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 is well placed to benefit from the novel accelerated rTMS (transcranial magnetic stimulation) therapy protocols being developed for severe depression and chronic neuropathic pain. Its accurately navigated SmartFocus TMS NBT technology could provide the precision and reproducibility required for clinical success. Promising data, expected in Q121, from the ongoing pilot study in severe depression would guide the format of a proposed double-blind multi-centre trial. Success would open sizeable new treatment opportunities for the NBT platform. Revenues from both NBT and NBS diagnostic systems have proven to be remarkably resilient during the COVID-19 pandemic which, coupled with careful cost control, suggests FY20 results will be in line with our forecasts. Strategic delivery prompts us to upgrade our valuation to €38.4m (€0.09/share), with room for further upside.

Market information



Planning the next phase of growth
Update | 10 Dec 2020
€0.9m prototype research project signed
Lighthouse | 18 Nov 2020
Pilot studies lift off in depression and pain
Lighthouse | 25 Sep 2020

Recent News

Three new NBS System orders
22 Dec 2020
Annulment of stock options held by Nexstim
15 Dec 2020
Two new NBT System orders in the US
10 Dec 2020
Two NBS System orders in Germany
09 Dec 2020