And also affordable… But a public sector doctor doesn’t want savings; instead, they whine for additional funding for everything. In Singapore, someone wiser just said about the price of this test that it’s easy to make it a routine due to its affordability.
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It’s almost time! Boston Heart is organizing a webinar about the Nightingale Health check on the 21st.
Speaking will be Peggy Daly, Jeffrey Barrett, Charles Alessi, and Antti Kangas
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Here’s a summary of the webinar. Nothing special otherwise, but that price (if heard correctly) was nice to know. The webinar will be available later as a link on Boston Heart’s website.
Boston Heart Diagnostics and Nightingale Health - Health Check
Antti Kangas CTO and Founder
Overview:
- What is Health Check, what does the report look like for a Boston Heart customer/patient.
- 13-page report: 39 biomarkers → risk for seven chronic diseases (low, moderate, high - plus a numerical value) → metabolic age. Basic stuff that those following Nightingale already know. The visual way of presenting the same thing is just slightly different.
Jeffrey Barrett Chief Scientific Officer
Scientific Basis
- Blood test based on NMR technology → measures many biomarkers at once → more information from one sample → risk identification.
- Analyzed biobank samples, followed what has happened to people (outcome) over the years => biomarkers + machine learning = risk identification.
- Excerpts from scientific publications
Charles Alessi, Chief Clinical Officer
Clinical Perspective
- By using our technology, your life will become easier!
- Faster way to get a complete picture of the patient, faster way to get information on what to focus on for the patient, faster way for clinicians to plan individualized treatments.
- Just by looking at metabolic age, you already get a huge amount of information about the patient.
- Ashley X is Charles’s own patient, “Sample” is a hypothetical case.
-Ashley X has a high BMI, poor lifestyle, many health problems, and a divorce behind her.
-Question: How to get Ashley to change her lifestyle?
- However, here is Ashley X’s result:
- So, still a low risk for CVD. But look at the bottom: the risk is HIGHER compared to an average 40-year-old. This needs attention.
- Next example:
- So the risk is high!? But compared to an average 66-year-old man, the risk is actually less. So no need to focus on him further.
Q&A
Price: If I heard correctly, the price would be 99 dollars. This is perhaps the most important takeaway from this.
PS:
Someone asked about an iollo company https://www.iollo.com/plans and what the difference is compared to Nightingale. They couldn’t really say anything about it, but a quick Google search shows at least the price point is quite different.
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The full webinar can now be found here:
From the top, “Blog” > “Transforming…”.
The price appears to be 199 USD. Mentioned at 50:40.
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Thanks, we also got the price right. As Suna said, this test falls more into the premium category in the US market.
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Different types of analyses with prices ranging from 299-459 USD. The most popular seems to be “Expanded”, priced at 399 USD.
The analysis does not seem to be anywhere near Nightingale’s analysis. The website does not describe very precisely how the analysis is performed and what it looks like.
This is probably a quite rudimentary test built quickly with limited resources for a still relatively uncompetitive market. However, the price is double compared to Boston. Not NMR-based.
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Jeffrey Barrett’s description of the scientific basis of the analysis (starting at 17m30s) is the best description of Nightingale’s difference I’ve heard so far - especially better than the CEO’s high-level overview. Similarly, Charles Alessi’s (starting at 33m) example of data usage in a clinical context is excellently practical. To my knowledge, Nightingale has not communicated such things before.
Pricing is roughly the same as Terveystalo’s. I think this is, especially for the US market, too cheap, even to the point where the price erodes credibility. EDIT: although 199 dollars is an introductory price and outside of insurance coverage. In that context, it’s an okay price - I would expect it to rise over time.
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How it’s measured
We utilize the most advanced mass spectrometry technology to quantify metabolites from your blood sample. Combined with our advanced AI, we generate personalized reports and recommendations tailored to your unique biochemical profile.
So, traditional analysis is chemical, Nightingale uses NMR, and the third method, which achieves tighter measurement accuracies but at a higher cost, is mass spectrometry.
NMR requires minimal sample handling without the need for chromatography, is easily quantitative, and provides multiple means of metabolite identification, but is limited to detecting the most abundant metabolites (≥ 1 μM). Conversely, mass spectrometry has the ability to measure metabolites at very low concentrations (femtomolar to attomolar) and has a higher resolution (∼103-104) and dynamic range (∼103-104), but quantitation is a challenge and sample complexity may limit metabolite detection because of ion suppression.
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Brain health has been in Nightingale’s risk assessments for some time now, although I haven’t noticed it in new partnerships. But here’s new related research:
New research reveals complex relationships between blood lipid levels and the risk of developing Alzheimer’s disease, the most common form of dementia. While small dense LDL cholesterol—linked to heart disease—was associated with increased Alzheimer’s risk, other markers like ApoB48 were linked to reduced risk.
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Antti Luiro has made a comprehensive report on Nightingales. 
Like other comprehensive reports, this one is also available for everyone to read.
Following successful collaboration with Terveystalo, Nightingale is now increasing its commercial sample volumes with its healthcare partners in Singapore and the United States. The company’s pilot phase customer relationships are also expected to largely progress, and we believe the company is actively negotiating new partnerships. However, we next expect to see strong growth in commercial sample volumes from the company, which would significantly reduce forecast risks. We reiterate our target price of 2.9 euros and, due to the share price increase, we lower our recommendation to ‘reduce’ (previously ‘add’).
Quoted from the report:
Nightingale’s value relies on the value of its technology and future business potential
Nightingale’s fundamental-based valuation is extremely difficult, as potential scenarios range from capital destruction to multiplication. Nightingale is still at a very early stage of commercializing its technology. In our view, the company’s value is based on the future commercial potential of its technology and its strategic value. According to our assessment, this value can be realized either through commercialization or by becoming an acquisition target.
Nightingale’s valuation involves exceptional uncertainty due to its early commercial stage, so we approach the valuation from several perspectives. In our view, there is practically no reliable method available for valuing the company, and thus the margins of error in valuation are wide. Investors must fundamentally believe in the realization of the company’s commercial potential over a longer period and also accept the risk of losing invested capital.
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Thanks for the link! Indeed, the previous comprehensive report, which had become a bit old (~2 years), was updated.
During this time, the company’s story has taken a leap forward, especially through the publication and excellently successful launch of the Terveystalo occupational health collaboration, the commercial partnerships with Pathology Asia and Boston Heart, and several pilot partnerships. Through this, clear concrete steps have been taken in the formation of the business.
Perhaps a key highlight among the changed points in the report is the angle of the company’s strategy. I have previously written about the company’s ambition to integrate into existing healthcare blood sample flows. This year, Nightingale’s thinking and focus have clarified from this (at least communicatively) to the current value chains in healthcare. In other words, the company is looking for processes in the healthcare field from multiple angles, where its test can bring clear improvements to the quality and/or cost-effectiveness of processes with small changes. In these, of course, current patient and/or blood sample flows are still relevant, but the company does not limit its targeting to them. Alongside these, there are, for example, potential applications in specialized healthcare and the life insurance sector (these are discussed more in the report)-
In essence, nothing in the company’s story has fundamentally changed since the March report; the news flow has been somewhat sparse, and primarily, the stock has risen slightly, which is why the recommendation was also changed. So, we are still awaiting new partnerships, and especially information on the development of the Pathology Asia and Boston Heart partnerships. The next additional information will come no later than September with the release of the H1 figures 
If you have any questions, just send them my way; I’ll be in the office for a couple more weeks before my holidays
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I see this as a very positive U-turn from the consumer businesses of years past. Reduced risk, lower barrier to entry for a conservative industry, less marketing need, cash flows in.
Do I remember @Antti_Luiro correctly about the change from the old report: Your forecast for cash flow positivity shifted a couple of years further, but at that point, there would still be 20 M€ in cash remaining. In the old forecast, the cash seemed to briefly run out.
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Yes, well noted, now the cash situation clearly has more buffer. The company’s cash flow has indeed been less in the red than we expected in recent years.
Behind this has been a combination of cost efficiency (the company has managed with a lean organization) and the more significant role of (theoretical) IFRS 2 expense entries for options (these were insufficiently accounted for in our cash flow forecasts, even though options for shareholders, in certain scenarios, do bring real costs through dilution in the long term).
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I conclude that it’s starting to get so busy that these responsibilities are now being distributed geographically.
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YEAH BABY
The South Savo Wellbeing Services County has agreed on piloting Nightingale Health’s blood analysis technology as part of the primary healthcare organized by the Wellbeing Services County. In cooperation with the South Savo Wellbeing Services County, Nightingale Health’s disease risk-identifying test will be made available to over 100,000 people.
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Two other wellbeing services counties may also join in the autumn.
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Great news – we’ll get impressive public healthcare references. If only the other wellbeing services counties could also be secured. It’s interesting how the significance of this news is interpreted abroad and if the first fluctuations are seen on the OTC trading platform. I’m not holding my breath, but this seems to be the first major news since trading on that international trading platform opened in March.
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