Analyst Comment
Nightingale joins wellbeing services county research project
Summary
- Nightingale Health is participating in a research project with Etelä-Savo wellbeing services county, combining its blood analysis technology with digital lifestyle coaching.
- The project, called Hyvinvointilahja, offers free health assessments to certain age groups and aims to evaluate the effectiveness of this model in public healthcare.
- The initiative is limited in scope and does not immediately impact financial forecasts, but it serves as a strategic reference for potential future adoption in the public sector.
- For Nightingale to achieve profitability, it needs to convert these pilot projects into continuous, high-volume use in public healthcare, which remains a slow-moving sector.
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Translation: Original published in Finnish on 5/29/2026 at 7:00 am EEST.
Nightingale Health announced on Thursday that it is participating in a research and development project initiated by the Etelä-Savo wellbeing services county, Eloisa, in which the company's blood analysis technology is combined with digital lifestyle coaching. The start of the project is the first practical step in the collaboration the parties already announced in June 2025. Although this is an encouraging opening in the public primary healthcare sector, the project is limited in scope as a research initiative, and therefore the announcement does not cause immediate changes to our forecasts.
Piloting towards public healthcare clients
In the Hyvinvointilahja project (“Wellbeing Gift”), 45-, 50-, and 55-year-olds in the Eloisa region are offered a free health assessment, and individuals with an elevated risk are referred to lifestyle counseling. The project will be implemented between March 2026 and April 2027, and it is funded by Sitra and Eloisa. Nightingale is aiming for breakthroughs in the public healthcare sector, which is a huge potential target market for the company, but at the same time, a very slow-moving and conservative sector. The project's goal is specifically to evaluate the effectiveness of the operating model before any potential wider implementation.
Financial potential will only be measured upon potential wider adoption
While the project is a strategically important reference from the public sector, its immediate financial size will likely remain quite moderate on the company's scale. In our view, turning Nightingale's business model profitable requires revenue to multiply and a continuous stream of significant commercial sample volumes. We are following the results of the project with interest, but what is decisive for the valuation and investment story is whether Nightingale can turn these fixed-term pilots into continuous, high-volume routine use in public healthcare.
Nightingale Health operates in the medical technology sector. The company specializes in the development of medical technology products. The product portfolio is broad and includes platforms and services within blood analysis that are used for disease prevention purposes. In addition to the main business, service and related ancillary services are also offered. The business is operated globally with the largest presence in Europe.
Read more on company pageKey Estimate Figures05/03
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 4.7 | 7.9 | 8.3 |
| growth-% | 7.7 % | 68.5 % | 4.3 % |
| EBIT (adj.) | -19.4 | -16.5 | -14.4 |
| EBIT-% (adj.) | -413.7 % | -208.1 % | -174.1 % |
| EPS (adj.) | -0.30 | -0.26 | -0.22 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | neg. | neg. |
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