Helsinki, Finland

Nexstim is a targeted neuro-modulation company that has developed a proprietary navigated rTMS platform for use in diagnostics (NBS) and therapeutics (NBT). NBS is used in planning brain surgery while NBT is focused on depression and chronic pain. FDA approval for depression was given in 2017, and the focus is on commercial roll out in the US, Europe and Asia.

Investment Perspective

Nexstim delivered a record interim performance in H120 (revenues, operating result, and net loss) despite market turbulence caused by the COVID-19 pandemic. The business model has remained resilient with a solid NBS (Diagnostic) installed base and flexible pricing models, coupled with careful cost control. The 2020-24 corporate strategy update provides a road map to better exploit commercial opportunities with existing and new customers, where Nexstim’s navigated TMS (transcranial magnetic stimulation) technology can improve clinical and health economics outcomes. NBT (Therapy) represents growth opportunities. Pilot studies exploring the potential of new accelerated therapy protocols in severe depression and chronic neuropathic pain could be the first step to entering a new and attractive inpatient market. We continue to value Nexstim at €32.2m (€0.07/share).

Market information



Pilot studies lift off in depression and pain
Lighthouse | 25 Sep 2020
Mapping out the 2020-24 corporate strategy
Update | 18 Aug 2020
€2.3m rights issue is 273% subscribed
Update | 02 Jun 2020

Recent News

Promising SmartFocus rTMS treatment results in growing number of MDD patients
05 Oct 2020
Start of pilot study for new chronic pain treatment protocol in Helsinki University Hospital
25 Sep 2020
Start of pilot study for new depression treatment protocol in Kuopio University Hospital
22 Sep 2020
Two NBS System upgrade orders in the US
16 Sep 2020