Translation: Original comment published in Finnish on 4/25/2024 at 10:43 pm EEST

 One of the company’s business targets was to conclude contracts in medical research with a total contract value of at least 3.2 MEUR during the financial year July 1,  2023 – June 30,  2024, which was achieved a few months before the end of the financial year. Considering the news flow of recent months, achieving the target was not a big surprise. Our forecasts already included an expectation of more research revenue than the targeted amount for the current financial year, so the release does not cause immediate pressure on forecasts. However, contract deliveries are probably not expected to happen during the current financial year, so contracts also provide a base for next year's revenue.

Research clients generate a good small income stream, even though commercial breakthrough is sought elsewhere

From the perspective of the foundation of Nightingale’s growth story, we consider it valuable that the company can maintain its position as a blood analysis provider for research operators. We believe the growth in research data strengthens the company’s moat in the research segment, as we suspect that blood samples analyzed with the company’s technology constitute significant comparable research data globally.

However, in the short term, the significance of customer relationships in the research segment is currently limited for the company. In terms of Nightingale’s commercial breakthrough, we consider the progress of the ramp-up of Terveystalo and pathology Asia customers, as well as possible news on signing agreements aimed at analyzing recurring large blood sample flows key.

On the other hand, some research clients belong to the same group of companies with clinical operators. Servicing such customers in research use in addition to strengthening basic revenue and the scientific base of the technology also gives Nightingale the option to expand the customer relationship into more commercially significant clinical use in the future.