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 its first ever profitable period in H221 and is guiding towards continued revenue growth and a positive operating result for FY22. Profitability and partnerships are central to FY22 strategic objectives. The recent Magnus Medical and PNC Management Services deals are trailblazers for a new technology licencing revenue stream and a deeper partnership business model for the US NBT therapy business respectively. The former deal includes a $4m upfront payment which addresses Nexstim’s prior funding shortfall, and its structure means that in the near-term, the company is able to direct its internal resources towards supporting global growth in diagnostics, US NBT partner clinics, and ex-US opportunities for the therapy business. Our updated model values Nexstim at €58.1m (€8.69 per share).

Market information



First steps on path towards longer-term profitability
Update | 02 Mar 2022
Admirable execution on 2021 strategic goals
Update | 12 Jan 2022
Accelerated protocols could be a game changer
Outlook | 19 Aug 2021

Recent News

FY21 financial results
28 Feb 2022
Technology licenced to Magnus Medical
14 Feb 2022
Patient registry reaches over 300 completed treatment sessions
03 Feb 2022
Results of pilot study in chronic pain Helsinki University Hospital
15 Dec 2021