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
    }
  }
}


__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 really believe in that theory of postponing deals either. If Brainlab has closer to 1500 potential customers, they won’t run out anytime soon. The deal will be closed when the customer wants it, and there’s no messing around with “Maybe we’ll make the deal early next year because we have these quotas.”

Even if you think that Brainlab is intentionally shifting deals to 2026, please note that hospital budgets are strict and annual. If money is allocated for 2025, it will be used in 2025 and not postponed. The private sector is a different matter, and their spending is more flexible.

It’s interesting that Danes also talk about treating OCD, whereas in the table at the end of this TMS device comparison made by a Florida clinic, for Nexstim, OCD is No.                   floridatmsclinic.com – 21 Sep 25              TMS Devices Review | Side By Side Comparison Table    A complete overview of TMS devices with head-to-head comparison, including NeuroStar, BrainsWay, MagStim, MagVenture, NexStim, Apollo, Ultimate and Blossom.

It has been quite clearly stated that the guaranteed sales margin will continue for future years as well. Its amount, however, will increase with new approvals. You can directly watch the part of the interview where this matter is discussed here: https://youtu.be/8u1-gw34P9w?si=c0441lw-1aJQbC4E&t=1230

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.

Nexstim

In H2, Nexstim's net sales were well below our estimates while the operating loss was in line with our expectation. We lowered our net sales estimates for the next few years but left our longer...

<p>In H2, Nexstim's net sales were well below our estimates while the operating loss was in line with our expectation. We lowered our net sales estimates for the next few years but left our longer-term growth expectations unchanged. Our EBIT estimates rise with a better profitability outlook. The valuation picture is more attractive than before with the outlook and lower share price.</p> 

	2021	22e	23e
Revenue	6.4	10.2	8.5
growth-%	55.5 %	60.1 %	-17.0 %
EBIT (adj.)	-1.5	0.9	-1.3
EBIT-% (adj.)	-22.7 %	9.0 %	-15.6 %
EPS (adj.)	-0.11	0.24	-0.20
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	58.7	neg.
EV/EBITDA	neg.	74.4	neg.

Nexstim: Toward a year of new openings

Key Estimate Figures2023-02-22

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