Translation: Original published in Finnish on 9/16/2025 at 7:12 pm EEST.

Nightingale Health announced on Tuesday that it has been selected as a service provider for a large research project led by Aalborg University in Denmark. The total value of the agreement, approximately 2.4 MEUR, is significant for a company of this size, roughly equivalent to half of the company's realized revenue for fiscal year 2024 and our 2025 forecast. This is Nightingale's first significant multiomics order, which involves the simultaneous analysis of several different types of molecules in the body. In this order, the company will use its core technology to provide metabolomics analysis (analysis of metabolites such as sugars and fats) combined with proteomics analysis (analysis of proteins) produced by a partner.

While we believe the role of the research business in Nightingale's long-term growth story is less significant, this agreement provides valuable additional impetus to the company's revenue. In light of this news, we now see the possibility that the company's research business could form a stronger foundation than previously expected with the help of multiomics services. This would give the company more time to develop and mature its healthcare customer relationships, which are slow to start but, in our view, critical for the company's long-term growth. We await further comments from Nightingale on the matter and will update our forecasts and view on the company in connection with the financial statement release to be published this Thursday, September 18.

Research business developing stronger than expected: interesting opportunity in multiomics

The approximately 2.4 MEUR contract is significant for Nightingale, whose revenue forecast for fiscal year 2025 (7/2024-6/2025) is 5.0 MEUR. While healthcare partnerships are at the core of the company's strategy and long-term value creation, large research projects are currently the backbone of the company's revenue. In addition to their strategic value, they also generate cash flow and support short-term growth, as the commercialization and expansion of high-potential healthcare partnerships are still in their early stages.

The agreement is clearly larger than the Moli-sani research project announced in the summer (value ~0.7 MEUR, metabolomics only). Significant orders from research projects indicate that the company's research business is performing more strongly than we expected. Although these revenues are project-based, they indicate that the company's research business has the potential to form a stronger business and a more stable revenue base than we previously expected. We will also be seeking comments from the company on this matter in connection with the financial statement release to be published on Thursday, September 18.

In the project, Nightingale offers both metabolomics and proteomics analyses from the same samples. According to the company, the offering is based on saving customer sample material and lowering the total cost of research. For Nightingale, the agreement is not only financially significant at its current size, but also an interesting reference that can support sales in future multiomics projects. The company's competitiveness in multiomics services is presumably good, as we have not identified a viable competitor for its cost-effective, broad metabolomics analysis. 

Nightingale Multiomics Service

Source: Nightingale

No further information was provided in the release regarding the timing of the order delivery or the distribution of the delivery value between Nightingale and the partner supplier, but we tentatively assume that the delivery will mostly take place during the 2026 fiscal year. Our revenue estimate for FY2026 is 7.5 MEUR, which could see upside if the outlook for the company's commercial projects is otherwise very strong. We will incorporate the effects of the order into our forecasts in connection with this Thursday's (September 18) financial statement release.