Translation: Original published in Finnish on 9/11/2026 at 7:35 am EEST.

Source: Inderes

Nightingale will publish its financial statements release on Wednesday, September 16. We expect revenue to have grown clearly year-on-year, driven by research projects and the Terveystalo partnership, despite the project delay announced in June weighing on the financial year's growth. We anticipate that the result will remain significantly negative as the company invests in international expansion and commercialization. In the report, we will focus particularly on the guidance for the 2027 financial year, which the company has already predicted will exceed 10 MEUR, as well as the progress of the commercial ramp-up of international partnerships.

Research projects and Terveystalo driving revenue growth

We forecast Nightingale's H2 revenue to have grown by 47% from the comparison period to 3.5 MEUR (H1'25: 2.4 MEUR). This growth is driven by research customers and the Terveystalo collaboration, in which Nightingale's blood analysis is used routinely in occupational healthcare. Nightingale issued a profit warning in June, as approximately 2 MEUR of the revenue from the Aalborg University research project (value 2.4 MEUR) was postponed to the next financial year. Without this delay, growth would have been significantly stronger. The new partnerships announced in August with the British Personalised Health Clinics and Finnish Supernormal are positive indications of demand for the technology, but their financial significance will likely remain limited in the initial phase.

Earnings remain heavily in the red due to growth investments

We expect Nightingale’s H1 profitability to have remained clearly negative due to front-loaded investments in line with its strategy. We expect adjusted EBIT to land at -9.0 MEUR (H2'25: -10.3 MEUR). The result is weighed down by the company's investments in sales and marketing, as well as maintaining its laboratory network in Singapore and the United States. Nightingale's business model is fundamentally high-margin, so strong revenue scaling is critical for a profitability turnaround. The company's financial position has remained strong, and we estimate the net cash will last around four more years at the current pace, providing leeway for implementing the commercial strategy.

Focus on the 2027 guidance and milestones for the commercial ramp-up

In connection with the profit warning in June, Nightingale stated that its preliminary revenue outlook for the fiscal year 2027 is over 10 MEUR. We expect the company to reiterate this target in its financial statement release, as the postponed Aalborg project will significantly bolster the current financial year's revenue. Our full-year revenue estimate for the financial year 2027 is currently 10.2 MEUR.

The most crucial factor for the company's long-term value creation is scaling high-volume healthcare partnerships. In the report, we will closely monitor comments regarding the commercial ramp-up of international partnerships (such as Pathology Asia and Boston Heart) and the company's progress in the US market. Furthermore, we anticipate that the company will indicate new significant customer agreements, which will allow the growth expectations priced into the share to materialize.