NEXSTIM PLC HALF-YEAR REPORT JANUARY 1 - JUNE 30, 2026 (UNAUDITED)
Company announcement, Helsinki, August 14, 2026 at 9 am (EEST)
NEXSTIM PLC HALF-YEAR REPORT JANUARY 1 – JUNE 30, 2026 (UNAUDITED)
NEXSTIM CONTINUED ITS GROWTH AND STRENGHTENED ITS FINANCIAL POSITION
The figures in parentheses refer to the previous year’s comparative period, unless otherwise stated.
January–June 2026 in brief
- The company’s net sales were EUR 5.2 million (4.5), with an increase of 16.1 %.
- Net sales growth adjusted for currency exchange rates was 17.7 %.
- System sales were EUR 1.9 million (2.2), with a decrease of 12.4 %. Recurring net sales accounted for EUR 2.5 million (2.1), with an increase of 20.6 %. Licensing accounted for EUR 0.8 million (0.2), with an increase of 283.3 %.
- The net sales of the Diagnostics Business were EUR 2.5 million (2.5) with a decrease of 1.8 %.
- The net sales of the Therapy Business were EUR 1.4 million (1.4) with a decrease of 2.1 %.
- The net sales of the Research and Neuroscience Business were EUR 1.4 million (0.6) with an increase of 143.5 %.
- EBITDA was EUR 0.3 million (0.2), with a increase of 9.8 %.
- The operating result was EUR -0.3 million (-0.2), with a decrease of 29.8 %.
- The result for the period was EUR -0.9 million (-0.3), with a decrease of 150.4 %.
- The company agreed to a total investment of EUR 5 million with Eiffel Investment Group and Brainlab SE.
Business overview
Nexstim is a Finnish medical technology company operating in international markets. Its proprietary navigated Transcranial Magnetic Stimulation (nTMS) technology allows for personalized treatment and diagnostics for patients with challenging brain diseases and disorders. Nexstim provides solutions for non-invasive brain stimulation through diagnostic and therapy applications.
Key performance indicators
| EUR thousand | 1-6/2026 6 months | 1-6/2025 6 months | Change, % | 1-12/2025 12 months | |
| Net sales | 5 230,8 | 4 506,2 | 16,1 % | 10 968,8 | |
| Gross margin | 4 180,1 | 3 633,8 | 15,0 % | 8 459,4 | |
| Gross margin, % | 79,9 % | 80,6 % | - | 77,1 % | |
| Adjusted comparable gross margin | 3 513,4 | 3 433,8 | 2,3 % | 8 159,4 | |
| Adjusted comparable gross margin, % | 77,0 % | 79,7 % | - | 76,5 % | |
| Personnel expenses | -2 801,2 | -2 591,7 | 8,1 % | -4 972,1 | |
| Other operating expenses | -1 784,3 | -1 667,6 | 7,0 % | -3 229,2 | |
| EBITDA | 264,1 | 240,6 | 9,8 % | 1 708,5 | |
| Operating result | -319,9 | -246,4 | 29,8 % | 636,5 | |
| Profit/loss for the period | -861,9 | -338,8 | 154,4 % | 573,2 | |
| Earnings per share | -0,12 | -0,05 | 146,7 % | 0,08 | |
| Diluted earnings per share (EUR) | -0,09 | -0,04 | 150,4 % | 0,06 | |
| Cash flow from operating activities | -148,3 | 314,6 | - | 1 665,8 | |
| Cash in hand and at bank | 5 591,8 | 2 662,7 | 110,0 % | 2 676,8 | |
| Total equity | 8 445,3 | 3 179,3 | 165,6 % | 4 182,1 | |
| Equity ratio (%) | 61,3 % | 31,9 % | - | 39,7 % |
Future outlook for year 2026
The company expects its net sales to grow and operating result to improve.
CEO Mikko Karvinen comments on the development during the period:
The first half of 2026 marked a continuation of Nexstim’s positive trend in net sales growth. During the first six months of 2026, we achieved total net sales of EUR 5.2 million (4.5 million), representing growth of 16.1%. Simultaneously the gross margin increased to EUR 4.2 million (3.6). We were pleased to report positive EBITDA during the first half of the year. EBITDA amounted to EUR 0.3 million (0.2 million) and was positive for a record fourth consecutive half-year period. Operating profit was EUR -0.3 million (-0.2 million), and net profit for the review period was EUR -0.9 million (-0.3 million). In May, we announced a EUR 5 million investment from Eiffel and Brainlab, as well as the conversion of options held by certain option holders. The purpose of the arrangement was to strengthen the Company's balance sheet and financial position in support of its growth strategy, as well as to support the continued commercialization of the NBS System 6 platform across its Diagnostics, Therapy and Research and Neuroscience Businesses. Earnings were burdened by one-off costs of EUR 0.6 million related to this financing round. Through this transaction, we are broadening our shareholder base with an internationally recognized European growth investor, further strengthening the Company’s financial position for the next phases of our profitable growth strategy. I would like to thank Nexstim’s customers, employees, partners and investors for contributing to this continued positive development.
During early 2026, we reported larger individual order volumes within the Diagnostics Business than previously. We believe this development in ordering behavior is a natural continuation of the distributor partnership model, as individual orders are increasingly replaced by larger order batches. In addition to this collaboration, Nexstim’s direct sales and marketing organization continues to have significant opportunities in the Therapy Business, as well as among research and neuroscience customers and within the clinic partner network. We aim to continue leveraging our skilled and efficient global teams to ensure positive profitability development. This was reflected in the moderate 8% increase in operating expenses during the first half of 2026, while simultaneously enabling a 15% increase in gross margin.
Business Update
We have continued to grow both our Diagnostics and Therapy Businesses through sales of new systems in our key markets in the United States and Europe. Our growing installed base of systems generates recurring revenue streams, adding stability and predictability to our operations.
Net sales in the Diagnostics Business decreased by 1.8% during the first half of 2026 and amounted to EUR 2.5 million (2.5 million). During the first half of 2026, we delivered a total of seven new diagnostic systems. To date, more than 270 diagnostic systems have been sold to research universities and leading hospitals worldwide. At the end of 2025, Nexstim began marketing and selling the NBS 6 system for preoperative mapping of the motor cortex and speech areas of the brain in both the EU and the United States. We are pleased that an increasing number of customers wish to use Nexstim systems for both diagnostic and therapeutic purposes. NBS 6 is a new combined system built on Nexstim’s unique and clinically established technology platform. Its modular system concept enables new features to be added easily to existing systems. Most of the diagnostic systems delivered during the first half of 2026 included both diagnostic and therapy applications.
Net sales in the Therapy Business decreased by 2.1% during the first half of 2026 and amounted to EUR 1.4 million (1.4 million). The decline was primarily due to lower recurring revenue in the Therapy Business, which decreased by 14.8% compared to the corresponding period of the previous year. This was mainly attributable to customers adopting the reusable multi-purpose head tracker of the new NBS 6 therapy system instead of disposable alternatives. In the future, recurring revenue in the Therapy business will increasingly be derived from licensing agreements, replacing the revenue previously generated by disposable head trackers used with next-generation systems. We believe the new licensing model will support accelerating system sales in the Therapy business. During the first half of 2026, we delivered three stand-alone therapy systems to Europe and the rest of the world. A significant portion of therapy applications were delivered together with Diagnostics and Research & Neuroscience systems. At the end of June 2026, a total of 145 Nexstim systems with an installed therapy application were in use globally (55 in the United States and 90 in Europe and the rest of the world). This figure includes both NBT® and NBS 6 systems, as well as NBS systems equipped with the optional NBT software module. We were successful in gaining multiple regulatory approvals for new therapy indications during the first half of 2026. In February we announced receiving certification for the use of the NBS 6 for post-operative rehabilitation under MDR in the EU, and in March receiving FDA clearance for adult Obsessive Compulsive Disorder (OCD) and for the treatment of Major Depressive Disorder (MDD) in adolescent patients, 15 to 21 years of age, in the United States.
With the new strategy period, we now also report Research & Neuroscience Business net sales separately. Net sales in this business area increased by 143.5% during the first half of 2026, reaching EUR 1.4 million (0.6 million). This rapid growth was driven by the sale of two research systems and the recognition of a EUR 0.8 million license fee related to the exclusive agreement with Sinaptica.
In addition to the systems already delivered, our backlog of undelivered systems totaled seven systems at the end of June 2026.
The Company currently does not expect to receive royalty income from Magnus Medical during 2026 in its business forecasts. Nexstim is not currently providing estimates regarding the total value of the royalty period or associated financial expectations due to ongoing discussions concerning disputes.
Nexstim’s cash and cash equivalents totaled EUR 5.6 million (2.7 million) as of June 30, 2026, and operating cash flow for the first half of the year was EUR -0.1 million (0.3 million).
Strategic Focus on Growth and Profitability
In accordance with Nexstim’s strategy through 2028, our primary focus during the first half of 2026 was profitable net sales growth. This growth is supported by our strengthened global distributor network established through the strategic cooperation agreement with Brainlab. In line with our strategy, Nexstim enables personalized and effective treatment and diagnostics for severe brain diseases and disorders. Our first strategic objective for 2026 is to continue profitable net sales growth and improve operating profit. Growth and profitability in both our Diagnostics and Therapy Businesses are central to minimizing future capital needs on our path toward sustained profitability. We also continue to view our research and neuroscience customers, as well as our clinic partners, as key strategic customer groups as we advance new features, business models and indications for our future systems.
Our second strategic objective for 2026 is to successfully support the long-term collaboration between Nexstim and Brainlab while expanding our network of partners and clinics. Combining Nexstim’s technological expertise and premium services with Brainlab’s innovative products and significant business growth potential, which are highly complementary to Nexstim’s offering and global customer base of leading hospitals, will create the greatest possible value for patients, neurosurgeons, hospitals and shareholders. Outside Brainlab’s exclusive rights, Nexstim independently develops products and services and conducts marketing and sales activities in all markets for current and future neuroscience research solutions and therapy applications. Nexstim’s own sales organization, together with other distributors and business partners, continues to operate in these areas. Throughout the winter and spring, we advanced this strategic objective by participating as partners in major industry events in the United States and Europe. Pursuant to the cooperation agreement, Brainlab also guarantees Nexstim a minimum annual gross profit from the Diagnostics business equal to the annual gross profit target for the business area, amounting to EUR 4 million in 2026
As the network of partner clinics expands, Nexstim systems are being installed in neuroscience clinics, and new investments may be made in clinic service companies across the extensive U.S. market. Investments made to date in service companies have generated positive returns through our minority ownership positions. The purpose of Nexstim Investments, LLC, Nexstim’s investment company, is to expand Nexstim’s network of partner clinics in the United States in cooperation with carefully selected leading experts in the field. We continue to develop this collaboration model with experts, enabling treatment of a growing number of patients using Nexstim’s TMS technology in the United States while sharing best treatment practices with other markets. Throughout the strategy period, we aim to increase both the number of Nexstim systems and treatment sessions at our partner clinics.
Our third strategic objective for 2026 is to strengthen our technology leadership by further enhancing and innovating the neurosurgical workflow and TMS-EEG research interface of NBS 6. These development efforts will support deeper integration with Brainlab product workflows and further facilitate the activities of our TMS-EEG research customers, including Sinaptica. Ongoing development of the new product generation and the launch of new modules are essential parts of Nexstim’s strategy through 2028. We have observed growing interest in utilizing our advanced system technology in brain-computer interface (BCI) research and development. This application area has received significant attention at international industry events and also plays a central role in China’s long-term technology and industrial strategy. BCI has been included in the country’s 15th Five-Year Plan extending through 2030.
Building Future Growth Paths
Our systems stand out clearly from other TMS systems currently on the market that lack navigation capabilities. Looking ahead, the importance of navigation functionality is likely to increase further as technology evolves, enabling treatment of brain disorders through an expanding range of applications. This may open additional TMS treatment markets for Nexstim beyond the currently approved therapy indications. The technological leadership, ease of use and scalability of our products through additional modules provide an attractive foundation for partnership-driven growth.
We have continued our practical collaboration with Sinaptica Therapeutics, Inc. Nexstim has a letter of intent with Sinaptica regarding the development, manufacturing and delivery of Sinaptica’s patented precision neuromodulation system for the treatment of Alzheimer’s disease and MCI (Mild Cognitive Impairment). The system is based on Nexstim’s NBS 6 medical TMS and neuronavigation systems and related software, including integrated EEG software. The system is planned to be integrated with Sinaptica’s proprietary cloud-based personalization engine (MAINTAIN™). The planned partnership would be a global and exclusive arrangement lasting 10 years. Its financial structure consists of an exclusivity signing fee, a milestone-based development project, and sales of clinical and commercial systems. The milestone-based project and purchases of clinical systems are defined in more detail in the final agreements and may be subject to change during negotiations. The long-term exclusivity arrangement remains contingent on execution of the final agreements before the end of 2026. We are committed to the collaboration with Sinaptica and currently support them through validation and delivery of research systems as they progress toward future clinical studies.
Creating Shareholder Value in Exceptional Circumstances
Despite the challenging geopolitical environment during the first half of the year, our expectations for 2026 are positive. While our current business is strongly concentrated in the EU and the United States, we continue to actively expand Nexstim’s technology into Asian markets through our new partnerships. Nexstim continues its determined efforts to develop personalized and effective methods for the treatment and diagnosis of severe brain diseases and disorders. We firmly believe our work will support long-term shareholder value creation through stronger competitive advantages, rapid growth and financial performance.
Nexstim’s business areas
Diagnostics Business
- The NBS System 6 diagnostic system, developed by Nexstim, is the only CE‑marked and U.S. FDA‑approved non‑invasive solution for mapping the brain’s motor cortex prior to brain tumor surgery. The diagnostic system helps surgeons prepare better and operate more proactively to remove the tumor, as the brain’s language areas and motor cortex can be mapped accurately before surgery.
- The development and distribution collaboration agreement signed at the end of 2024 with Brainlab SE represents a significant opportunity to increase system and service sales volumes within the Diagnostics business.
- More than 270 systems equipped with diagnostic capabilities have been sold to research universities and leading hospitals around the world.
Therapy Business
- The NBS System 6 system has CE‑marking for the treatment of major depression and chronic pain, as well as post-operative motor rehabilitation. NBS 6 is FDA-cleared for use in the treatment of major depressive disorder (MDD).
- In addition to the continuous development of system and service offerings, the Therapy business focuses on expanding operations through partner clinics and other forms of collaboration. New therapeutic indications also create growth opportunities.
- There is an active installed base of 145 commercial systems with therapy capabilities across four continents.
Research and Neuroscience Business
- At the core of the Research and Neuroscience Business is the sale of Nexstim systems and support and development services to leading research hospitals and clinics, supporting their key opinion leaders (KOLs) at the forefront of technological and clinical development.
- Within the international research community, there is particular interest in developing therapies based on stimulating brain network connectivity. Nexstim’s unique electric‑field‑based neuronavigation has proven especially useful and necessary in this area.
- TMS‑EEG diagnostics and methodology‑based therapy development is an emerging area of interest in research. Here too, neuronavigation and Nexstim’s real‑time EEG (electroencephalography) software are particularly valuable and are attracting increasing attention.
Publication of financial information
The financial statements bulletin for the financial year that will end on December 31, 2026, will be published approximately on February 25, 2027 and the annual report will be published approximately on March 4, 2027.
Results briefing on August 14, 2026
The company will hold two live webinars for the media, investors, and analysts on Friday, August 14, 2026. Mikko Karvinen, CEO, and Joonas Juokslahti, CFO, will present the company’s financial and operational results, and will answer questions.
The first webinar will be held in Finnish at 10.30 am (EEST). The second webinar will be held in English at 3 pm (EEST).
Webinar details:
To attend the webinars, please register via the links below. Registered participants will receive more information via email.
Webinar in Finnish on August 14, 2026, at 10:30 am (EEST): Sign up here >>
Webinar in English on August 14, 2026, at 3 pm (EEST): Sign up here >>
Helsinki, August 14, 2026
Nexstim Plc
Board of Directors
Further information is available on the website www.nexstim.com or by contacting:
Mikko Karvinen, CEO
+358 50 326 4101
mikko.karvinen@nexstim.com
The Company’s Certified Adviser is DNB Carnegie Investment Bank AB.
Distribution:
Nasdaq Helsinki
Key media outlets
About Nexstim Plc
Nexstim is a Finnish, globally operating growth-oriented medical technology company. Our mission is to enable personalized and effective diagnostics and therapies for challenging brain diseases and disorders.
Nexstim has developed a world-leading non-invasive brain stimulation technology for navigated transcranial magnetic stimulation (nTMS) with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain.
Nexstim’s Diagnostics Business focuses on commercialization of the NBS System 6, which is the only FDA-cleared and CE-marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain.
Nexstim’s Therapy Business markets and sells the NBS System 6 which is FDA-cleared for marketing and commercial distribution for the treatment of Major Depressive Disorder (MDD) in adult and adolescent patients who have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode, and as an adjunct for the treatment of adult patients suffering from Obsessive Compulsive Disorder (OCD). In Europe, the NBS 6 system is CE-marked for the treatment of major depression, chronic neuropathic pain as well as post-operative rehabilitation of motor deficits of the upper limb.
Nexstim shares are listed on Nasdaq First North Growth Market Finland.
For more information, please visit www.nexstim.com