Who We Are
Founded in Finland in 2000, Nexstim is a growth-oriented medical technology company operating in the international market. 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 has subsidiaries in the United States (Nexstim, Inc.) and in Germany (Nexstim Germany GmbH).
Over 260 diagnostic systems and over 130 systems that include therapy functionalities have been delivered to facilities worldwide for neurosurgical planning, multiple therapies, and research.
What We Do
Diagnostics
One of the most crucial pieces of information needed for neurosurgery is the tumor’s or other brain lesion’s location in relation to the essential functions and their connections in the patient’s brain. nTMS mapping with Nexstim’s system is used when the tumor is thought to be close to important motor and language areas in the patient’s brain. These brain maps are useful when deciding the treatment option. Clinical data has been generated demonstrating the value of Nexstim’s unique navigation system for pre-surgical mapping with regard to patient outcomes. Nexstim launched the NBS 6 for diagnostic use in 2025.
Key authority clearances (NBS System 6):
- FDA-cleared for presurgical mapping of the speech and motor cortices of the brain.
- CE-marked for presurgical mapping of the speech and motor cortices of the brain.
Therapy
If pharmaceuticals are not working or a non-drug option is wanted, nTMS conducted with Nexstim’s system might be the answer for treatment of major depressive disorder or for chronic neuropathic pain. Nexstim launched its Navigated Brain Therapy (NBT®) system in 2018 in the United States for the treatment of MDD, following FDA clearance in 2017. Launched for therapy use in 2023, the NBS 6 is a new generation Nexstim system with a modular system concept that makes it easy to add new features to existing systems.
Key authority clearances (NBS System 6):
- FDA-cleared for the treatment of major depressive disorder
- CE-marked for the treatment of major depression and chronic unilateral neuropathic pain, as well as post-operative rehabilitation of motor deficits of the upper limb.
Customers have the possibility of acquiring a system that has either diagnostic or therapy functionalities, or a system combination that enables the delivery of both applications in the same system.
Research and Neuroscience
- 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, in order to support leading expert customers (key opinion leaders, KOLs) working in these institutions at the forefront of technological and clinical development.
- The international research community is particularly interested in developing therapies based on the stimulation of connections/neural networks between different areas of the brain. Nexstim's unique electric field neuronavigation has proven to be particularly useful and necessary in this regard.
- TMS-EEG diagnostics and treatment development based on this methodology are a growing area of interest in research. Here, too, neuronavigation and Nexstim's real-time EEG (electroencephalography) software are particularly useful and are attracting growing interest.
Summary of CEO Mikko Karvinen's review of H2 and full year 2025:
This is a summary of the CEO's review. To read it in full, please see the financial statements bulletin.
"We have continued to grow both our Diagnostics and Therapy businesses through new system sales in our key markets in the United States and Europe. The growing installed system base provides recurring net sales, increasing stability and predictability in our operations.
The Diagnostics business grew by 23.6% in 2025, with net sales reaching EUR 5.5 (4.4) million. During 2025, we delivered a total of 19 new diagnostic systems. More than 260 diagnostic systems have been sold to research universities and leading hospitals worldwide. We achieved a strategic milestone in October 2025 by receiving MDR certification for our NBS 6 diagnostic system in the EU. Following this, we announced that the NBS 6 system has also received FDA marketing and distribution clearance for preoperative mapping of the motor cortex and language areas in the United States.
Nexstim began marketing and selling the NBS 6 system for preoperative mapping of the motor cortex and language areas in the EU and the United States at the end of 2025. We are pleased that more of our customers choose to use Nexstim systems for both diagnostic and therapy purposes. NBS 6 is a new combined system built on Nexstim’s unique, clinically established technology. Its modular system design enables easy addition of new features to existing systems. Most of the diagnostic systems delivered during 2025 included both diagnostic and therapy applications.
The Therapy business grew by 12.3% in net sales in 2025, reaching EUR 4.5 (4.0) million. Growth was mainly driven by a 33.9% increase in Therapy system sales compared to the previous year. During 2025, we delivered a total of 14 dedicated therapy systems to the United States, Europe, and other regions. In addition to these, therapy applications were delivered as part of both Diagnostic and Research & Neuroscience systems. At the end of December 2025, there were a total of 135 Nexstim systems worldwide with a therapy application installed (52 in the U.S. and 83 in Europe and other regions) for the treatment of depression and chronic neuropathic pain. This figure includes NBT® and NBS 6 systems as well as NBS systems equipped with the optional NBT software.
With the introduction of our new strategy period, we now also report Research & Neuroscience business net sales separately, which grew by 212.5% in 2025 to EUR 1.0 (0.3) million. This rapid growth is due to sales of a total of four research systems and the EUR 0.3 million license payment from Sinaptica.
In addition to the systems already delivered, we had an open order backlog of one undelivered system at the end of December 2025.
Strategic Focus on Growth and Profitability
In line with Nexstim’s 2025–2028 strategy, we focused in 2025 primarily on profitable net sales growth, and our sales forecast for 2026 also looks promising. Growth is supported by our strengthened global distributor network through our strategic partnership with Brainlab, from which we will now benefit particularly in the marketing and sales of our newly approved NBS 6 diagnostic and therapy system in the United States and Europe.
Our strategy enables individualized and effective patient treatment and diagnostics in severe brain diseases and disorders. Our first strategic objective for 2026 is to continue profitable net sales growth and improve the operating result. Growth and profitability of both our Diagnostics and Therapy businesses play a central role in minimizing future capital requirements on our path toward sustained profitability. We also want to highlight our research, neuroscience, and clinical 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 partner clinic and collaborator network. Combining Nexstim’s technological expertise and first-class services with Brainlab’s innovative and high-growth-potential products—well aligned with Nexstim’s offering and global hospital customer base—will create maximum value for patients, neurosurgeons, hospitals, and shareholders.
Outside Brainlab-exclusive areas, Nexstim continues independently developing, marketing, and selling its products and services globally across existing and future neuroscience research solutions and therapy applications. Nexstim’s own sales organization, together with distributors and business partners, continues work in these areas. The parties have also agreed on certain gross margin targets related to payments Nexstim receives from system sales (including service agreements) in Brainlab’s business area. The 2025 gross margin target of EUR 4 million was achieved, and therefore no guaranteed payment was recognized as part of the Diagnostics business’ full-year revenue. The gross margin target for 2026 is EUR 4 million.
As our partner clinic network expands, Nexstim systems will be installed at neuroscience clinics, and new investments may be made into clinic service companies in the United States. Investments made to date have generated returns through our minority ownership. Nexstim’s investment company, Nexstim Investments, LLC, aims to expand Nexstim’s partner clinic network in the United States in cooperation with carefully selected top experts in the field. We continue to develop this collaboration model, enabling treatment of more patients in the U.S. with Nexstim’s TMS technology and bringing best practices to other markets. During this strategy period, we aim to increase the number of Nexstim systems and treatment sessions at partner clinics.
Our third strategic objective for 2026 is to further strengthen our technological leadership by improving and innovating the NBS 6 neurosurgical workflow and the TMS-EEG research interface. These developments will support deeper integration into Brainlab’s product workflows and further facilitate the work of our TMS-EEG research customers, including Sinaptica. Continuous development of new product generations and new modules is a key part of Nexstim’s 2025–2028 strategy.
Building Future Growth Pathways
Our system clearly stands out from other TMS systems currently on the market that do not have navigation capabilities. In the future, the need for navigation is likely to grow even stronger to treat brain diseases more comprehensively using technology. This may open new TMS treatment markets for Nexstim beyond major depression and chronic neuropathic pain. Our products’ technological leadership, ease of use, and scalability of additional modules create an attractive foundation for partnership-based growth.
Nexstim has a letter of intent with Sinaptica Therapeutics, Inc. (“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 system technologies and related software, including an integrated EEG software. The system will be integrated into Sinaptica’s proprietary cloud-based personalization engine (MAINTAIN™).
We have worked closely with the Sinaptica team and successfully delivered the first prototype research systems in 2025. At Nexstim, we are committed to our cooperation with Sinaptica and support them in validating and delivering research systems on their path toward new clinical studies. The investment made at the end of the year further strengthens our strategic partnership with Sinaptica. Our expectations for the collaboration remain positive, and we continue to actively work toward advancing the partnership.
Building Shareholder Value
Our expectations for 2026 are positive. Our current business is strongly focused on the EU and the United States, but with new partnerships, we continue to expand the reach of Nexstim’s technology increasingly into the Asian markets. Nexstim remains determined in developing individualized and effective methods for treating and diagnosing severe brain diseases and disorders. We strongly believe our work will support long-term shareholder value through stronger competitive advantages, rapid growth, and improved financial performance."
Mikko Karvinen, CEO
Page last updated: 5 March 2026
