Company announcement, Helsinki 26 February 2026 at 9 am (EET)
NEXSTIM PLC'S FINANCIAL STATEMENTS BULLETIN 2025
NEXSTIM ACCELERATED GROWTH AND ACHIEVED A PROFITABLE RESULT
January-December 2025
- The company's net sales increased by 25.6% to EUR 11.0 million (8.7). Comparable net sales were 10.7 million (8.7) with an increase of 22.1%
- EBITDA was EUR 1.7 million (0.3) with an increase of 430.7%
- The operating result was EUR 0.6 million (-0,5)
- The profit for the period was EUR 0.6 million (-0.9)
- Cash flow from operating activities was EUR 1.7 million (1.9)
- System sales were EUR 6.8 million (4.8), with an increase of 42.7%. Recurring net sales were EUR 3.8 million (3.9), with a decrease of 2.8%. Licensing net sales were EUR 0.3 million
- The net sales of the Diagnostics Business increased by 23.6%, to EUR 5.5 million (4.4).
- The net sales of the Therapy Business increased by 12.3%, to EUR 4.5 million (4.0).
- The net sales of the Research and Neuroscience Business increased by 212.5% to EUR 1.0 million (0.3)
July-December 2025
- The company's net sales were EUR 6.5 million (5.6), with an increase of 16.3%. Comparable net sales were EUR 6.4 million (5.6) with an increase of 14.5%
- EBITDA was EUR 1.5 million (0.8) with an increase of 86.2%
- The operating result was EUR 0.9 million (0.3) with an increase of 168.5%
- The profit for the period was EUR 0.9 million (0.1) with an increase of 1,533.9%
- Cash flow from operating activities was EUR 1.4 million (1.2)
- System sales were EUR 4.6 million (3.6), with an increase of 29.9%. Recurring net sales were EUR 1.7 million (2.0), with a decrease of 13.0%. Licensing net sales were EUR 0.1 million
Key events after the 2025 financial year
19th February 2026 the company announced that it had received certification for the use of its NBS 6 product for post-operative rehabilitation under MDR in the European Union.
Business overview
Nexstim is a Finnish medical technology company operating in international markets. Its proprietary navigated Transcranial Magnetic Stimulation (nTMS) technology allows for personalized treatment and diagnostics for patients with challenging brain diseases and disorders. Nexstim provides solutions for non-invasive brain stimulation through diagnostic and therapy applications.
Key performance indicators
| (EUR thousand) | 7-12/2025 6 months | 7-12/2024 6 months | Change, % | 1-12/2025 12 months | 1-12/2024 12 months | Change, % |
| Net sales | 6,462.6 | 5,558.5 | 16.3% | 10,968.8 | 8,735.4 | 25.6% |
| Gross margin | 4,825.6 | 4,298.4 | 12.3% | 8,459.4 | 6,901.4 | 22.6% |
| Gross margin, % | 74.7% | 77.3% | - | 77.1% | 79.0% | - |
| Adjusted comparable gross margin | 4,725.6 | 4,298.4 | 9.9% | 8,159.4 | 6,901.4 | 18.2% |
| Adjusted comparable gross margin, % | 74.3% | 77.3% | - | 76.5% | 79.0% | - |
| Personnel expenses | -2,380.4 | -2,502.4 | -4.9% | -4,972.1 | -4,784.5 | 3.9% |
| Other operating expenses | -1,561.5 | -1,784.5 | -12.5% | -3,229.2 | -3,347.0 | -3.5% |
| EBITDA | 1,467.9 | 788.4 | 86.2% | 1,708.5 | 321.9 | 430.7% |
| Operating result | 882.9 | 328.8 | 168.5% | 636.5 | -535.4 | - |
| Profit for the period | 912.0 | 55.8 | 1,533.9% | 573.2 | -892.3 | - |
| Earnings per share | 0.13 | 0.01 | 1,454.6% | 0.08 | -0.13 | - |
| Diluted earnings per share (EUR) | 0.10 | 0.01 | 1,392.1% | 0.06 | -0.11 | - |
| Cash flow from operating activities | 1,351.2 | 1,181.4 | 14.4% | 1,665.8 | 1,881.0, | -11.4% |
| Cash in hand and at bank | 2,676.8 | 3,864.4 | -30.7% | 2,676.8 | 3,864.4, | -30.7% |
| Total equity | 4,182.1 | 3,699.9 | 13.0% | 4,182.1 | 3,699.9, | 13.0% |
| Equity ratio (%) | 39.7% | 31.2% | - | 39.7% | 31.2% | - |
Future outlook for year 2026
The company estimates its net sales to grow and operating result to improve.
Mikko Karvinen, CEO of Nexstim:
The second half of 2025 continued Nexstim's positive development path in terms of net sales growth and especially improvement in profitability. During H2 2025, we achieved total revenue of EUR 6.5 (5.6) million, representing growth of 16.3%. The gross margin increased by more than EUR 0.5 million from the comparison period, reaching EUR 4.8 (4.3) million, and higher U.S. customs duties did not have a significant impact on the financial result for the end of 2025. We also aim to minimize the impact of these duties in future periods by taking them into account in new system sales proposals. We were particularly pleased with the positive result development during the second half of the year, with the review period's profit amounting to EUR 0.9 (0.1) million, an increase of 1,533.9%. Full-year 2025 net sales grew by 25.6% to a record EUR 11.0 (8.7) million. Due to the growth of net sales and gross margin, as well as cost control, we also achieved positive development in full-year EBITDA, which was EUR 1.7 (0.3) million, an increase of 430.7%. The full-year operating profit was, for the first time on a comparable basis, positive at EUR 0.6 (-0.5) million including non-recurring license income, and similarly the profit for the period was EUR 0.6 (-0.9) million. The result was supported by one-time license payments of EUR 0.3 million related to Sinaptica's exclusive agreement for full-year 2025. I thank Nexstim's customers, employees, partners, and investors for the continuation of this record-breaking development.
Business Update
We have continued to grow both our Diagnostics and Therapy businesses through new system sales in our key markets in the United States and Europe. The growing installed system base provides recurring net sales, increasing stability and predictability in our operations.
The Diagnostics business grew by 23.6% in 2025, with net sales reaching EUR 5.5 (4.4) million. During 2025, we delivered a total of 19 new diagnostic systems. More than 260 diagnostic systems have been sold to research universities and leading hospitals worldwide. We achieved a strategic milestone in October 2025 by receiving MDR certification for our NBS 6 diagnostic system in the EU. Following this, we announced that the NBS 6 system has also received FDA marketing and distribution clearance for preoperative mapping of the motor cortex and language areas in the United States.
Nexstim began marketing and selling the NBS 6 system for preoperative mapping of the motor cortex and language areas in the EU and the United States at the end of 2025. We are pleased that more of our customers choose to use Nexstim systems for both diagnostic and therapy purposes. NBS 6 is a new combined system built on Nexstim's unique, clinically established technology. Its modular system design enables easy addition of new features to existing systems. Most of the diagnostic systems delivered during 2025 included both diagnostic and therapy applications.
The Therapy business grew by 12.3% in net sales in 2025, reaching EUR 4.5 (4.0) million. Growth was mainly driven by a 33.9% increase in Therapy system sales compared to the previous year. During 2025, we delivered a total of 14 dedicated therapy systems to the United States, Europe, and other regions. In addition to these, therapy applications were delivered as part of both Diagnostic and Research & Neuroscience systems. At the end of December 2025, there were a total of 135 Nexstim systems worldwide with a therapy application installed (52 in the U.S. and 83 in Europe and other regions) for the treatment of depression and chronic neuropathic pain. This figure includes NBT® and NBS 6 systems as well as NBS systems equipped with the optional NBT software.
With the introduction of our new strategy period, we now also report Research & Neuroscience business net sales separately, which grew by 212.5% in 2025 to EUR 1.0 (0.3) million. This rapid growth is due to sales of a total of four research systems and the EUR 0.3 million license payment from Sinaptica.
In addition to the systems already delivered, we had an open order backlog of one undelivered system at the end of December 2025.
In June 2024, we announced disagreements related to the licensing of our developed technology to the U.S. medical technology company Magnus Medical, Inc. Nexstim received additional details from them regarding the launch of their first commercial product. Based on our own analysis and that of a third party, these details led to a disagreement regarding the use of the licensed technology. Nexstim continues to gather further information about Magnus Medical's commercial product and plans further actions to protect its financial interests and intellectual property rights in accordance with the long-term agreement. The company currently does not expect to receive royalty income from Magnus Medical in 2026. Due to ongoing discussions related to the disagreement, Nexstim does not currently provide an estimate of the total value or financial expectations of the royalty period.
Nexstim's cash position on 31 December 2025 was EUR 2.7 (3.9) million, and the cash flow from operations for the full year was EUR 1.7 (1.9) million.
Strategic Focus on Growth and Profitability
In line with Nexstim's 2025-2028 strategy, we focused in 2025 primarily on profitable net sales growth, and our sales forecast for 2026 also looks promising. Growth is supported by our strengthened global distributor network through our strategic partnership with Brainlab, from which we will now benefit particularly in the marketing and sales of our newly approved NBS 6 diagnostic and therapy system in the United States and Europe.
Our strategy enables individualized and effective patient treatment and diagnostics in severe brain diseases and disorders. Our first strategic objective for 2026 is to continue profitable net sales growth and improve the operating result. Growth and profitability of both our Diagnostics and Therapy businesses play a central role in minimizing future capital requirements on our path toward sustained profitability. We also want to highlight our research, neuroscience, and clinical partners as key strategic customer groups as we advance new features, business models, and indications for our future systems.
Our second strategic objective for 2026 is to successfully support the long-term collaboration between Nexstim and Brainlab, while expanding our partner clinic and collaborator network. Combining Nexstim's technological expertise and first-class services with Brainlab's innovative and high-growth-potential products-well aligned with Nexstim's offering and global hospital customer base-will create maximum value for patients, neurosurgeons, hospitals, and shareholders.
Outside Brainlab-exclusive areas, Nexstim continues independently developing, marketing, and selling its products and services globally across existing and future neuroscience research solutions and therapy applications. Nexstim's own sales organization, together with distributors and business partners, continues work in these areas. The parties have also agreed on certain gross margin targets related to payments Nexstim receives from system sales (including service agreements) in Brainlab's business area. The 2025 gross margin target of EUR 4 million was achieved, and therefore no guaranteed payment was recognized as part of the Diagnostics business' full-year revenue. The gross margin target for 2026 is EUR 4 million.
As our partner clinic network expands, Nexstim systems will be installed at neuroscience clinics, and new investments may be made into clinic service companies in the United States. Investments made to date have generated returns through our minority ownership. Nexstim's investment company, Nexstim Investments, LLC, aims to expand Nexstim's partner clinic network in the United States in cooperation with carefully selected top experts in the field. We continue to develop this collaboration model, enabling treatment of more patients in the U.S. with Nexstim's TMS technology and bringing best practices to other markets. During this strategy period, we aim to increase the number of Nexstim systems and treatment sessions at partner clinics.
Our third strategic objective for 2026 is to further strengthen our technological leadership by improving and innovating the NBS 6 neurosurgical workflow and the TMS-EEG research interface. These developments will support deeper integration into Brainlab's product workflows and further facilitate the work of our TMS-EEG research customers, including Sinaptica. Continuous development of new product generations and new modules is a key part of Nexstim's 2025-2028 strategy.
Building Future Growth Pathways
Our system clearly stands out from other TMS systems currently on the market that do not have navigation capabilities. In the future, the need for navigation is likely to grow even stronger to treat brain diseases more comprehensively using technology. This may open new TMS treatment markets for Nexstim beyond major depression and chronic neuropathic pain. Our products' technological leadership, ease of use, and scalability of additional modules create an attractive foundation for partnership-based growth.
Nexstim has a letter of intent with Sinaptica Therapeutics, Inc. ("Sinaptica") regarding the development, manufacturing, and delivery of Sinaptica's patented precision neuromodulation system for the treatment of Alzheimer's disease and MCI (mild cognitive impairment). The system is based on Nexstim's NBS 6 medical TMS and neuronavigation system technologies and related software, including an integrated EEG software. The system will be integrated into Sinaptica's proprietary cloud-based personalization engine (MAINTAIN).
As part of its agreements with Nexstim, Sinaptica commits to ordering the research systems it needs for clinical trials from Nexstim, and Nexstim will not commercialize its technology in the Alzheimer's field independently or with partners other than Sinaptica. As announced in June 2025, the agreed exclusivity was conditional on payments totaling EUR 1.5 million to Nexstim. Under the agreement reached in December 2025, Nexstim agreed to receive EUR 0.5 million in cash and EUR 1.0 million in convertible loan notes to fulfil these payment obligations. Nexstim has received EUR 0.5 million in cash by the reporting date, of which EUR 0.3 million was recognized as revenue for 2025. The exclusivity fee will be recognized over time.
The planned partnership would be a global, 10-year exclusive arrangement. The financial structure includes an exclusivity fee, milestone-based development project payments, and sales of clinical and commercial systems. The milestone-based project and clinical system purchases are defined in more detail in the final agreements, which may be amended during negotiations. The long-term exclusivity arrangement depends on signing the final agreements before the end of 2026.
We have worked closely with the Sinaptica team and successfully delivered the first prototype research systems in 2025. At Nexstim, we are committed to our cooperation with Sinaptica and support them in validating and delivering research systems on their path toward new clinical studies. The investment made at the end of the year further strengthens our strategic partnership with Sinaptica. Our expectations for the collaboration remain positive, and we continue to actively work toward advancing the partnership.
Building Shareholder Value
Our expectations for 2026 are positive. Our current business is strongly focused on the EU and the United States, but with new partnerships, we continue to expand the reach of Nexstim's technology increasingly into the Asian markets. Nexstim remains determined in developing individualized and effective methods for treating and diagnosing severe brain diseases and disorders. We strongly believe our work will support long-term shareholder value through stronger competitive advantages, rapid growth, and improved financial performance.
Nexstim's business areas
Nexstim focuses on commercializing its NBS System 6 system across all its business areas. The NBS 6 system is based on a unique transcranial magnetic stimulation technology (navigated Transcranial Magnetic Stimulation, or nTMS), which enables individualized, precise, repeatable, and non-invasive stimulation of the brain. The modular system concept allows the customization of the system's features based on the customer's clinical and research needs.
Diagnostics Business
- The NBS System 6 diagnostic system, developed by Nexstim, is the only CE-marked and U.S. FDA-approved non-invasive solution for mapping the brain's motor cortex prior to brain tumor surgery. The diagnostic system helps surgeons prepare better and operate more proactively to remove the tumor, as the brain's language areas and motor cortex can be mapped accurately before surgery.
- The development and distribution collaboration agreement signed at the end of 2024 with Brainlab SE represents a significant opportunity to increase system and service sales volumes within the Diagnostics business.
- More than 260 systems equipped with diagnostic capabilities have been sold to research universities and leading hospitals around the world.
Therapy Business
- The NBS System 6 system has CE-marking for the treatment of major depression and chronic pain, as well as post-operative motor rehabilitation. The NBS 6 is FDA-cleared for use in the treatment of major depressive disorder (MDD).
- In addition to the continuous development of system and service offerings, the Therapy business focuses on expanding operations through partner clinics and other forms of collaboration. New therapeutic indications also create growth opportunities.
- There is an active installed base of 135 commercial systems with therapy capabilities across four continents.
Research and Neuroscience Business
- At the core of the Research and Neuroscience Business is the sale of Nexstim systems and support and development services to leading research hospitals and clinics, supporting their key opinion leaders (KOLs) at the forefront of technological and clinical development.
- Within the international research community, there is particular interest in developing therapies based on stimulating brain network connectivity. Nexstim's unique electric-field-based neuronavigation has proven especially useful and necessary in this area.
- TMS-EEG diagnostics and methodology-based therapy development is an emerging area of interest in research. Here too, neuronavigation and Nexstim's real-time EEG (electroencephalography) software are particularly valuable and are attracting increasing attention.
Publication of financial information
The annual report for the financial year that ended on 31 December 2025 will be published on 5th March 2026. The company's half-year report January-June 2026 (H1) will be published on Friday 14th August 2026.
Results briefing on 26 February 2026
The company will hold two webinars for the media, analysts, and investors on Thursday 26th February 2026. Mikko Karvinen, CEO, and Joonas Juokslahti, CFO, will present the company's financial and operational results, and will answer questions.
The first live webinar will be in Finnish, starting at 10.30 am (EET). The second webinar will be held in English at 3 pm (EET).
Webinar details:
To attend the webinars, please register via the links below. Registered participants will receive more information via email.
Webinar in Finnish on 26 February 2026 at 10:30 am (EET): Sign up here >>
Webinar in English on 26 February 2026 at 3 pm (EET): Sign up here >>
Helsinki 26/02/2026
Nexstim Plc
Board of Directors
Further information is available on the website www.nexstim.com or by contacting:
Mikko Karvinen, CEO
+358 50 326 4101
mikko.karvinen@nexstim.com
The company's Certified Advisor is Carnegie Investment Bank AB (publ).
About Nexstim Plc
Nexstim is a Finnish, globally operating growth-oriented medical technology company. Our mission is to enable personalized and effective diagnostics and therapies for challenging brain diseases and disorders.
Nexstim has developed a world-leading non-invasive brain stimulation technology for navigated transcranial magnetic stimulation (nTMS) with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain.
Nexstim's Diagnostics Business focuses on commercialization of the NBS System 6, which is the only FDA-cleared and CE-marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain.
Nexstim's Therapy Business markets and sells the NBS System 6 which is FDA-cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBS 6 system is CE-marked for the treatment of major depression, chronic neuropathic pain as well as post-operative rehabilitation of motor deficits of the upper limb.
Nexstim shares are listed on Nasdaq First North Growth Market Finland.
For more information, please visit www.nexstim.com
