And an EEG device 
. EEG might generate good business.
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This is exactly the kind of news I have been hoping and waiting for – as have many others, I’m sure. A TMS-EEG NBS 6 device to a new customer to map out new clinical applications. Nexstim’s devices are in very active research use, and universities are consistently publishing articles. The road from research to commercial applications is long, but it is likely that new uses that will strongly increase device sales will emerge over time.
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Bittium’s EEG device is supplied to Sinaptica. Is there any information on whether this could also be the case in the deal announced today, or are EEG devices from many different manufacturers used in these? -username Long-term Bittium owner
There is no certain information, but I would assume that we will go with the same setup as with Sinaptica. So Bittium also got business here.
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Yesterday’s device apparently went to Mayo Clinic for epilepsy treatment:
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Now this is seriously good. Perhaps the world’s leading research clinic/institute.
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In addition to individual trades, it would be appropriate to occasionally pay attention to potential corporate arrangements that may occur over the next few years, so here is some of my own speculation. I hope you will comment on your own thoughts on these speculations, so that we can certainly broaden our ideas and add different scenarios.
Over the past two years, Nexstim has transitioned from a situation where its business was considered a niche-level TMS technology provider to a situation where the company would be a strategically valuable piece for many large medtech players in the rapidly growing neuro field. The change is strong, and it is financial, commercial, and above all, strategic.
This change is driven by three megatrends:
- The breakthrough of neuronavigated TMS into the mainstream
- Rapid development of treatments for brain diseases (depression, pain, Alzheimer’s, epilepsy, spinal cord injuries, etc.)
- Large medtech companies seeking new growth platforms at the interfaces of neurotechnology
When Nexstim’s own development is added to this: increased diagnostics revenue, a rapidly growing therapy side, the global launch of the NBS 6 product, and new strategic partnerships, a natural setting emerges for corporate arrangements to become relevant in the very near future.
Here are my thoughts on what Nexstim’s potential arrangements might look like in 2026–2028, who the potential buyers are, and on what grounds individual parts of the company might become acquisition targets.
1. Nexstim is increasingly a company with two businesses
Nexstim now has two differentiated, but technologically common, businesses:
1) Diagnostics (NBS5/NBS6 diagnostics)
- The only FDA- and CE-approved navigated TMS for surgical speech and motor cortex mapping.
- Over 250 systems worldwide.
- Growth accelerates with the distribution and development agreement signed with Brainlab.
- The NBS 6 diagnostics product received EU MDR certification and FDA approval in 10/2025.
2) Therapy (NBT & NBS6 therapy)
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FDA approval for the treatment of major depression and CE mark for depression + chronic pain.
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Sales are growing rapidly (2024 therapy side growth +41.8%).
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Sinaptica collaboration for Alzheimer’s disease treatment can multiply the business.
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New therapeutic targets are constantly being researched, and for example, spinal cord injury and epilepsy hold great future potential. Research is conducted at world-class universities and organizations, such as Mayo Clinic.
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The NBS6 device platform enables the sale of new applications as software modules, allowing new applications to be quickly deployed to the market and Nexstim to access high-margin “software business”.
These two businesses will be so different in the future that several buyers may be interested in different parts. This also enables spin-off + sale type arrangements.
2. Brainlab collaboration is a “silent corporate action” that could lead to an acquisition
Brainlab’s collaboration agreement is a strategic turning point. The agreement includes:
- Distribution and development cooperation (Brainlab sells Nexstim’s diagnostic products alongside its own neurosurgical products. Nexstim’s diagnostic device naturally fits at the beginning of Brainlab’s own workflow.)
- Capital investment (1.1 million euros + option for an additional 4.0 M€ via warrants. By exercising the warrants, Brainlab would become Nexstim’s second-largest shareholder)
- Gross margin minimum target (4 M€ for 2025), which Brainlab guarantees to Nexstim
This structure resembles a typical “staged takeover”. Brainlab:
- integrates Nexstim’s technology into its own platform
- takes over global distribution
- ensures Nexstim’s profitability
- increases its ownership stake with options
It is difficult to see Brainlab not considering acquiring the diagnostics business entirely, especially if NBS 6 sales begin to grow as expected in the USA and Europe in 2026.
Brainlab’s IPO was canceled, and the reason may be a possible future takeover bid for all of Brainlab
In the summer of 2025, Brainlab prepared for listing, but the IPO was canceled. This changes the dynamic:
- The company may end up being sold entirely (buyer e.g. Medtronic, Stryker, GE Healthcare). These example buyers generate more profit annually than Brainlab’s entire market value would have been if the listing had materialized.
- A new owner may also want to acquire Nexstim’s diagnostics business at the same time, to ensure complete integration.
This makes diagnostics a strong acquisition candidate for 2026–2028.
3. On the therapy side, Sinaptica and the gigantic Alzheimer’s market bring great potential
Sinaptica’s 10-year planned exclusive collaboration with Nexstim for the treatment of Alzheimer’s disease is strategically enormous:
- Nexstim supplies the core technology for the SinaptiStim device, which is based on the NBS6 device and an EEG module supplied by Bittium.
- Phase 3 clinical trials are expected to begin within 2025.
This is based on strong scientific evidence from several studies, such as this 12-month Phase 2 study, which show a significant slowdown in the progression of Alzheimer’s disease. However, Alzheimer’s cannot be cured completely, so maintenance treatment is needed regularly. This, of course, also increases the number of devices required.
If Sinaptica receives FDA approval for Alzheimer’s treatment, there will be plenty of buyers
Alzheimer’s is a multi-billion dollar market. It would not be surprising if buyers included, for example:
- Boston Scientific
- Abbott
- GE HealthCare
- Medtronic
The logic for most:
- They do not want to buy only Sinaptica, but they want to buy the technology platform on which Sinaptica’s SinaptiStim is based, i.e., Nexstim’s therapeutic business.
This could raise the valuation of the therapy side to a completely different level than the current market value suggests.
4. The entire Nexstim could be acquired even before 2027
The company’s operations are now:
- growing
- profitable
- cash flow positive
- strengthened by partnerships
- technologically unique
- regulatory ready (NBS 6 FDA + CE)
This is an interesting combination from the perspective of larger players. Small technology firms that have just turned profitable are often acquired before they grow too large.
Possible buyers for the entire company:
- Brainlab (if it wants full integration)
- Medtronic / Stryker (if Brainlab itself is sold)
- Boston Scientific / Abbott (therapy business + Alzheimer’s)
- GE HealthCare (expanding strongly into neurotechnology)
When?
A takeover bid for the entire company could come as early as:
- 2026: if Brainlab sees demand for Nexstim’s devices and wants to take all the benefits into its own hands, or wants to increase its own valuation by growing the company’s size
- 2026–2027: if Sinaptica’s initial results are promising and the Alzheimer’s market heats up
- 2026–2028: if Nexstim’s revenue doubles and the company grows at such a pace that it makes sense for larger players to make a takeover bid before the company becomes “too expensive”
5. Scenarios 2026–2028: Which are the most likely?
Below is an assessment of three main scenarios:
Scenario 1: Brainlab acquires Nexstim’s diagnostics business
Justification:
- Full commercial integration already underway
- Nexstim’s largest business is an excellent fit as part of Brainlab’s other offerings
- Brainlab / its buyers certainly have a desire to take full control of the TMS segment
Scenario 2: Sinaptica’s Phase 3 succeeds and the therapy side is sold to a large medtech company
Justification:
- The Alzheimer’s market will explode
- Sinaptica specifically uses Nexstim’s modular NBS 6 system
- Large healthcare giants will not miss this if Phase 3 succeeds. Alzheimer’s is healthcare’s biggest unsolved holy grail.## Scenario 3: The Entire Nexstim is Taken Private
Rationale:
- Nexstim turns profitable (2025)
- The company is still relatively small, and there are many potential buyers in the market for whom acquiring Nexstim, even with a large premium, would be just one “product development project” among others. Of course, in this project, the products are already ready to realize their commercial potential.
- Several types of buyers would benefit from the technology, either by integrating it into their own operations or by investing capital to grow the company through sales and marketing and then selling the company forward.
Summary: Nexstim is in a situation where corporate arrangements are not a possible scenario, but a probable outcome
Nexstim is no longer a “small Finnish medtech company”, but:
- a global standard technology for diagnostic surgery (Brainlab collaboration)
- a rapidly growing therapy provider (depression + pain)
- a potential future key technology in Alzheimer’s treatment (Sinaptica)
- a potential solution to major problems, such as spinal cord injury and drug-resistant epilepsy
- at a financial turning point (operating profit positive for the first time in 2025)
These elements combined make the company strategically very attractive.
In my opinion, it’s more a question of who buys, not if Nexstim will be bought.
What are others’ thoughts?
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Everything is possible. Point 4, and when the company’s business is just about to boom, buyers will be eager before the value skyrockets, so my view is, it will be sold as a whole as early as 2026, and there will be competition for the price.
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Sounds like quite possible developments, assuming everything proceeds favorably.
It is also possible that sales inquiries about the company have already reached Nexstim’s Chairman of the Board and largest owner, Leena Niemistö. But so far, no reasonable offer.
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I personally hope that Nexstim is not bought or split up. Nexstim’s growth might be surprisingly rapid, and if this rapid growth occurs and the outlook remains favorable, will the main owners want to sell or develop a top Finnish company? Nexstim has a credible model for long-term profitable operations. I truly hope that not all Finnish expertise is sold off.
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I have pretty much the same thoughts. I don’t want any acquisitions to happen, at least not yet. This is one of the few stocks I don’t see as overpriced; it
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This brings its own twist to the sales and acquisition discussion:
“With warrants, Brainlab can subscribe to 790,000 new shares of Nexstim at a subscription price of 5.00 euros per share by March 31, 2027.”
So, after that, Brainlab would own approx. 12.6% of Nexstim. The company will receive 3,950,000 euros, which is a reasonable sum of money.
What then makes sense for Brainlab? To try to buy all of Nexstim, to carve out the diagnostics for itself, or to remain an owner and support Nexstim’s development? At first glance, carving it out would sound like the dumbest option for everyone.
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Agreed. I would like this expertise to stay here, and not be sold off.
This is a new source of pride for us Finns!
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Of course, I myself don’t hope or wish that Nexstim would be sold right now when a period of rapid growth is ahead and the stock valuation is low, but precisely for those reasons, buyers are likely interested in the company right now.
If the sales of diagnostic devices start to pick up even slightly as expected, then driven solely by that business, the market value could multiply already during next year. Even then, one would still get for free the potential future growth opportunities related to Alzheimer’s, epilepsy, spinal cord injury, Parkinson’s, OCD, addiction treatment, and others. It must also be noted that the amount of research related to nTMS has been growing rapidly in recent years, and new commercial applications will probably soon emerge from the research pipeline.
So, even though from a shareholder’s perspective it might not be a good time to sell right now, from a buyer’s perspective, now could be a really good time to buy.
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I also consider Roche a fairly strong buyer candidate if and when its time comes..
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Not even Novo Nordisk became a challenger to Synaptical https://www.reuters.com/business/healthcare-pharmaceuticals/novo-nordisk-says-alzheimers-drug-trial-fails-meet-main-goal-2025-11-24/
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By the way, a little perspective on those buyer discussions. Novo Nordisk makes over 20 billion in profit quarterly. On that scale, it probably wouldn’t feel bad to pay a couple of billion for a Nexstim + Sinaptica package, even in cash. Of course, buying with their own shares would be “free” through the share price increase after the trade announcement.
Well, we’re not at those valuations yet, but if Sinaptica’s phase 3 goes well, the game changes.
Today, due to that failed Alzheimer’s trial, Novo’s market value has decreased by approximately 15 billion dollars.
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Today, Brainlab seems to have launched NBS6. I saw it on LinkedIn and Instagram, at least.
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Here is a link to Brainlab’s website.
“The clinical value of using Nexstim nTMS technology has been firmly established, with over 170 publications on over 7,000 patients.”
“Brainlab and Nexstim
join forces
Brainlab and Nexstim have started a collaboration by signing a development and distributorship cooperation agreement. Together, the two companies will develop new solutions and improved workflows in the neurosurgery field.”
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This “Join forces” is indeed a great way to highlight the partnership. Brainlab and Nexstim are, however, quite different-sized companies (still). Brainlab could have just stated that Nexstim’s device is now on our sales lists, available for purchase. This commitment by Brainlab to promoting the partnership and the device is truly fantastic. I suspect that Nexstim’s device is also important for their business development.
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