Nightingale Health Plc | Stock Exchange Release | March 05, 2026 at 09:00:00 EET
Nightingale Health Group's half-year report 1 July 2025 - 31 December 2025 (unaudited)
Delivering clinical value for healthcare and moving toward 50% revenue growth, supported by a strong sales pipeline
Numbers in brackets refer to corresponding year-on-year period unless otherwise stated.
July-December 2025 (H1) key financials (IFRS)
- Revenue was EUR 2.41 (2.31) million
- EBITDA was EUR -5.37 (-4.72) million
- Operating loss was -8.80 (-9.13) million
- Net loss for the period was EUR -8.81 (-8.20) million
- Unadjusted earnings per share (EPS) was EUR -0.15 (-0.14)
- Net cash on 31 December 2025 was EUR 37.93 (30 Jun 2025: EUR 47.64) million
Significant events during the half-year period 1 Jul 2025-31 Dec 2025
- Nightingale Health was selected as the multiomics provider for a large cohort study led by Aalborg University in Denmark. The total contract value is approximately EUR 2.4 million. The project aims to understand the factors contributing to Inflammatory Bowel Disease and improve early detection of its onset. Nightingale Health will provide both metabolomics and proteomics analyses from the same blood samples.
- Nightingale Health was selected as the metabolomics analysis provider for the renowned Moli-sani study, a major population-based research initiative in Italy. The Moli-sani study, led by INM Neuromed, investigates risk factors associated with major chronic diseases. With Nightingale Health's advanced technology, the study will examine the impact of nutritional and environmental factors on health. The study also explores biological signatures associated with healthy aging and aims to identify population subgroups with different responses to preventative interventions. The total value of the agreement is approximately EUR 728 thousand.
- Nightingale Health and Terveystalo announced the expansion of their long-term collaboration with a new strategic agreement, bringing Nightingale Health's pioneering blood analysis technology to all Terveystalo customers. The partnership aims to strengthen disease prevention and make proactive health an integral part of everyday healthcare. To date, more than 200,000 Finns have already received Nightingale test results as part of their occupational health checks. The new agreement builds on the partnership established in 2021 and extends the use of Nightingale Health's analysis to all Terveystalo customer segments.
- The use of Nightingale Health's technology in public healthcare is expanding to a second Wellbeing Services County in Finland. In addition to the Wellbeing Services County of South Savo, the Wellbeing Services County of North Karelia will also adopt disease risk detection as part of public healthcare. Nightingale Health's blood analysis will be piloted in North Karelia as part of health checks for unemployed individuals, with the aim of developing a cost-effective and impactful healthcare model that helps allocate healthcare resources and strengthens preventative healthcare within the Wellbeing Services County. The pilot will generate valuable data on disease risks, changes in risk, and the effectiveness of interventions, supporting evidence-based decision-making.
- An independent study showed that Nightingale Health's blood test can help improve prevention of heart attack and stroke by 44% if used in population health screening. The test identifies high-risk individuals missed by current screening tools. The study was conducted by world-leading experts in cardiovascular risk prediction from the University of Cambridge and published in the European Heart Journal, the flagship journal of the European Society of Cardiology. The result is based on data from nearly 300,000 middle-aged Britons, modelled to assess the impact of adding Nightingale Health's blood test to the standard risk screening tool (SCORE2) used across Europe. The superior prevention is possible because the metabolomic biomarkers analyzed by Nightingale Health correctly identify more people who should be recommended cholesterol-lowering treatment. Importantly, the researchers conclude that this improvement would not increase the number of people needed to treat to prevent each heart attack.
- Nightingale Health announced a strategic partnership with Alamar Biosciences to integrate cutting-edge brain health proteomics into its multiomics portfolio. This collaboration enables comprehensive multiomics analysis from a single blood sample - available only from Nightingale Health. By combining Nightingale Health's metabolomics with Alamar's ultra-sensitive NULISA proteomics platform, which measures over 100 brain-related proteins from blood, researchers gain unprecedented insights into neurodegenerative diseases such as Alzheimer's, Parkinson's, and the lifelong processes leading up to onset of these diseases.
- Nightingale Health unveiled a new risk detection tool designed to detect the risk of dangerously high levels of lipoprotein (a). If high risk is detected, the company offers a follow-up blood test to measure the value of Lp(a) to perform a diagnosis. The risk detection tool enables cost-effective and targeted intervention, offering a powerful approach in reducing the burden of cardiovascular disease. Measuring Lp(a) is a common recommendation for everyone in many guidelines; however, testing an entire population for a single blood marker is cumbersome, ineffective, and costly. Nightingale Health's new patent-pending risk detection tool means that only those most likely to have high Lp(a) need to undergo tests for Lp(a) itself, approximately 10-20% of a given population. The solution helps correctly find high Lp(a) individuals while saving up to 80% of costs compared with measuring entire populations. Nightingale Health provides Lp(a) risk detection as part of its Health Check service.
- Nightingale Health announced that the full set of metabolic biomarker data it has generated for UK Biobank was made available to researchers. This release marks the first time that the complete metabolic profiles of all 500,000 UK Biobank participants are accessible for scientific use worldwide. While a subset of the data has been available to researchers, the final batch was released on 20 November 2025.
- Nightingale Health announced changes to its management team. Chief Financial Officer Tuukka Paavola stepped down from his position on 8 December 2025, and Chief Scientific Officer Jeffrey Barrett will leave the company by March 2026.
Key figures
| EUR thousand | Group 7-12/2025 | Group 7-12/2024 | Group 2024-2025 |
| Revenue | 2,410 | 2,308 | 4,693 |
| EBITDA | -5,370 | -4,723 | -11,123 |
| Operating loss | -8,803 | -9,131 | -19,417 |
| Net loss for the period | -8,814 | -8,202 | -18,461 |
| Equity ratio | 87% | 94% | 90% |
| Net debt to equity ratio | -65% | -77% | -72% |
| Balance sheet total | 67,043 | 80,979 | 74,513 |
| Number of employees on average | 103 | 92 | 95 |
| Employee benefits* | -4,104 | -3,990 | -8,596 |
| Net cash at the end of the period | 37,926 | 58,010 | 47,640 |
| Earnings per share (EPS), undiluted and diluted**, EUR | -0.15 | -0.14 | -0.31 |
* Employee benefits include expenses in accordance with the IFRS 2 Share based payments standard, which totaled EUR 0.56 (0.97) million in the half-year period.
** The company's potential dilutive instruments consist of stock options. As the company's business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.
From the CEO
One of the most important questions of our time is how to reform the healthcare system to enable the systematic prevention of chronic diseases. The biggest problem of the current system is that there is no globally standardized and clinical-grade way to measure and model health trajectories and disease risks at both the individual and population levels. We lack a shared "health map" that would show where an individual or population group stands on the continuum between health and disease, how current health state and disease risks are likely to develop over the coming years, and which interventions would best support a positive trajectory.
The absence of effective chronic disease prevention has led to a situation where the vast majority of healthcare resources are spent on treating chronic diseases. Healthcare costs have escalated dramatically, and treating individuals who are already ill can take decades. At the same time, the total number of people with chronic diseases continues to grow. The consequences extend beyond the massive economic burden and avoidable human suffering - they also threaten the functioning of society as a whole. Therefore, fixing the issue is critical.
At the core of chronic disease prevention is the ability to identify disease risks in healthy populations and to target preventive interventions to these individuals. Nightingale Health's technology identifies the risks of major chronic diseases from a single blood sample and therefore provides the internationally standardized, clinical-grade, and objective method that is needed to measure and monitor chronic disease risks and the impact of preventive interventions. Since the test only requires a single blood sample, it integrates seamlessly into existing healthcare workflows.
Digitalization and artificial intelligence have been actively explored as solutions for chronic disease prevention. The use of AI in prevention requires high-quality and standardized health data. Current health data is often fragmented and inconsistent, and measurement methods and data quality vary significantly between different actors and systems. Such data does not provide a sufficiently systematic and repeatable foundation for scalable AI models. In contrast, the molecular-level clinical data produced by Nightingale Health provides a strong foundation for developing AI-based solutions and can thus support healthcare's transition toward AI-assisted preventive care models. By combining Nightingale Health's molecular-level disease risk data with AI's ability to analyze and integrate behavioral data as well as information generated by various sensors and digital services, a comprehensive preventive healthcare system can be built-one capable of supporting billions of people in maintaining better health.
The need for preventive healthcare solutions is evident, and the suitability of our product for this market has been reflected during the half-year period in growing customer interest both in Finland and internationally. We have expanded the presence of our commercial team and significantly increased our sales activities, particularly in the key markets that we can serve through our local laboratories. These measures have delivered results: the value of our sales pipeline has increased, we have signed new significant agreements, and we have launched several pilot projects.
In Finland, we announced that we have expanded our collaboration with Terveystalo through a new strategic agreement that will make Nightingale Health's technology available to all Terveystalo customers. Our long-term partnership has demonstrated that Nightingale Health's blood analysis enables the integration of preventive care into daily occupational healthcare for hundreds of thousands of people at a national level. Similarly, interest in adopting our blood analysis within Finland's public healthcare system has grown. In addition to the Wellbeing Services County of South Savo, the Wellbeing Services County of North Karelia will also implement disease risk identification as part of public healthcare.
In the United Kingdom, we strengthened our local sales team and significantly increased the volume of sales activities. We initiated discussions with public and private healthcare providers as well as pharmaceutical companies and launched pilot projects. With key personnel taking on new roles, we also initiated active sales efforts elsewhere in Europe and opened discussions in more than ten countries with healthcare providers to offer our services. Although sales cycles are long, these engagements have already led to pilot projects, several of which are currently underway. We see strong growth potential in Europe and will continue to increase our sales activities.
In Singapore, toward the end of the half-year period, we made a significant update to our clinical report based on customer feedback and have already presented the new report to dozens of customers. The feedback received has been excellent, and the first clinics have begun ordering our service based on the new report. In many markets, including Singapore, sample volumes are initially modest; however, based on strong customer feedback and our long-term market-specific adaptation efforts, we see significant growth potential in the Singapore market. We are therefore expanding the size of our commercial team in Singapore and are in an excellent position to further increase sales activities.
In Japan, we also strengthened our local sales team and initiated several new sales activities. We collected detailed feedback from our existing customers and, based on this feedback, started a process to introduce improvements related to both our business model and our clinical report. These enhancements will enable us to serve our customers better and grow sales. The improvements will be implemented in phases during the current financial year, creating a strong growth outlook for our clinical product in the next financial year. To support the current year's results, we also initiated new openings in the medical research market. We are well positioned in the market and believe that demand for our services will grow in Japan in the future.
In the United States, after the end of the half-year period, in February 2026, we announced that our New York laboratory had received a clinical laboratory permit from the New York State Department of Health's Clinical Laboratory Evaluation Program (CLEP). Receiving CLEP approval in New York is a significant achievement, and we look forward to the opportunity to bring our innovative disease risk identification solutions into healthcare use in the United States. With this permit, we will initiate new sales activities in the U.S. and are currently in discussions with selected customers regarding the launch of pilot projects.
During the half-year period, we also significantly increased our sales activities in the medical research market. We succeeded in increasing the number of new monthly customer prospects by tens of percent, which helped grow the size of our sales pipeline. In addition to several smaller projects, Nightingale Health was selected as the provider of metabolomics analysis for the Italian Moli-sani research project, with a total contract value of approximately EUR 0.7 million. Our new multiomics service also performed well, and Nightingale Health was selected as the provider of multiomics analysis for a large research project in Denmark led by Aalborg University. The total value of the agreement is approximately EUR 2.4 million. We are well positioned in the international research market and will increase both our sales resources and sales activities to achieve strong growth.
In the second half of the financial year, we will continue the international commercial expansion of our services in both the healthcare and medical research markets. I firmly believe that the broad adoption of our technology will enable the establishment of an effective global preventive healthcare system and help improve the lives for billions of people.
Teemu Suna
CEO and Co-founder, Nightingale Health Plc
Business targets for the financial year 2025-2026
Nightingale Health's business target for the financial year 2025-2026 is:
· Increase revenue by at least 50% compared to the previous financial year
Mid-term and long-term business targets
Nightingale Health's mid-term and long-term business targets remain the same.
Mid-term business targets are:
· To conclude an agreement to analyze two million samples annually in Europe
· To conclude an agreement to analyze ten million samples annually in the United States or in Asia
· To extend laboratory capacity in respective geographical areas to meet the analysis capacity required by the aforementioned agreements
· To achieve positive EBITDA
Long-term business targets are:
· To analyze 100 million blood samples from partnerships with the healthcare sector, health initiatives, and white label partners
· To generate EUR 500 million in annual revenue from partnerships with the healthcare sector, health initiatives, and white label partners
Significant events after the end of the period
- On 9 February 2026, Nightingale announced that it had been granted a clinical laboratory permit by the New York State Department of Health's Clinical Laboratory Evaluation Program (CLEP) for the company's laboratory in New York.
Live webcast for investors and media
Nightingale Health will arrange a live webcast for investors and media in English on 5 March 2026 at 2 p.m. EET. The webcast can be followed online at: https://nightingalehealth.events.inderes.com/q2-2026.
Presentation will be held by CEO Teemu Suna. A recording of the event will be available later the same day at https://ir.nightingalehealth.com/financial-reports.
Helsinki, 4 March 2026
Nightingale Health Plc
Board of Directors
For further information, please contact
Teemu Suna, CEO
ir@nightingalehealth.com
About Nightingale Health
At Nightingale Health, we believe there is a way to make healthcare better for everyone. We can reduce costs for payers and ease the burden on healthcare professionals while helping people live long and healthy lives. This is possible by introducing a healthcare logic built on prevention, where the aim is to reduce the number of sick people. That is why we have created the Nightingale Health Check. With every blood sample, we make better healthcare possible for everyone.
Nightingale Health operates globally with a parent company in Finland and subsidiaries in countries such as Japan, the United States, Singapore, and the United Kingdom. Nightingale Health has customers in more than 34 countries in the healthcare and medical research sectors. The Company's technology is being used in many of the world's leading health initiatives, such as the UK Biobank, and over 900 peer-reviewed publications validate the technology. The company's Series B shares are listed on the Main Market of Nasdaq Helsinki and on the OTCQX International market. Read more: https://nightingalehealth.com/
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