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Research

Nightingale Health: Possible breakthrough moves further away

By Antti LuiroHead of Nordic ER Development, Analyst
Nightingale Health
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Nightingale’s H2 figures were weak throughout. The targets for the new fiscal year were also more conservative than our expectations and suggested that the potential for stronger growth is further down the road than we assumed. Therefore, we lowered our estimates considerably. In the short term, the high risks associated with the company's growth and valuation levels have realized and our views have been dramatically wrong. We still see preconditions for the company to achieve a significant commercial breakthrough with its technology in the future, but in the light of current information we do not expect any clear signs of this appearing in the next few years. We believe that the combination of slower growth and a highly cash-flow-negative development phase offers little critical short-term supporting points for valuation, especially in the current weakened capital market.

Nightingale Health operates in the medical technology sector. The company specializes in the development of medical technology products. The product portfolio is broad and includes platforms and services within blood analysis that are used for disease prevention purposes. In addition to the main business, service and related ancillary services are also offered. The business is operated globally with the largest presence in Europe.

Read more on company page

Key Estimate Figures2022-09-30

202223e24e
Revenue2.22.94.8
growth-%6.0 %30.5 %66.8 %
EBIT (adj.)-11.1-12.9-11.7
EBIT-% (adj.)-501.8 %-447.9 %-243.3 %
EPS (adj.)-0.20-0.22-0.20
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDA3.9neg.neg.

Forum discussions

Off to a great start, down about 15% from entry in three weeks.
2/6/2026, 9:49 AM
by TomPettynyt
2
Yeah, with that kind of selling pressure, many will soon take a massive hit on this.
2/6/2026, 9:45 AM
by PeterPan
0
The reason is that the market price set by shareholders for the company is still one hundred million euros, for a company whose revenue is six...
2/6/2026, 9:01 AM
by Pertti
6
It seems to have come down 40% in three months, without any real reason. In stocks like these, the decline tends to feed itself, so the trend...
2/6/2026, 8:55 AM
by Puutaheinää
1
There’s quite little buying interest in the air. There’s a risk that it will drift back toward the net cash level again, meaning prices well...
2/6/2026, 8:45 AM
by PeterPan
0
In a week, there will be a Sitra event to launch a project that has been under preparation for a year: The future of health data in the age ...
2/3/2026, 3:23 PM
by Puutaheinää
22
The public sector still has that downside where there needs to be solid evidence of the benefits. NG lacks evidence of health-promoting effects...
2/2/2026, 4:21 PM
0
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