Inderes analyst commentary regarding the 10-device order.
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Ja uudella kaupalla aamuun 
.
Nexstim Plc (”Nexstim” or ”Company”) has received an order for an NBS 6 from a neurology clinic in the United States. The customer is new to Nexstim and will use the system for therapeutic applications.
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Research is also being conducted globally: https://www.sciencedirect.com/science/article/pii/S2772529426002432
The study examined 14 patients who had undergone the removal of a tumor from the Supplementary Motor Area (SMA).
Following early nTMS, motor functional capacity improved by an average of
+2.1 MRCS points
while natural recovery over the same period was practically non-existent.
Statistical significance:
p = 0.03
This is a small study, but the result exceeds the traditional 0.05 threshold.
And while this alone does not bring money into the till, it supports the TMS thesis in various scenarios. Therefore, further studies are needed.
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Does anyone have on record how many were sold in total during H2 2025?
I’ve lost that and can’t easily find it by scrolling 
EDIT: Apparently 33 were sold in 2025.
During the financial year, the company sold a total of 19 new diagnostic systems; 7 to North America and 12 to Europe and the rest of the world. Sales and marketing of diagnostic systems have primarily focused on universities and teaching hospitals, where so-called key opinion leaders (KOL) work, whose medical specialty is neurosurgery or radiology. To date, Nexstim has sold a total of over 260 diagnostic systems.
During the financial year, the company sold a total of 14 new therapy systems; 9 to North America and 5 to Europe. At the end of the financial year, our global installed base in the therapy business totaled 135 systems (52 in the United States and 83 in Europe and the rest of the world), including all systems with therapy functionalities. In the United States, clinics use therapy systems for the treatment of major depression. In Europe and the rest of the world, the systems are used for the treatment of both major depression and chronic neuropathic pain. In addition to the commercial systems mentioned above, several therapy systems are used worldwide in renowned universities, other research communities, and for reference and key opinion leader (KOL) purposes.
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Excluding Sinaptica, 2025 H1 11 units, H2 …21 units…orders. These are according to my own tracking.
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Well, it’s actually a pretty good situation; we’ve just started H2 and we’re about five machines behind last year’s sales. With the next announcement of 10 machines, we’ll surpass last year’s numbers.
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Kyhnykeisari’s forecasts are significantly higher than Inderes’, but even they are under upward pressure. Antti will likely revise his forecasts and target price upward once he returns from his vacation.
If you follow Brainlab on LinkedIn, you’ll notice that they have been showcasing their devices quite frequently around the world this year, and some of those sales will certainly materialize within this year. However, we must keep in mind hospital budgeting cycles, as the marketing and sales work done this year will strongly reflect in next year’s sales.
So, we are growing significantly this year, but definitely even more so next year. Including the Sinaptica devices, 7 fewer units have been sold now compared to the whole of last year, and the peak sales season is still ahead. It’s going to be a wild end to the year!
Today it was a pleasure once again to load up on shares directly from the ask side, 10% below Inderes’ target price and xxx% below my own target price.
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Let’s hope we don’t see a princely €0.5–1 increase followed by a “sell” rating… On the other hand, undervaluation is a good thing, and it’s better to fly under the radar.
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Seen this all before..
My guess is 12€ and then drop. 
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I really don’t understand why people are still selling this like crazy. Personally, I see the downside as very limited at these prices; it would require some radical change in the market for the demand for these gadgets to suddenly dry up completely. And the upside is quite nice; I don’t think it’s impossible that in five years’ time, they’ll be generating 100 million in revenue. You can calculate the multiples from there, given that it’s a high-margin business.
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You see, some people aren’t looking years down the line.
You can also make (or lose) money on this with short-term trades.
I haven’t really jumped on that bandwagon myself; I’ve made one profitable trade of a few hundred shares, otherwise I’ve been a holder.
It’s the second-largest position in my portfolio right now, and I’m still considering adding more.
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Would the “king of pennies” (kyhnykeisari) care to shed some light on the updated Excel sheet based on current information, while also factoring in a realistic estimate for hardware sales for the remainder of the year?
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Things are looking pretty good so far, at least in terms of staying in line with those previous forecasts. Perhaps the fact that deals have already materialized at this point in the year has come as a bit of a surprise.
I encourage everyone to run the numbers in Excel themselves, so you know which assumptions lead to which outcomes.
Here is the Google Sheet; you should make a copy and plug in your own numbers: Nexstim - Arvaus tulevien vuosien kehityksestä - Google Sheets
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Trading volume today 55k shares, yesterday 33k. At this rate, even Köpi will run out of shares at some point.
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Patient stories from the Mount Sinai Health System regarding brain surgery. Navigated TMS and the Nexstim device are quite prominently featured.
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