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Analyst Comment

Nexstim navigates its way to the United Arab Emirates

By Antti SiltanenAnalyst
Nexstim

Translation: Original published in Finnish on 02/17/2026 at 07:35 am EET

On Monday, Nexstim announced it had received marketing authorization for its latest generation NBS 6 diagnostic system in the United Arab Emirates. The news represents a step forward in the company's gradual international expansion, which in turn supports our estimates for the company's growth in the coming years.

International availability of the NBS 6 system expands

NBS 6 is Nexstim’s latest, modular system generation, which the company has designed to be more user-friendly and flexible than before. The system's diagnostic features received regulatory approvals in Europe and the US at the end of 2025, and the UAE marketing authorization supports the company's geographical expansion. Nexstim already received marketing authorizations for the therapy features of the system in 2023. The diagnostics business is Nexstim's traditional strength, and NBS 6 is currently the only FDA-approved and CE-marked navigated TMS system used for pre-surgical mapping of the brain's speech and motor cortices.

Nexstim has entered into a cooperation agreement with Brainlab for the sale and distribution of diagnostic equipment. The marketing authorization received by Nexstim enables the sale of the system in a new market, where, in our estimation, Brainlab is responsible for the actual sales efforts.

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 Figures04.01

202425e26e
Revenue8.712.315.2
growth-%20.5 %41.1 %23.4 %
EBIT (adj.)-0.51.52.7
EBIT-% (adj.)-6.1 %11.8 %17.8 %
EPS (adj.)-0.120.170.35
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.65.532.7
EV/EBITDA189.935.921.0

Forum discussions

In the post-pitch Q&A, it was mentioned that with that 25 million, Phase 3 can be completed and the product further developed, but commercializing...
5 hours ago
by Kyhnykeisari
10
According to Mariash, a 25 million round is open, and that should be enough to reach a finished product. It feels like a remarkably cost-effective...
5 hours ago
by Jatast
0
Looking through rose-tinted glasses: I wonder if a backlog for NBS6 sales has already built up in the UAE, which Brainlab can now start clearing...
12 hours ago
by Mark_Renton
23
Here are Antti’s comments on how Nexstim received marketing authorization for its latest generation NBS 6 diagnostic equipment in the United...
13 hours ago
by Sijoittaja-alokas
15
Here is a link to the right spot
yesterday
by Kyhnykeisari
14
Where can this information be found? The message must be at least 50 characters long.
yesterday
by ghoul
1
With the new approval, the amount of Brainlab’s guaranteed sales margin will also increase.
yesterday
by Kyhnykeisari
6
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