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 265 diagnostic systems and over 135 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. 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 in adolescent and adult 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).
- 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 the first half of 2026:
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 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."
Mikko Karvinen, CEO
Page last updated: 21 August 2026
Mikko Karvinen, CEO