I’m just stopping by here to sound off with a low threshold and apologize in advance, but was the €0.8m Sinaptica license fee included in the forecasts? Without that, all the figures would be pretty weak, and the bottom-line results in particular would turn downright terrible.
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On the other hand, on the other side of the scale, there is a one-off expense of €0.6m due to financing. So the net effect of these is +€0.2m.
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Funding rounds are notoriously expensive, and that has likely been factored into the forecast. Although, of course, it does weigh down the figures in this report on a one-off basis.
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Nexstim published its long-term financial targets for the first time:
• Average annual revenue growth of over 20%.
• Operating profit margin of over 20%.
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Hi, I had assumed 1 million from Sinaptica for H2, so on an annual basis, we are roughly in line with the assumptions.
However, it was not assumed for H1, and the top-line beat is explained by this Sinaptica payment.
It was indeed factored in, but clearly on the low side.
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That 0.7 million from Brainlab was interesting, considering that 0.1 million was recognized from the warranty provision last year. So, the sales targets were not met in H1. Of course, that doesn’t matter as long as they get sales moving in the future.
I wonder what the H1 vs. H2 ratio is for that 4 million in warranty provisions? Since 7 diagnostics systems were delivered, could it be 50/50? The same 7 diagnostics systems were delivered last year, yet there is a 600k difference now, so that’s at least a couple of devices. I seem to recall that Nexstim kept the Finnish sales for diagnostics for itself. That is not Brainlab’s territory; could the difference be explained by this?
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Nexstim H1’26: Strong growth driven by Sinaptica license fees - Inderes Nexstim H1'26: Vahvaa kasvua Sinaptican lisenssimaksujen vetämänä - Inderes
In that interview, Mikko says that Nexstim shook hands on its last proprietary deals on the diagnostics side during H1. This likely explains that discrepancy.
A surprisingly muted reaction to this point, considering the company has moved forward tremendously compared to the time when people were willing to pay over €16 for this.
Thanks to @Mikko_Karvinen_Nexst and the entire team for the fantastic work!
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It seems that we need something extra for it to really take off. For example, 10-20 more for Brainlab, or strong in-house sales, a new move in a new direction, or perhaps clear evidence of the advantages of Nexstim’s device in BCI research. Right now, it feels like everyone wants to be sure that something other than a minus sign remains at the bottom line.
I agree that, on the whole, this looks good. Of course, it would be time soon to unveil something new, so we could get some talking points around here.
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Antti’s comments:
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Press release, Helsinki, 19 August 2026 at 9 AM (EEST)
Nexstim Receives NBS 6 Therapy System Order from New US Customer
Nexstim Plc (“Nexstim” or “Company”) has received an order for an NBS 6 from a new customer in the United States. The system will be used for therapeutic applications.
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Why would a board member be selling their shares at this point? Nexstim - Tero Weckroth
Nature of the transaction: DISPOSAL
Detailed transaction information
Aggregated transaction information (1):
Volume: 2968 Average price: 9.2102 EUR
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I wonder what sudden need for cash has hit that board member. If one can conclude anything from that, it’s that there’s nothing coming in the near future, at least, that could lower the share price. Assuming, of course, that we are following good corporate governance and the like.
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Good question. Why sell 2% of one’s shares when you know what insider selling does to the share price? Weckroth also sold a small number of shares in March 2025, so this sale is hardly worth worrying about.
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No rises in sight either… wouldn’t be selling if there were…
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Weckroth likely doesn’t know how hardware sales will perform at the end of the year. Or do you believe he does, and are you drawing conclusions from that?
He still has 134,000 shares left, which is more than anyone on this forum.
Noise.
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A long-standing European client is upgrading their current system to NBS 6. There’s a nice level of activity in terms of orders, and personally, I’m not worried about the sales of Kakkonen or Weckroth.
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A new research report once again confirms the strength of personalized and measurable stimulation. In other words, exactly the kind of higher-quality treatment that Nexstim has been talking about.
https://www.hcplive.com/view/lower-tms-intensity-correlates-depression-improvement
AI translation aid:
"So, two patients given the same 120% rMT may not receive the same dose to the cerebral cortex at all.
This is therefore very concrete evidence of one of the strengths of Nexstim’s technology:
With Nexstim, it is possible to calculate what the TMS is actually doing to the patient’s cerebral cortex, rather than just how strongly the stimulator delivers the pulse."
If only this would eventually materialize into revenue at some point.
edit. the trade release was already posted above, so I removed the repetition.
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Trade announcement on the Nordnet side. Why is there no notification on their own website or on X? The previous trade also remained in the dark.
Yes, these are on the Nexstim website:
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On the English pages yes, but not on the Finnish ones. Even the press release was only sent via email in English.