Half Year 2026 Nexstim Oyj Earnings Call Transcript
Key Points
- Nexstim Oyj (STU:5NX) reported a 16% increase in net sales to EUR5.2 million in H1 2026, driven by strong growth in the Research and Neuroscience business, which surged 144%.
- The company maintained a robust gross margin of approximately 80%, reflecting the scalability of its business model and strong pricing power.
- Recurring revenue grew 21% to EUR2.5 million, representing 48% of net sales, providing greater forecastability and long-term sustainability.
- Strategic partnerships with Brainlab and Sinaptica are advancing, with Brainlab collaboration deepening in marketing and sales, and Sinaptica exclusivity progressing toward long-term agreements.
- The company achieved its fourth consecutive half-year period with positive EBITDA, and the balance sheet was strengthened with a successful equity raise, increasing cash to EUR5.6 million and improving the equity ratio to 61%.
- Diagnostics and Therapy net sales remained flat compared to the prior year, with Diagnostics system sales declining 29% due to a transition to a distribution model, which reduced average selling prices.
- The company reported an operating loss of EUR0.3 million and a net loss of EUR0.9 million for H1 2026, impacted by approximately EUR0.6 million in one-off financing expenses.
- Operating expenses increased by 8%, which, while below revenue growth, still outpaced the flat performance in key business segments.
- The Therapy business saw a significant shift from disposable head tracker sales to a software licensing model, which may create short-term revenue volatility.
- The company's guidance for 2026 remains unchanged, and the reliance on partnerships for system sales could lead to lower direct revenue per unit, as seen in the Diagnostics segment.
Thank you, Patrick, and welcome, everyone. My name is Mikko Karvinen. I'm the CEO of Nexstim. I'm very happy to present to you with our first half 2026 financial results. And as an opening slide, you can see in this very first slide, you can see that there's our integrated navigated TMS system that we sell.
And everything is integrated and included in a system that we sell that you see on the screen when you have all the options. And basically, just the physician and the patient that are acting in this picture are, of course, not included. But otherwise, it is a sizable medical device. Okay. And going to the presentation line today, I will be presenting together with our CFO, Joonas Juokslahti.
We have a bit of a background information there. We both have been in Nexstim for quite some time. So since 2014 and being part of building this success that we see now in Nexstim. I also have some renowned Finnish international high-tech growth companies mentioned from my experience prior to Nexstim. So very
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