Nexstim Q4'25 preview: Earnings turnaround is materializing

Source: Inderes

Translation: Original published in Finnish on 2/24/2026 at 8:45 am EET.

Nexstim will publish its 2025 financial statements release on Thursday, February 26, 2026. Based on sales announcements, we expect strong growth compared to the prior period and a profitable half-year. In the report, our attention will be particularly focused on the 2026 guidance and the outlook for the progress of the Brainlab and Sinaptica partnerships.

The seasonal peak in system sales supports revenue

We expect Nexstim's H2 revenue to have increased by 41% year-on-year to 7.8 MEUR (H2'24: 5.6 MEUR). Growth is mainly explained by our assessment that system deliveries are higher than in the comparison period. We estimate that device deliveries for the full year 2025 will increase to ~35 units, which is a new record for the company. We estimate that roughly two-thirds of the systems were delivered in H2, which is a seasonally busier half of the year. Growth is also supported by slightly higher recurring revenue compared to the comparison period, and a 0.3 MEUR payment received from Sinaptica (of which 0.1 MEUR was recognized as revenue in H2). The payment structure of the Sinaptica agreement was amended at the end of the year, which significantly reduced the expected revenue recognition for H2’25 from the previous 1.3 MEUR. The remaining 1.0 MEUR of receivables was converted into a Sinaptica convertible bond.

Profitability is increasing due to scalability and a high gross margin

We estimate H2 EBIT to have increased to 1.7 MEUR (H2’24: 0.3 MEUR), corresponding to an EBIT margin of 21.7%. Earnings are supported by Nexstim's high gross margin as revenue grows. We estimate that fixed costs will scale with revenue growth, even though the company's cost structure is still relatively high compared to its current sales level. The shift of sales efforts to Brainlab in the diagnostics business will curb the growth of Nexstim's operating costs. We estimate that profitability in H2 will be burdened by moderate additional costs arising from the upgrades of NBS 5 systems to the new NBS 6 generation. An increase in the share of distributor sales may also put pressure on the gross margin, but overall, we expect the company to achieve its first profitable financial year in 2025 without significant one-off license fees.

Eyes on 2026 and the progress of strategic partnerships

Nexstim's current guidance for 2025 expects revenue to grow and EBIT to improve, which we believed was practically certain at the beginning of the year. For 2026, we forecast revenue of 15.2 MEUR and EBIT of 2.7 MEUR. The cornerstone of growth remains the Brainlab collaboration, which strengthens the distribution power of Nexstim's diagnostics systems. The company has previously stated that the collaboration will bear more fruit starting in 2026. The recent sales permit in the United Arab Emirates demonstrates the expansion of geographical coverage, and Brainlab plays a key role in this development.