If I’ve counted correctly, then without administrative registrations, 14,880 were added and 17,631 were removed. So, no major change.
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Hello, good questions. Nexstim’s modeling in the coming years relies on quite a few individual factors, which is why communicating forecasts is sometimes difficult. But this is a good place to break them down in more detail.
2025 revenue forecasts consist of: organic growth of the TMS market + Brainlab + expected positive development from the NBS6 launch at the end of the year + 50% of Sinaptica. The timing, phasing, and other contract terms of the Sinaptica deal are largely unknown, so I considered it more realistic to spread the revenue over two years. Therefore, this will not result in a decrease in our calculations for 2026.
Regarding Magnus Medical, we previously had an additional 11 MEUR in sales-based license fees, in addition to the 3.5 MEUR advance payment. Due to disagreements, this was halved to 5.5 MEUR, which will roll upwards incrementally starting in 2026. So this explains part of the growth, especially from 2027 ->.
The aforementioned drivers: organic growth + Brainlab + new market openings + potential new indications, also affect the longer term.
Visibility into development starts to be quite limited when looking as far as 2027, meaning exact calculations can only be relied upon to a limited extent. The idea is more that certain positive drivers will materialize, as well as some slowdowns.
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Could someone smarter explain with certainty the term “gross margin target” for the Brainlab-Nexstim cooperation? “The gross margin target is 4 million euros.” Does that mean that 4 million is direct profit?
If so, then Nexstim has practically already exceeded last year’s equipment sales revenue (4.8 million), because there were five undelivered devices from last year and now 4 devices + Sinaptica’s test device have been sold.
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Hi, thanks for the answers. This clarifies well the assumptions I wondered about regarding timings and opens up options for the binary case. I personally estimate Sinaptica to generate revenue slightly more positively/quickly, and in the Magnus Medical case, I expect a more pessimistic scenario to occur, because once a disagreement has arisen and no solution has been found for over half a year, the more pessimistic scenario carries more weight in my books. Summa summarum, regarding the overall picture, I think about growth similarly, albeit with slightly different emphases. Thank you very much for the answer. 
It would be good to elaborate on these thoughts and probabilities a bit more in future reports (they have already been somewhat elaborated upon, of course), especially now that we are in a rather binary situation regarding the future. It would make it even easier to form one’s own conclusions based on reading the analysis. In any case, thank you for the quick and good answer!
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Yes, that’s how it is. Individual things get written into reports, but no one can really get a complete picture from them. Now the situation has changed so much that even broad communication is not helpful. This did give me some ideas on how to tackle the issue in the future
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Tero Weckroth, sold for just over €30k.
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Köpi sells, insiders sell. It’s a good price for a loss-making business, indeed.
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Weckroth thus sold all 4433 shares he owned (as a private individual), but as of 28.2. still owned 137,491 shares through WRCC Consulting. Mikko Karvinen said on Thursday that insider information has prevented him from investing for the past couple of years. However, insider information did not prevent a board member from selling on Friday and today?
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Voisi kuvitella että on päässyt käymään esimerkiksi sellainen tilanne että vaihtovelkakirjaa on silloin aikoinaan tullut merkattua niin paljon kun vaan suinkin on saanut rahaa irroitettua ja nyt on sitten jotain kuluja, bullet-laina tai vastaavaa rahanmenoa ja oli pakko jostain irroittaa rahaa. Myydähän saa silloin jos sisäpiiritietona tietää että kurssi tulee nousemaan. Ostaminen ei ole silloin mahdollista.
- The purchase of financial instruments is possible (regardless of the trading program) if it is objectively justifiable to assume that the inside information you possess is clearly negative for the price of the financial instrument.
Correspondingly, the sale of financial instruments is possible if the inside information you possess can be justifiably assumed to be clearly positive for the price of the financial instrument.Such information may in itself be inside information, but the condition for using or benefiting from inside information is not met in these situations. According to Recital 23 of MAR, the prohibition of insider dealing should apply where a person who possesses inside information uses that information by acquiring or disposing of, for his own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates.
Note, however, that the markets may react to the inside information you possess and which will be disclosed later differently from how you, for example, as someone who may know your company’s affairs more deeply, assess it. Therefore, resort to this possibility only exceptionally and when you are sufficiently certain of the information’s impact on the price of the financial instrument.
Of course, it is also possible, but unlikely that Tero is not an insider in all projects.
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if insider information is positive, buying is prevented, but not selling.
If insider information is negative, selling is prevented and buying is allowed.
In this case, the CEO has not been able to buy shares according to their own words.
Can any conclusions be drawn from this? Perhaps. The sale is also quite small financially, 8500 euros.
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Let’s correct that the total sale price of shares sold on Friday and today was €38,654. As of this writing, the value of the shares remaining for Weckroth has fallen by €98,994 today alone.
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Nexstim had made it onto such a list. It was suggested there that the “Fair value” would be 16.75e. Don’t know where that number comes from, but it suits me.
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Here is Antti’s latest company report on Nexstim. 
Nexstim’s share price has fallen sharply in recent days, and as a result, the risk/reward ratio has once again become attractive. We are therefore raising our recommendation to Add (previously Reduce) and reiterating our target price of 9.0 euros. The company recently published its financial statements, so there have been no changes in the outlook. We are therefore keeping our forecasts unchanged in this update. We expect strong revenue growth in the current year, supported by the Brainlab and Sinaptica agreements. Additional potential comes from the launch of the new NBS6 combination device. On the uncertainty side, the Sinaptica agreement, in particular, involves many unknown factors that could significantly impact the stock’s outlook and forecasts.
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Yesterday, Neuronetics had its earnings release, and after that, the stock jumped almost 19% again. Currently, the market cap is already $282 million (vs Nexstim $62 million).
Here is a summary of the content of that earnings release:
Positive
- Revenue growth: Q4 up 11% YoY to $22.5M, full-year up 5% to $74.9M
- Strategic acquisition of Greenbrook TMS completed
- $21M cost synergies realized from Greenbrook acquisition
- Secured additional $10M funding from Perceptive Advisors
- Raised $18.9M through secondary offering
- FDA clearance for adolescent treatment expansion
Negative
- Q4 net loss increased to (12.2M) from (5.4M) YoY
- Full-year net loss widened to (43.2M) from (30.2M)
- Q4 gross margin declined 1,140 basis points to 66.2%
- U.S. NeuroStar system shipments decreased to 46 from 59 in Q4
- Operating expenses increased 28% in Q4 2024
The amount of losses just keeps growing, but they are certainly painting a bright and profitable future after the full utilization of the Greenbrook acquisition. It is well-known that mergers and acquisitions always involve a lot of risk, and most M&A integrations fail, but it will be interesting to see how they fare. It’s possible that there will be more offerings along the way before a positive future truly awaits.
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Neuronetics’ costs and loss are growing significantly more than revenue, and more money needs to be pumped into the company.
Nexstim’s trends are significantly more in the right direction, and the cash position also seems to be in good order.
If I had to choose between these two, which one to invest my money in, Nexstim’s operations certainly convince me more. Nexstim’s revenue should grow a bit faster, but this is inevitably happening this year anyway.
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Annual report, please.
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With these transactions announced today, the talk about a desire to buy, which was present during the earnings release, suffers a bit. Here, @Mikko_Karvinen_Nexst has financed the exercising of those options by selling off shares. However, if there was a strong desire to buy, wouldn’t that effect have been achieved by not selling in this context? Is there some kind of trading program or similar behind this, or did Mikko make the decision to sell?
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Yep. The actions seem a bit contradictory if they genuinely wanted to buy more, as they implied in the interview. However, they still sold a good 5K€ more than was needed for that subscription. Taxes must be paid on sales, but they probably won’t be due until over a year from now. Of course, isn’t that sale also insider trading? That apparently means that no bad news can be coming?
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As a further clarification to this discussion, here’s my perspective as a Nexstim investor. As Nexstim announced today, I subscribed for 12,554 Nexstim shares with options on Monday. As an insider, I chose the subscription moment so that the H2 and full-year 2024 earnings release had been made and the market had also had sufficient time to process this information. I subscribed for the new shares with cash and then yesterday, Wednesday, I sold enough old shares to cover the earned income taxes incurred from the subscription, approximately €30k. In these option subscriptions, earned income taxes are withheld from salary after receiving the shares, so one must always prepare for that in some way.
Before the subscriptions, I owned a little over 30 thousand Nexstim shares, and now, after the aforementioned subscriptions and sales, slightly less than 40 thousand. For me, this net increase is a significant addition to my Nexstim ownership, and with it, I also belong to the top 20+ largest owners of Nexstim. I have been a Nexstim shareholder since 2014 and have always considered it important in my role as CEO to also own shares in the company. I will continue to aim to increase my ownership in the company whenever possible, taking into account both insider trading regulations and the liquid assets at my disposal.
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Thank you for commenting. This nicely clarified the situation and removed the need for speculation.
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