Translation: Original published in Finnish on 10/06/2026 at 07:35 am EEST

Nightingale Health announced on Monday that the Wellbeing Services County of North Karelia (Siun sote) will integrate the company's disease risk detection into health checks for the unemployed in a pilot starting in October 2026. We view the news as a positive step, as public primary healthcare is a significant potential market for the company, and breaking into it is traditionally slow and difficult. While this is a significant breakthrough in statutory health checks in the public sector, we estimate that the pilot's early-stage volumes, and thus its immediate financial significance, will remain small on the company’s scale. Thus, the news does not cause immediate changes to our estimates, but it partly supports our expectations regarding the gradual integration of the company's technology into broader healthcare processes.

Opening up statutory services in the public sector

With the agreement, Nightingale's blood test will be integrated into Siun sote's health checks for the unemployed, which are a statutory service provided by the Wellbeing Services Counties for individuals outside of occupational healthcare. Customers will have blood tests before the appointment, and Nightingale will provide risk estimates for five common chronic diseases (including type 2 diabetes and heart attack). High-risk customers are directed into existing care pathways, and the development of risks is subsequently monitored with follow-up samples. North Karelia is the first Wellbeing Services County to take the test as a routine part of statutory health checks. We have previously emphasized that the value of Nightingale's solution is measured by how well it can be integrated into existing care chains without heavy new infrastructure. We believe that the Siun sote model, where the test is performed as part of routine sampling, and the results are linked directly to existing digital care pathways, appears to be precisely this kind of low-threshold solution.

Volume growth requires successful results from the pilot phase

We believe Nightingale’s value creation relies on strong growth in test volumes. The company already has an ongoing Hyvinvointilahja project in the public sector with the Wellbeing Services County of South Savo (Eloisa). We have estimated that acquiring public sector customers is slow and that larger contracts necessitate indisputable evidence of the impact and cost-efficiency of the pilots. We believe that the data on morbidity and the impact of interventions collected in the Siun sote pilot is critical for the company's future sales. As an individual pilot, we estimate that the volume brought by Siun sote will not yet resolve the company's growth challenges for the coming years or the risks related to cash burn. However, if successful, the model can serve as an important reference for other Wellbeing Services Counties. Regarding the investment story, our main focus remains on how the volumes of the largest international partnerships scale.