Nightingale’s deal flow keeps a healthy beat
Summary
- Nightingale Health announced two new proteomics service agreements, each valued at 1 MUSD (~0.9 MEUR), following a major contract in September and several smaller partnerships over the summer and fall.
- The agreements involve analyzing 10,000 UK Biobank blood samples for neurodegenerative diseases, extending the company's recent successes in proteomics.
- The newly announced contracts are expected to be recognized as revenue primarily in the current financial year, with a lower project margin compared to Nightingale's own NMR technology.
- Nightingale guides for revenue of at least 10.0 MEUR in the current financial year, with the new agreements providing a boost to short-term figures, while long-term value creation focuses on scaling clinical partnerships with recurring revenue.
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Translation: Original published in Finnish on 10/29/2026 at 7:45 am EET.
On Wednesday, Nightingale Health announced two proteomics service agreements (1, 2), each valued at 1 MUSD (~0.9 MEUR). The news follows the major proteomics contract signed in September and several smaller partnerships announced over the summer and fall. These one-off projects put upward pressure on our forecasts for the current financial year, and we will update our model accordingly shortly.
New proteomics projects in quick succession
Under both agreements, Nightingale will analyze 10,000 UK Biobank blood samples using a test panel from US-based Alamar Biosciences focused on neurodegenerative diseases. One of the clients is Alzheimer’s Research UK and the other LifeArc. In late September, the company announced a proteomics contract worth 6.5 MUSD (~5.8 MEUR) with the Michael J. Fox Foundation. That project will analyze 60,000 samples using the same technology. The new agreements thus extend the company’s run of successes in proteomics. We estimate that the newly announced contracts will be recognized as revenue primarily in the current financial year (2026/2027). We have previously estimated that the project margin on analyses using a partner’s technology is likely lower than on Nightingale’s own NMR technology. The relative earnings impact of these projects is therefore smaller than in the company’s own NMR-based business. Beyond proteomics, Nightingale has announced numerous other contracts and partnerships over the summer and fall. We estimate these to be mainly small individually, but together they support the company’s growth. The precise value of this deal flow will only become clear in future reports.
Research revenue provides important support for the coming years
Nightingale guides for revenue of at least 10.0 MEUR in the current financial year. Before the new agreements, our revenue forecast for the current financial year was 12.0 MEUR. The two additional contracts, worth ~0.9 MEUR each, thus provide a welcome boost to the company’s short-term figures and reduce the risk in our current-year forecasts. Although individual research projects bring the company important cash flow and strengthen its position in medical research, they are project-based and non-recurring by nature. From the perspective of long-term value creation, our main focus therefore remains on how the company’s own clinical partnerships with recurring revenue (such as Pathology Asia and Boston Heart) scale up in the coming years.