Will you still be disappointed if another 15-25 devices are ordered towards the end of the year? I wouldn’t be surprised if this shop gets sold for 200-300 million euros within a few years. Whether Niemistö would sell at that price is another matter.
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In theory, maybe yes, but as volumes rise, this strikes a layman as somewhat odd behavior. Right now, the distributor ordered an additional 10 systems outright, even though 7 units of the old ones were still unsold. And presumably all 17 units were still unsold 2.5 months later. What was the point of ordering 10 more systems if the old ones haven’t even been sold yet? I’d understand if ordering them helped avoid something like paying a minimum margin guarantee, but to my knowledge, that isn’t the case.
Yes, it did say that, but referring specifically to the above, it felt very strange that the same distributor just keeps ordering more systems even when they can’t manage to sell the old ones. I was wrong. Hands up, my bad. I don’t doubt for a second that they’ll get them sold before the end of the year. They definitely will. But they fooled me into thinking that deliveries had already taken place during Q3, since they supposedly had to order more systems right away.
Like I said, I intend to hold on to my shares and possibly acquire more. I strongly believe the share price will be considerably higher in the future than it is right now.
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So has the distributor ordered more on top of that previous batch of ten, even though there was unsold stock left from the previous one? And where does this show up? It’s certainly going to make estimating the demand for additional machines toward the end of the year tricky if that’s the case 
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Of course, we can’t know for sure whose ordered hardware systems have been delivered and whose haven’t. I’m assuming that the orders going directly to customers have been delivered. And the 2x10 orders placed by the distributor will remain in the order backlog until end users are found for them.
The order backlog as of June 30, 2026, was 7 systems. I assume all of them are from that 10-unit distributor order announced on June 11, 2026. I find it unlikely that they would be from an older order, since the end users for those were already known.
Between July 3, 2026, and September 4, 2026, 21 hardware orders were announced. That figure included one 10-unit order for this same distributor, as well as 11 separate single-system orders.
During Q3/2026, 9 systems were delivered, and the order backlog as of September 30, 2026, was 17 units. So I’m assuming those 17 distributor orders are still undelivered (one was delivered to Portugal this month, but that slipped into Q4). In addition, two orders have disappeared from the backlog entirely.
So these are purely my own assumptions. Everyone should make their own assumptions—or not.
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Regarding the first order of ten units, it was stated: “The systems are to be delivered to the United States and European Union during both H1 and H2 2026”, and regarding the second: “The systems are scheduled for delivery during the second half of 2026”, and for both orders there was a mention: “The systems ordered include diagnostic features as well as therapy modules.”
Surely the end buyers are already known for all of them. I doubt Brainlab would try to guess which features are needed for which device.
Today’s review stated: “From this position, it is very good to continue towards the typically busiest order and delivery season of the final quarter of the year.” Let’s hope that this peak ordering season brings another additional order from Brainlab, and that those devices will then be delivered mainly in H1/2027.
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I’ve been under the impression that press releases are published once the deal is done, meaning the device is sold and a contract has been signed. Nexstim doesn’t seem to keep devices in stock; instead, they are built to order as requests come in, which is why delivery takes time. Different customers want different features in their devices, and that’s another reason why keeping inventory is difficult, especially when a single device costs hundreds of thousands and even one pre-built, undelivered unit is a huge miss.
Nexstim gets the money once the device has been delivered. Nothing more complicated than that? Assembly is handled by a subcontractor, and if there is an unfulfilled order backlog, assembly is running constantly.
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It’s pretty likely that the 2x10 order is sales for Nexstim that will be recognized in H1 and H2. Otherwise, it wouldn’t have been announced like that.
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If you want to puzzle out what has been delivered and what hasn’t, last year in H1 they reported 7 diagnostic systems, and of Brainlab’s H1 minimum gross margin commitment (€2M), €0.1M was recognized as revenue. This year in H1, the same 7 diagnostic units were reported, but €0.8M of the minimum gross margin was recognized—meaning, were some of these actually Nexstim’s own sales after all?
There are 16 separately announced deals (i.e., excl. the 10-unit orders). Based on the announcements, my guess is that a few therapy systems are also yet to be delivered. So, my own rough guess is that 10–15 systems remain undelivered from Brainlab’s 10-unit orders. If Brainlab were ordering for inventory just to avoid paying the minimum gross margin, they would have already ordered systems earlier in H1; so yes, the rest will be delivered during H2 as stated. Personally, though, I think it’s unlikely we’ll see another 10-unit order from Brainlab this year, perhaps just some individual units.
I skimmed through these figures and sales fairly quickly, so there might be errors.
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It would definitely be good to hear more extensive reasoning for arranging the share issue. That is, what were the specific compelling reasons to act this way, as I was under the impression that the reason was urgency? What was money needed for so quickly? Could @Antti_Siltanen ask about this if he gets to interview the CEO at some point?
Now, the arrangements for the share issue included, among other things, financing the exercise of insider options. This is apparently a somewhat normal practice, but to a shareholder, it comes across as a rather strange way to acquire ownership in the company.
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I found an interesting article. I wonder if Nexstim is developing a multi-coil device? Could this be a future competitor for Nexstim?
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I could imagine that Nexstim is involved in this, as they are using Nexstim’s device in their research and Nexstim’s “father” Risto Ilmoniemi is acting as a guinea pig. If the results are excellent, Nexstim will buy out this startup and the founders will become Nexstim shareholders, a win-win.
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Hi,
If I remember correctly, this was already covered in the H1 interview, as it was on many people’s minds back then.
My own assessment is that the reasons include: 1) negative cash flow after investments in H1 and debt repayments, 2) working capital needs as deliveries grow in H2, 3) the opportunity to broaden the shareholder base.
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Here are Antti’s fresh comments
Nexstim published its Q3’26 business review on Wednesday. The number of system deliveries shows clear growth compared to the comparison period, which was already known based on previous trade announcements. Sales development is in line with our expectations, so we are not making any changes to our forecasts based on the report. Reaching our full-year forecast requires a typically active remainder of the year in terms of sales, which we consider very achievable.
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What if the offering proceeds are also needed to develop the next-generation device? Or to buy one?
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Bittium Medical has the BrainStatus EEG device, which is also used in Sinaptica’s demo device, but Bittium has announced that Medical will focus on cardiology and sleep apnea in the future. Would it make sense for Nexstim to acquire the BrainStatus business from Bittium?
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In the interview, reasons were indeed given for the need to raise the equity ratio, but not for why it had to be done through a financing round that discriminated against existing shareholders. The CEO explicitly stated that “we were in a reasonably good position, but in the longer run, difficulties might have arisen without an equity injection.”
It’s been almost half a year since then, and this particularly weighty financial reason has still not become apparent.
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