, they will not, at least initially, be integrated for high-volume use as in the Terveystalo occupational health, so the growth in popularity of the service may be slower.

We anticipate that the company will announce the launch of the service within the remainder of the year. The service will not be on the market for long in 2024, so it is unlikely to have a significant impact on Nightingale's revenue figures for the rest of the year. Thus, the success of the soon-to-be-launched service in Singapore will be assessed at the latest when the H1'2025 numbers are released in less than a year, and possibly through company comments or other news flow as early as the beginning of next year. Therefore, the release does not affect our view of the company.