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Research

Nexstim: The end of the year laid a firmer foundation for the future

By Antti SiltanenAnalyst
Nexstim
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The key figures were already known based on preliminary data from the beginning of the year, which were now revised. Revenue was slightly higher than the preliminary data suggested and the result hit our forecasts. The H2 cash flow was also at the expected zero level considering the partial transfer of cash flow to 2024 through increased trade receivables. The report did not contain any surprises, so forecast changes were small. Nexstim expects increasing revenue and earnings, which disperses concerns related to cash flow adequacy. We expect the company to continue on the path of profitable growth, although the cashflow is likely to remain negative this year.

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Nexstim operates in medical technology. The company has developed a non-invasive brain stimulation technology called SmartFocus®. It is a navigated transcranial magnetic stimulation (nTMS) technology with 3D navigation providing targeting of the TMS to the specific area of the brain. The technology is aimed for the treatment of major depression and chronic neuropathic pain. The company was founded in 2000 and has its headquarters in Helsinki.

Read more on company page

Key Estimate Figures03.01.2024

202223e24e
Revenue9.57.08.8
growth-%48.9 %-26.6 %25.7 %
EBIT (adj.)0.8-1.1-0.4
EBIT-% (adj.)8.8 %-15.6 %-4.8 %
EPS (adj.)0.18-0.17-0.07
Dividend0.000.000.00
Dividend %
P/E (adj.)22.8neg.neg.
EV/EBITDA22.0neg.522.7

Forum discussions

Is the advent calendar going to be empty today as well
yesterday
by Apesor
0
Tomorrow is a good day to announce the final Sinaptica deal. In the letter of intent, it was stated that the intention is to sign the definitive...
12/18/2025, 9:21 PM
by Jatast
12
Just earlier, the CEO stated very clearly that “We continue to report the hardware volumes delivered to all our customers (thus including hardware...
12/18/2025, 12:44 PM
by SentinVenyttäjä
14
Brainlab’s and Sinaptica’s transactions are not itemized and are aimed to be reported. This means there might be hidden equipment sales. At ...
12/18/2025, 11:34 AM
by Tee
2
The company is at the root of such a big healthcare megatrend (e.g., treatment of depression) and the scalable market is global, so there are...
12/18/2025, 10:08 AM
by Prototyping
11
The business was similar when the stock traded at 3 euros, so it might even be smart to lighten up? Always operating at a loss and very small...
12/18/2025, 7:13 AM
by Pyylevä
0
In these companies, you always have to wait for the earnings report for the truth to be revealed. Unless there’s a warning before that. It would...
12/18/2025, 7:09 AM
by QRB Strong buy
14
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