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



Warrants to be topped up with share placement
Lighthouse | 22 Oct 2019
Q319 update shows therapy business momentum
Lighthouse | 16 Oct 2019
A possible new opportunity in severe depression
Update | 09 Oct 2019

Recent News

Four new NBS system orders in October-November
26 Nov 2019
15,687,350 shares subscribed in the directed share issue raising €1.8m gross
15 Nov 2019
Dr Leena Niemistö starts as new Chair of the Board
11 Nov 2019
Approximately 67.4% of offer warrants under Warrant Plan 2019 used for share subscription
06 Nov 2019