Nightingale H1'26 preview: Revenue still relies on research projects

Translation: Original published in Finnish on 03/03/2026 at 07:25 am EET

Source: Inderes

Nightingale Health will publish its first half-year report (H1) for the fiscal year 2026 on Thursday, March 5, 2026. We expect revenue growth from low starting levels, driven by research projects and the Terveystalo cooperation. We expect the result to remain heavily in the red, as the company is investing in international expansion and new laboratories. In the report, we are particularly interested in the progress of commercial partnerships in Singapore and the US, and the impact of the recent New York laboratory license on the company's outlook.

Research projects accelerate revenue growth

We forecast Nightingale's H1 revenue to have grown by 60% from the comparison period to 3.7 MEUR (H1'25: 2.3 MEUR). The research segment is the key growth driver, where the company has successfully secured significant contracts, such as the 2.4 MEUR order from Aalborg University. In addition, the revenue base is supported by the Terveystalo collaboration, where Nightingale's blood analysis is widely used in Finnish occupational healthcare. Although the company has entered into several international partnerships (such as Pathology Asia and Boston Heart), we estimate that volumes will still be moderate in the H1 period. A more significant impact on revenue is likely to occur in future periods.

Earnings remain heavily in the red amid growth investments

We expect Nightingale’s H1 profitability to have remained clearly negative due to front-loaded investments in line with its strategy. We expect EBIT to land at -8.9 MEUR (H1'25: -9.1 MEUR). Earnings are particularly depressed by the maintenance of the laboratory network in Singapore and the US, as well as investments in sales and marketing. Nightingale's business model has high margins, so revenue scaling is critical for a profitability turnaround. The company's financial position has remained strong, and we estimate that the net cash position will be sufficient for several years at the current burn rate (net cash of 51 MEUR at the end of June 2025).

US regulatory steps and commercial ramp-up in focus

Nightingale's target for the 2026 fiscal year is to grow revenue by at least 50% compared to the previous fiscal year. We consider the target realistic due to the research segment's strong order book. In the report, we will closely monitor comments on the commercial ramp-up of international partnerships. Of particular interest is the Clinical Laboratory Evaluation Program (CLEP) permit granted by New York State, announced in February 2026, which is a prerequisite for the broader opening of the US healthcare market. Although the permit does not generate immediate revenue, we estimate that it clarifies the regulatory path and supports the company's goals to integrate into local healthcare value chains.

We are also monitoring the progress of public sector pilot projects in Finland (North Karelia and South Savo wellbeing services counties), as their success could open doors for wider use in public healthcare. The core of Nightingale's investment case remains the ability to demonstrate that pilots and partnerships translate into predictable and growing sample flows, which is the most important value driver for the share.