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’s revenues grew by 13% to €1.2m on the back of sales of NBT systems increasing by 170% to €0.6m. The company has only been focused on this marketing NBT in major depressive disorder (MDD) since September 2019. Nexstim increased its installed base of NBT systems by eight to 18 during H119, and appears to be gaining momentum with repeat orders, and progress should be boosted by the White Paper from Island Psychiatry. Sales from NBS systems for pre-surgical mapping were slightly disappointing as sales were pushed back into H219, but careful cost control means that cash burn was as expected. The company had cash of €6.4m on 30 June, and continues to look to strengthen its balance sheet. We value Nexstim at €0.41/share diluted.

Market information



Promising progress with NBT
Update | 20 Aug 2019
Getting back on the front foot
Update | 21 May 2019
Terms of the rights issue announced
Lighthouse | 28 Mar 2019

Recent News

Achieve TMS, second largest TMS group in the US, starts using Smartfocus TMS technology
26 Aug 2019
Good initial results on the use of SmartFocus technology in treatment of major depressive disorder
20 Aug 2019
H119 results
16 Aug 2019
Expansion in Florida with additional NBT system orders
15 Aug 2019