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Extensive research

Nexstim: Growth initiatives waiting for lift-off

By Antti SiltanenAnalyst
Nexstim
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Nexstim is a medical technology company whose transcranial magnetic stimulation systems are used in pre-operative brain mapping and to treat neurological diseases and disorders. The company is a technologically advanced niche player in large markets supported by megatrends. Nexstim is still in an early stage of commercialization and seeking sustainable positive earnings. The valuation of the share relies heavily on future expectations of system sales growth, licensing income recognition and expansion of the new clinic network model. We find the valuation reasonable but it does not provide investors sufficient expected return relative to the risks at the current level.

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.

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Key Estimate Figures2023-09-28

202223e24e
Revenue9.56.38.5
growth-%48.9 %-34.2 %35.2 %
EBIT (adj.)0.8-1.8-0.4
EBIT-% (adj.)8.8 %-28.9 %-5.2 %
EPS (adj.)0.18-0.26-0.07
Dividend0.000.000.00
Dividend %
P/E (adj.)22.8neg.neg.
EV/EBITDA22.0neg.521.4

Forum discussions

You definitely need to take the latent unpaid taxes into account if you’re trying to time the market by selling and buying back at a lower price...
yesterday
0
You are right that risk is assessed based on the current share price. I mainly meant the investor’s own perspective when I spoke about “them...
yesterday
by Tsemi
1
The acquisition price paid in the past has nothing to do with current risk. Risk must always be assessed using the current share price as the...
1/11/2026, 11:15 PM
by FoDel
4
The amounts of metal required are quite small, I don’t think they’ll have much impact on the price. If more devices start to sell, it might ...
1/11/2026, 9:20 PM
by Jatast
1
Today on a run, I was thinking about the manufacturing of device components and the compositions of the raw materials used in them I wonder ...
1/11/2026, 8:53 PM
by Juri S
0
linkedin.com #neurorehabilitation #tms #prosthetics #embodiment #virtualreality... I am happy to share our latest publication, the result of...
1/11/2026, 11:22 AM
by Hannu
10
You’re right. Forty is not an absolute maximum. However, a lot needs to happen. A better term would have been in the short or medium term.
1/11/2026, 10:50 AM
by Tsemi
1
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