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Analyst Comment

Nexstim's NBS 6 received MDR certification for post-operative rehabilitation

By Antti SiltanenAnalyst
Nexstim

Summary

  • Nexstim announced that its NBS 6 system received MDR certification in the EU for post-operative rehabilitation, specifically for upper limb motor rehabilitation after brain tumor surgery.
  • The certification allows the system to be marketed and sold in the EU, supporting both pre-operative mapping and rehabilitation when surgery affects upper limb functionality.
  • The certification is based on a multi-center study showing that navigated rTMS therapy combined with physiotherapy improves post-operative recovery, enhancing the system's attractiveness through diversified indications.
  • The NBS 6 system's modular design allows it to be tailored to customer needs, and the new certification is expected to strengthen its position, particularly among customers performing pre-surgical mapping.

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Translation: Original published in Finnish on 02/20/2026 at 07:20 am EET

Nexstim announced on Thursday that it has received MDR certification in the EU for its NBS 6 system for post-operative rehabilitation. The certification enables the marketing and sale of the system in the EU for upper limb motor rehabilitation after brain tumor surgery. Customers can now use the system for both pre-operative mapping and patient rehabilitation when surgery has caused problems with upper limb functionality. The news supports our growth estimates and, in our view, increases the attractiveness of the system through the diversification of indications.

Certification supports customers who perform mapping

The new certification for the NBS 6 system concerns the treatment of upper limb motor deficits that have arisen or worsened as a result of brain tumor surgery. According to the company, Nexstim's technology is used in this context as an adjunct therapy in motor rehabilitation. The certification is based on a multi-center study conducted at several prominent neurosurgical units, which demonstrated that a combination of navigated rTMS therapy and physiotherapy improves post-operative recovery.

We believe that the new indication is a good addition to Nexstim's therapy area offering, even though its immediate commercial potential is more limited compared to, for example, depression treatment. We estimate that the user base consists mainly of diagnostic customers who use the NBS 6 system for pre-operative mapping and can now expand the use of the system. For new customers, we believe the certificate makes the system a more attractive acquisition due to the new indication.

NBS 6 platform flexibly adapts to mapping and therapy

NBS 6 is Nexstim’s latest generation of systems, whose modular design allows the system to be tailored to each customer’s needs. The system already has MDR certification for pre-operative mapping of motor and speech cortices, and for the treatment of depression and chronic neuropathic pain. We believe the new certification strengthens the position of the NBS 6 platform, particularly among customers performing pre-surgical mapping. We expect the certification to particularly support the development of distributor sales through Brainlab, as customers can be offered solutions for an increasing number of indications.

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.50.625.3
EV/EBITDA189.928.216.4

Forum discussions

Yrittajat.fi – 13 Mar 26 Nämä yritykset nousivat AAA-luokkaan – Katso lista Yrittajat.fi julkaisee viikoittain AAA-luokkaan päässeiden yritysten...
1 hour ago
by Jatast
10
The TMS therapy market is said to grow at a 9–10% CAGR far into the future. Brainsway and Nexstim are indeed growing significantly faster. Brainsway...
yesterday
by Ledificazione
24
In my opinion, Brainsway has successfully demonstrated that in the TMS industry, it is easy to continue growing a strong result after a profitability...
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by Kyhnykeisari
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An interesting summary article on the efficacy, benefits, pricing, pharmacological treatment, and more regarding TMS in relation to Alzheimer...
3/11/2026, 8:29 AM
by AccionHombre
22
Could this be it: hankintailmoitukset.fi Hilma
3/10/2026, 2:19 PM
5
It went to the public sector, so at some point it must have been in Hilma.
3/10/2026, 7:46 AM
by ekoira
3
hankintailmoitukset.fi Hilma I wonder if it’s this one or if this is something else? I don’t think this has popped up here yet?
3/10/2026, 7:30 AM
by Hannu
5
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