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Research

Nexstim: New year starts in a mixed atmosphere

By Antti SiltanenAnalyst
Nexstim
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Nexstim’s 2023 revenue grew to some 7 MEUR, but EBITDA was below the guidance. Thanks to good sales in late 2023, we raise our forecasts slightly. The valuation picture is moderate, but the company’s situation is also twofold. Continued good development and license income that will start later can turn cash flow around and enable future growth investments. On the other hand, a seasonally quieter H1 can freeze moneyflows and increase the likelihood of a financing round , putting pressure on the stock.

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 Figures03.01.2024

202223e24e
Revenue9.57.08.8
growth-%48.9 %-26.6 %25.7 %
EBIT (adj.)0.8-1.1-0.4
EBIT-% (adj.)8.8 %-15.6 %-4.8 %
EPS (adj.)0.18-0.17-0.07
Dividend0.000.000.00
Dividend %
P/E (adj.)22.8neg.neg.
EV/EBITDA22.0neg.539.4

Forum discussions

2023 also went down to the wire. Hopefully, with Brainlab, this seasonality would even out at least a little. It’s certainly difficult to change...
12/5/2025, 8:56 AM
by Kyhnykeisari
9
It looks like it’s going down to the wire again, but that’s how it went last year too:
12/4/2025, 7:37 AM
by Kyhnykeisari
23
canhealth.com CABHI awards $2.8M to advance the brain economy | Canadian Healthcare Technology TORONTO - The Centre for Aging + Brain Health...
12/3/2025, 10:19 PM
by Jatast
18
Biostock – 3 Dec 25 Nexstim: from Helsinki to a global brain revolution Finnish Nexstim's vision is to offer personalized diagnostics and therapy...
12/3/2025, 9:10 AM
by Kyhnykeisari
20
linkedin.com #neuromodulation #alzheimers #defaultmodenetwork #medtech #ctad25 | Sinaptica... Today at the 18th Clinical Trials on Alzheimer...
12/2/2025, 5:27 PM
by Jatast
10
It seems there has been an update to that shareholder register, and that’s why it looks wrong. Leena still has the same number of shares as ...
12/2/2025, 8:40 AM
by Kyhnykeisari
5
Leena Niemistö also bought personal shares, but apparently didn’t need to issue any announcement?
12/2/2025, 8:37 AM
by Hannu
0
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