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Analyst Comment

Nexstim navigates its way to the United Arab Emirates

By Antti SiltanenAnalyst
Nexstim

Translation: Original published in Finnish on 02/17/2026 at 07:35 am EET

On Monday, Nexstim announced it had received marketing authorization for its latest generation NBS 6 diagnostic system in the United Arab Emirates. The news represents a step forward in the company's gradual international expansion, which in turn supports our estimates for the company's growth in the coming years.

International availability of the NBS 6 system expands

NBS 6 is Nexstim’s latest, modular system generation, which the company has designed to be more user-friendly and flexible than before. The system's diagnostic features received regulatory approvals in Europe and the US at the end of 2025, and the UAE marketing authorization supports the company's geographical expansion. Nexstim already received marketing authorizations for the therapy features of the system in 2023. The diagnostics business is Nexstim's traditional strength, and NBS 6 is currently the only FDA-approved and CE-marked navigated TMS system used for pre-surgical mapping of the brain's speech and motor cortices.

Nexstim has entered into a cooperation agreement with Brainlab for the sale and distribution of diagnostic equipment. The marketing authorization received by Nexstim enables the sale of the system in a new market, where, in our estimation, Brainlab is responsible for the actual sales efforts.

Nexstim operates in medical technology. The company has developed a non-invasive brain stimulation technology called SmartFocus®. It is a navigated transcranial magnetic stimulation (nTMS) technology with 3D navigation providing targeting of the TMS to the specific area of the brain. The technology is aimed for the treatment of major depression and chronic neuropathic pain. The company was founded in 2000 and has its headquarters in Helsinki.

Read more on company page

Key Estimate Figures04/01

202425e26e
Revenue8.712.315.2
growth-%20.5 %41.1 %23.4 %
EBIT (adj.)-0.51.52.7
EBIT-% (adj.)-6.1 %11.8 %17.8 %
EPS (adj.)-0.120.170.35
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.50.225.1
EV/EBITDA189.928.016.3

Forum discussions

Cognito has a Phase 3 trial ongoing, and results are expected in August. I don’t know how comparable Cognito’s and Sinaptica’s Phase 2 trials...
12 hours ago
by Tee
1
Medical tech should otherwise be immune, but rising interest rates obviously have an impact. I’m still a bit surprised that they are among the...
17 hours ago
by Puutaheinää
4
Surprisingly, the general market gloom is hitting Nexstim. When the war in Ukraine broke out, Nexstim was quite immune to the general market...
18 hours ago
by Jatast
0
Nexstim has a small stake in Sinaptica… it could prove to be valuable at some point. Nexstim is available at 8.50 today. Is it starting to be...
20 hours ago
by Puutaheinää
10
Forbes also published a good piece on that Alzheimer’s company, which also mentioned Sinaptica: https://www.forbes.com/sites/naveenrao/2026/...
20 hours ago
by Kyhnykeisari
11
Now that there isn’t much new to report from Nexstim, here’s something about Sinaptica’s competitor: Longevity.Technology – 5 Mar 26 Cognito...
20 hours ago
by AccionHombre
7
But as far as I know, Nexstim’s devices do not have FDA approval for this purpose. Transcranial Magnetic Stimulation (TMS) Devices
yesterday
by Passenger
1
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