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Research

Nexstim: New year starts in a mixed atmosphere

By Antti SiltanenAnalyst
Nexstim
Download report (PDF)

Nexstim’s 2023 revenue grew to some 7 MEUR, but EBITDA was below the guidance. Thanks to good sales in late 2023, we raise our forecasts slightly. The valuation picture is moderate, but the company’s situation is also twofold. Continued good development and license income that will start later can turn cash flow around and enable future growth investments. On the other hand, a seasonally quieter H1 can freeze moneyflows and increase the likelihood of a financing round , putting pressure on the stock.

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.

Read more on company page

Key Estimate Figures2024-01-03

202223e24e
Revenue9.57.08.8
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
Dividend0.000.000.00
Dividend %
P/E (adj.)22.8neg.neg.
EV/EBITDA22.0neg.333.0

Forum discussions

In an episode of the Yle Areena series “Elossa” (Alive), 63-year-old Teresa shares her experiences with chronic neuropathic pain. She suffers...
yesterday
by Kyhnykeisari
27
An interesting Alz article from Christin Glorioso. Christin represents a newer way of thinking in Alz research, where prevention is also a goal...
yesterday
by AccionHombre
18
@Antti_Siltanen had made a good overview of the number of TMS studies. The number of studies has been growing well, and surely some of them ...
4/10/2026, 5:58 AM
by Kyhnykeisari
23
Neuronetics’ CEO and CFO have both left within a short period. The company has also been incurring massive losses for a long time, so I wouldn...
4/8/2026, 5:15 AM
by Kyhnykeisari
20
Another interesting review study on the possibilities and development of TMS-EEG has been conducted, and it naturally includes one of the most...
4/7/2026, 7:59 AM
by AccionHombre
17
nexstim.com Nexstim - Nexstimin suurimmat osakkeenomistajat It seems even professionals are slowly finding their way here. Gerako Oy has risen...
4/1/2026, 7:40 AM
by Kyhnykeisari
32
I was there! Nothing “new” came to light. The CEO gave a convincing overview and also presented the new NBS 6 device in the showroom. The buns...
3/30/2026, 5:36 PM
by Tomi Lindell
46
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