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 strategic focus is firmly on fully exploiting the commercial potential of its SmartFocus NBT system in major depressive disorder (MDD), by leveraging its unique navigation capabilities and the positive impact on patient outcomes and health economics. Significant strides were made in 2019, the first year of strategic implementation: FY19 revenue grew 25% to €3.3m, with continued sales momentum in the NBT Therapy business (+131% to €1.5m). Alongside a stronger balance sheet and board and management changes, Nexstim is now undergoing a strategic review and update. This aims to refine its long-term outlook and financial objectives across the Therapy (NBT) and Diagnostics (NBS) businesses and includes evaluating various funding options and strategic alternatives. The review is expected to conclude in the spring; ahead of this, we maintain our €31.4m (€0.50/share) valuation.

Market information



Focussing on strategic priorities
Update | 02 Mar 2020
Licensing discussions with academic centre end
Lighthouse | 17 Jan 2020
Making an impression in depression
Outlook | 07 Jan 2020

Recent News

Updated outlook for FY20
03 Apr 2020
New NBS System order from large US hospital
02 Apr 2020
Cooperation negotiations completed
26 Mar 2020
Two new NBS System orders in the US
26 Mar 2020