Merry Christmas and a prosperous New Year!
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Antti Luiro’s comment on Tuesday’s (Dec 23) press release:
Nexstim announced on Tuesday that it has agreed with Sinaptica Therapeutics on the next phase of their exclusive agreement. The agreement ensures the continuation of the collaboration until 2026, but the payment arrangement has been modified from the original cash-based plan to be weighted toward convertible bonds. The news puts downward pressure on our 2025 forecasts due to the structural change, although the progression of this strategically important collaboration is positive for the company. We will review our forecasts after the turn of the year.
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The year isn’t wrapped up yet. Deals keep rolling in.
An NBS 6 system for a new customer in the US.
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What are this year’s confirmed sales volumes so far vs 2024?
According to my ”records”… year 2024, 24 units and year 2025, 29 units + Sinaptica and potential Brainlab deals. I don’t know about the last two. Best New Year 2026 to everyone.
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The September business update showed 16 delivered and 7 undelivered units. I assume these already include at least one Sinaptica device. If I calculated correctly, 10 devices have been announced since the start of October, so the total count including those announced in Q4 would be 33 devices. On top of this, there are potential Sinaptica and Brainlab units.
If deliveries follow last year’s pattern, two of the announced devices will remain undelivered this year.
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With the volume already announced, the result should be well into the black. Additionally, it’s worth noting Brainlab’s 4 million guarantee, of which 100k was recognized in H1, if I remember correctly. So, if there were zero Brainlab deals in Q4, then Brainlab will presumably settle something with Nexstim, which naturally improves the overall result. I don’t really think Brainlab will have to pay, so my guess is that there have been sales.
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Through Brainlab, at least 2 million will come in H2 anyway due to the guarantee. 4 million was allocated so that 2 million was for H1 and 2 million for H2. A 100k settlement from H1 means that Brainlab managed to sell 1.9 million worth during H1.. and at the beginning of the year, Brainlab’s salespeople were still sitting in Nex’s distributor course. Once the Brainlab salespeople have gotten up to speed, one could think that sales in H2 will be significantly higher than in H1.. and no press releases are issued for these deals..
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Brainlab doesn’t need to sell any devices themselves, and even then, nothing would have to be paid. Total sales are what matter. If they falter, Brainlab will have to pay that guarantee amount.
@All_Attack, exactly.
For this reason (as well), I’m happily staying on board Nexstim and still waiting for potential buying opportunities before the year 2025 is wrapped up. After all, you can always overweight an overweight position a little more.
I’d be almost ready to bet that Brainlab won’t need to dip into the guarantee pot for H2 at all. In any case, the end of the year has always been the peak sales season. When you add year-plus long sales pipelines and Brainlab’s performance since the beginning of the year to the equation, it signals a pretty high sales pace.
And today, a couple more machines to the US.
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Well suspected! Taavetti, for his part, manfully spurred on by faith and hope, declares: perhaps Nextstim will be clearly the largest investment in the portfolio by the end of 2026. And Taavetti continues in the year-end spirit that, taken literally, hopefully the neck doesn’t grow: that would mean quite a bit of eating and little exercise, but rather more movement and healthy lifestyles for everyone for next year!
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It’s great that sales are being made to existing customers! I calculated that sales of 10 devices to existing customers have been announced this year.
Yesterday, using the Internet Archive’s Wayback Machine, I delved into a snapshot of Nexstim’s website taken on January 15th of this year, specifically the “Find a clinic” section. I compared that mid-January situation to yesterday’s live website, and the following new clinics had appeared on the list:
Australia
1.Brain Aid Clinics
Canada
2.Canadian Health Solutions, Saint John
3.Canadian Health Solutions, Moncton
4.Canadian Health Solutions, Halifax
Denmark
5.Privathospitalet Mølholm
Finland
6.Satakunta Wellbeing Services County, Satasairaala
7.Kanta-Häme Wellbeing Services County, Kanta-Häme Central Hospital
8.Ostrobothnia Wellbeing Services County, Vaasa Central Hospital
9.Päijät-Häme Wellbeing Services County, Päijät-Häme Central Hospital
10.South Savo Wellbeing Services County, Mikkeli Central Hospital
11.Lapland Wellbeing Services County, Lapland Central Hospital
Germany
12.Universitätsmedizin Rostock
13.Universitätsklinikum Heidelberg
14.Universitätsklinikum Augsburg
15.Klinik der Universität Ulm
16.Klinikum Bayreuth
Greece
17.ANAPLASI Rehabilitation Center
18.AHEPA University Hospital
Hong Kong
19.HealthyMind Medical Centre
20.Unique Mind Centre
21.University of Hong Kong
Poland
22.Wojewódzki Szpital Specjalistyczny nr 5 im. św. Barbary
USA:
California
23.Zuckerberg San Francisco General
24.NeuroHealth Treatment Centers
Illinois
25.Geode Health Rockford
Iowa
26.University of Iowa
Minnesota
27.Mayo Clinic
Missouri
28.SSM Health Saint Louis University Hospital
Montana
29.Community Hospital of Anaconda
Nevada
30.Delve Psychiatry
New Jersey
31.Siddhartha Center for Clinical Neuroscience
Ohio
32.Cincinnati Children’s Hospital
Texas
33.VASAV Health & Healing
34.Brain Health Consultants and TMS Center
35.Alamo Neurosurgical Institute
Wisconsin
36.UW Hospitals and Clinics
So, a total of 36 new locations have appeared on the list, and then on top of that, those 10 devices sold to existing customers.
Not all sold units have been added to the “Find a clinic” section on the website either. As an example, this device sold to the Turtle & The Hare TMS Centre in Hong Kong was already announced in June but has not been added to the list: Nexstim - Press-release
I believe that devices sold late this year haven’t had time to be added to the list yet. That’s why I took the early-year situation as of January 15, 2025.
Additionally, there was information in some video that Sinaptica has at least 3 sites in the early stages of research, so at least 3 devices have been sold.
So, with this math, we would reach figures like these:
New clinics added to the website: 36
Announced sales to existing customers: 10
To Sinaptica: 3
Total 49 devices
On top of this, then, are the devices that, for example, Brainlab has sold during this last quarter and have not been announced or added to the website. Furthermore, there are units like the one for Turtle & The Hare that haven’t been added to the website for one reason or another.
In my own calculations, this year is firmly in the black based on announced devices alone, but I think a quite positive surprise is coming by February at the latest, in connection with the H2 announcement.
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Great analysis with a fresh out-of-the-box perspective.
A world-class company is being built here!
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I have owned Nexstim since 2021, but the biggest additions were made this year and last—the most recent ones at the price peaks following the FDA clearance for NBS6. My average price is a bit over ten, and the weight in my portfolio is outrageously high.
Even though one should approach investing rationally, Nexstim manages to send electrical impulses to the emotional side as well. Having lost a very close person to a brain tumor, investing in a company focusing on brain area diagnostics feels like a no-brainer.
Having seen Alzheimer’s slowly grind older generations into the grave, one strangely hopes for a treatment to be found so that future generations might avoid the same.
And having witnessed up close how life-limiting chronic and constant pain can be, and what a widespread disease depression is and will be, it certainly wouldn’t hurt if these symptoms could be alleviated—or even cured—with a Finnish invention.
For me, Nexstim as an investment is thus both an opportunity to build wealth and a values-based way to support work that improves people’s lives. If I take a big hit, I’ll try to frame the thought as if I’ve donated to charity.
But at the moment, I believe building wealth “with the good guys” is more likely. And that view is supported by both cold facts and potential—not just emotional faith in the future.
As has been ably noted on the forum, with the already announced devices, Sinaptica payments, and Brainlab’s guaranteed margin, a positive result for 2025 is a done deal. In February, we’ll see what kind of surprise awaits in the income statement regarding devices sold by Brainlab.
Patience is a virtue, and Brainlab’s momentum likely won’t accelerate until 2026. The NBS6 clearance came relatively late this year, and it has been pointed out many times that sales cycles are long in this industry.
If we achieve the analyst-predicted EPS of 0.56 for 2025, then even with a fairly moderate P/E ratio, a significantly higher share price would be justified. Even though the Sinaptica deal structure changed, I remain optimistic about the future. In any case, the research requires Nexstim’s devices, and in the best-case scenario, the real Holy Grail looms years away.
A few highlights on why I’m not selling, but trust that Nexstim’s growth will continue for years:
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The installed base is growing rapidly; more expensive add-on modules and recurring license fees scale the revenue. A sustainable foundation is being built that will bear fruit for years to come.
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As a turnaround company, Nexstim will likely pop up on the radar of larger players in a completely different way if/when the result turns profitable. Trading volume is currently very low and the number of shares is small. So, if interest awakens, the move upward could be fast.
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Brainlab is just warming up before the extensive distribution networks are properly harnessed and the sales blitz begins.
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The Sinaptica collaboration benefits Nexstim even if a cure/effective treatment for Alzheimer’s isn’t ultimately found. But if it is, the 10-year exclusivity guarantees a delicious positioning for the future.
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Healthcare megatrends, new initiatives, and research lines: what all can Nexstim’s devices be used for in the future? Alzheimer’s treatment is just one of many possibilities.
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Takeover bid: it wouldn’t be the first time a promising Finnish company was bought off the stock exchange before the rise really gets going. I’m not hoping for quick wins, but I see this as a very possible scenario in the near future.
And in the name of realism, a few possible challenges and question marks:
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Expectations are likely already partially baked into the current price, as individual trade news doesn’t move the price much. My guess is we’ll hover around this level until late February, at which point we’ll head in one direction or another. However, every trade announcement supports this current valuation level.
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Uncertainty caused by changes in communication: It’s understandable that not every deal can or should be announced, but this leaves a veil of uncertainty until the results are released.
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Magnus Medical: will there be more surprise costs? I haven’t budgeted for positive news from this front—hopefully, the stock price hasn’t either.
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Failure of the Sinaptica collaboration: if the final agreement were to fail for reason X, it would have a significant impact on the current price. However, the exclusivity agreement already made lowers this risk to a very small level. The convertible bond can be seen as a risk, but I see positive opportunities there too if/when Sinaptica and Nexstim break through together.
It has been exciting already, but my feeling is that we’re only at the beginning.
Thanks to @Mikko_Karvinen_Nexst and partners for the journey so far, and thanks also to @Kyhnykeisari and other diligent forum members who dig up golden information about the company.
A profitable year 2026 to everyone!
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I took one clinic from the list of new clinics made by @Kyhnykeisari and checked its website to see if I could find information on when the Nexstim device was put into use, and there were many interesting publications where it became quite clear that this navigated TMS is the treatment method that is by far the best.
A publication from September mentioned that they use the Nexstim device.
Edit
Spotted on one clinic’s website. What seems to connect all of these is that the importance of navigation is being touted. Another thing that stands out is that there is quite a lot of talk about other treatment indications besides depression and pain.
In this way, neuronavigated rTMS produces a precise, repeatable method of neuromodulation. As rTMS takes place over several sessions, it is important to be sure that the same area of the cerebral cortex is stimulated each time, and the most accurate method is with a neuronavigated system.
In medical terms, rTMS is a relatively new therapy, and it has been explored in a number of neurological conditions. To date, international guidelines recommend rTMS for the following [5]:
Acute paralysis of the hand from motor stroke.
Drug-resistant unipolar depression.
Neuropathic pain.
Additional studies are currently investigating the effects in stroke aphasia, chronic stroke, motor neuron disease, and other neurological and psychiatric illnesses [6].
Since 2016, Anaplasi Medical Rehabilitation Center has been one of the few rehabilitation centers in the world to offer neuronavigated rTMS. Owing to its non-invasive nature, our patients have found it to be an easily tolerated treatment with some remarkable results.
In addition to the established protocols for hand paralysis after stroke, we are offering our patients hand stimulation with a robotic glove at the same time as neuronavigated rTMS is taking place, and then immediate hand therapy as part of their rehabilitation program. As noted before, a person’s mood can greatly influence their motor skills. At Anaplasi, we provide each patient with a personal rehabilitation program that includes mental and social support so they can be sure of the best rehabilitation outcome.
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No groundbreaking changes among the top 100..
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I thought I’d keep digging and tried to find some list of their references or users on Brainlab’s website, but I couldn’t find a more extensive list.
On this nTMS page Nexstim nTMS and Brainlab Elements | Brainlab a few testimonials were highlighted, and this Mitchel Berger from the University of California San Francisco location talks about the benefits of the device, but that University of California San Francisco location isn’t listed on Nexstim’s lists at all.
He sees patients at two locations: Mitchel Berger, MD - Neurosurgery, Pediatric Neurosurgery | UCSF Health
Neither is listed as a user of the device according to Nexstim’s website.
So one could assume Brainlab sold the device to one or perhaps both of those locations?
Edit. It turns out he is already a long-time Nexstim user, but for some reason, those locations of his are not listed on the website: Nexstim - Dr. Berger at 2018 DGNC
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Antti Siltanen does not speculate on unannounced sales in his analysis.
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Forecasts can then be raised significantly when the numbers surprise and the price is cruising past 20 euros.. 
(Pulling a so-called Bittium..)
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Business is picking up!
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