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Nightingale expands to Croatia

HEALTHAnalyst Comment10.09.2026, 08.14
Antti SiltanenAnalyst
Discuss

Summary

  • Nightingale Health has partnered with Croatian biotechnology company Genom to offer its blood analysis and disease risk predictions through Genom's clinics and laboratories in Croatia.
  • The partnership follows Nightingale's B2B strategy, with Genom providing a distribution channel, and is supported by successful pilot projects that confirmed local demand.
  • While the partnership is a positive development, the initial volumes are expected to be limited, thus having a moderate immediate financial impact on Nightingale.
  • The long-term significance of this partnership depends on scaling high-volume collaborations, with the service rollout planned for later in 2026.

This content is generated by AI. You can give feedback on it in the Inderes forum.

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.

Nightingale Health operates in the medical technology sector. The company specializes in the development of medical technology products. The product portfolio is broad and includes platforms and services within blood analysis that are used for disease prevention purposes. In addition to the main business, service and related ancillary services are also offered. The business is operated globally with the largest presence in Europe.

Read more on company page

Key Estimate Figures11.06

202526e27e
Revenue4.75.910.2
growth-%7.7 %25.9 %71.7 %
EBIT (adj.)-19.4-17.8-13.9
EBIT-% (adj.)-413.7 %-301.2 %-137.3 %
EPS (adj.)-0.30-0.29-0.21
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.

Forum discussions

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yesterday
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2
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by Aruzo
3
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Using Google’s NotebookLM and some semi-manual adjustments, I created a PDF presentation that aims to illustrate the results of this new Kaiser...
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6