Translation: Original published in Finnish on 9/10/2026 at 7:40 am EEST.

Nightingale Health announced on Wednesday that it had formed a partnership with the Croatian biotechnology company, Genom. The agreement will make Nightingale’s blood analysis and disease risk predictions available through Genom’s network of clinics and laboratories across Croatia. We view this news as a positive step forward, demonstrating the growing international commercial demand for the company's technology. As with other recently announced private-sector partnerships, we estimate that the initial volumes of this agreement will remain limited for the time being, thus also limiting its immediate financial significance. The news therefore does not cause immediate changes to our forecasts.

Established partner opens the door to the Croatian market

Genom is an established player in Croatia with an existing network of partner clinics and laboratories across the country. The partnership model follows Nightingale's familiar B2B strategy: the local partner offers the test to its own customers, and Nightingale is responsible for analyzing the blood samples. We consider it particularly positive that the commercial agreement was preceded by three completed pilots, which have already verified local demand and the operating model. Genom's network provides Nightingale with a ready-made, credible distribution channel for entering a new market, and the companies aim to expand the test's use nationwide in Croatia.

Economic scale is built over the long term

Nightingale has recently announced several new initiatives in the private healthcare sector, and the collaboration with Genom continues this trend. While this news inspires confidence in the company's technology, we estimate that its significance to Nightingale's overall picture will be moderate initially. As we have emphasized before, the scalability of Nightingale's business model and the turnaround in profitability require the long-term development of high-volume partnerships. The service will be rolled out in Genom's network later in 2026, and the growth of test volumes depends on local clinics' customer acquisition efforts. We will monitor the ramp-up of the cooperation with interest. However, from the perspective of company value creation, we primarily monitor the scaling of the volume of previous major partnerships (such as with Terveystalo, Pathology Asia, and Boston Heart), as well as potential new, extensive healthcare agreements.