contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


nexstim-end-year-laid-firmer-foundation-future

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Antti Siltanen

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.

I don’t personally recall such an announcement from Karvinen, but I find this reasoning more sensible than the sudden cessation of store announcements. Customs issues also certainly boosted trading to some extent, even though the CEO said it had little, if any, weight. Still valid as a sales argument. For a moment, I was already looking into loans from the bank, but I think I’ll stick to my current approach. Too much speculation and too little fact for me to make moves in either direction. Trading volume is still low, and fluctuations during quiet periods are normal.

I have speculated that the end of the year may have also focused on many NBS6 updates that do not cross the reporting threshold. This year, however, Nexstim has announced quite a few deals earlier than usual. The CEO, if I recall correctly, announced at some summer/autumn event that it would be more cost-effective for the customer to order the device then (before NBS 6 approval) immediately + with an NBS6 upgrade option than to wait/postpone the entire device acquisition until they can get an NBS6 approved device later. This could explain the phenomena seen this year (a lot of orders announced already in the summer when order announcements usually come in December or at the turn of the year, as well as a quiet end of the year so far regarding announcements). Or then Brainlab’s 4 million. The required sales have already been met with orders for 2025, and Brainlab has no interest in closing more deals for 2025. If deals can be shifted a few weeks immediately into 2026, then with those, Brainlab can start to meet its 2026 sales targets (although nothing has been informed about whether similar agreements have been made for 2026, but I would consider it a quite possible scenario that some minimum sales would have been agreed upon for 2026 as well).

It’s a bit nerve-wracking what will come out of it when nothing is announced. I’d like to add more, but what if… It’s already one of the biggest in the portfolio. On the other hand, the future looks promising anyway. A considerable rise is expected if sales come in even as expected.

I just saw the same thing myself. I’ve come to the conclusion that no deals will be announced for December. Otherwise, it would be too easy to calculate, for example, Brainlab’s share of sales from them. (If that information was meant to be kept private). And if only one or two of our own deals are announced, that would truly cause panic among investors. I personally hold somewhere over ten thousand shares and I’m staying on board.

I wonder if this Danish deal has been announced at all? The advent calendar might be seriously off. The only trade announcement this could match was from July, and I don’t believe in such a long delivery time.                   linkedin.com              Such a great milestone and so impressed by the team at Privathospitalet...    Such a great milestone and so impressed by the team at Privathospitalet Mølholm, implementing the brand new Nexstim NBS 6 with unique SmartFocus® technology, being the first system of its kind in Denmark.   Thankful for being part of providing new,...                             The July deal this might be related to would be this one: Nexstim - Press-release The end customer is a Nordic therapy clinic that is acquiring their first Nexstim system. So, Denmark is not directly mentioned in that announcement either. Edit. And that Privathospitalet Mølholm is not a therapy clinic either. So, unannounced deals have been made, and a positive surprise is surely coming at some point!

The guidance is broad and has no upper limit in this case. There’s no point in announcing it if it’s within the guidelines. Besides, if it’s difficult to give an exact precise estimate, I don’t see any point in elaborating on it at this point in the year. Talking won’t turn black into white. The numbers are what matter, and they will be seen in due course.

Reaching Inderes’ estimate requires very brisk sales and also deliveries for this year, or alternatively, it requires that Brainlab has sold and Sinaptica has ordered devices that have not been announced. It would be nice to get clarified information from Nexstim regarding these Brainlab and Sinaptica sales, whether they will be announced. Based on the last CEO’s interview, it remained somewhat open to interpretation. The Sinaptica deal, which I naturally assume will happen, will nicely increase the result, but it is nevertheless a one-off. Of course, Brainlab is committed to a sales volume of 4 million, of which a small portion was already recognized in H1, so this acts as a backstop, but it is not enough for the estimates. I am not worried about the valuation in the long term, as I assume Brainlab is capable of large sales volumes because they have a large sales organization and customers ready, unlike Nexstim. I would find it strange if sales had slowed down so drastically after a good start to the year. Nexstim has been at a basic pace in October-November. So I trust that sales will happen through Brainlab, but they are not announced due to contractual reasons. Inderes’ estimate (and even above) is therefore still possible in my opinion. One interesting question remains whether Nexstim should issue a positive profit warning, or if, according to the rules, they can just go with a “EBITDA is expected to improve” forecast if the result improves significantly. However, there is an obligation (or is there?) for this, even if Brainlab’s and Sinaptica’s sales volumes were confidential due to contractual reasons.

Nexstim

Revenue was slightly higher than the preliminary data suggested and the result hit our forecasts. The H2 cash flow was also at the expected zero level considering the partial transfer of cash flow to 2024 through increased trade receivables.

<p>The key figures were already known based on preliminary data from the beginning of the year, which were now revised. Revenue was slightly higher than the preliminary data suggested and the result hit our forecasts. The H2 cash flow was also at the expected zero level considering the partial transfer of cash flow to 2024 through increased trade receivables. The report did not contain any surprises, so forecast changes were small. Nexstim expects increasing revenue and earnings, which disperses concerns related to cash flow adequacy. We expect the company to continue on the path of profitable growth, although the cashflow is likely to remain negative this year.</p> <p> </p> 

	2022	23e	24e
Revenue	9.5	7.0	8.8
growth-%	48.9 %	-26.6 %	25.7 %
EBIT (adj.)	0.8	-1.1	-0.4
EBIT-% (adj.)	8.8 %	-15.6 %	-4.8 %
EPS (adj.)	0.18	-0.17	-0.07
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	22.8	neg.	neg.
EV/EBITDA	22.0	neg.	524.6

Nexstim: The end of the year laid a firmer foundation for the future

Key Estimate Figures2024-01-03

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