Original-Research: Nexstim Oyj (von NuWays AG): BUY

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Original-Research: Nexstim Oyj - from NuWays AG

09.10.2026 / 09:00 CET/CEST

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Classification of NuWays AG to Nexstim Oyj

Company Name: Nexstim Oyj

ISIN: FI4000506811

Reason for the research: Update

Recommendation: BUY

Target price: EUR 12

Target price on sight of: 12 months

Last rating change:

Analyst: Julius Neittamo

Conference feedback: Brainlab is set to scale NBS systems

We hosted Nexstim at the European MidCap conference in Paris last week and

came back convinced of the long-term commercial potential of navigated

transcranial magnetic stimulation (nTMS). In Diagnostics, Brainlab has the

strategic fit and the installed base to drive market adoption. In Therapy,

nTMS has numerous applications, with major depressive disorder (MDD) serving

as the commercial spearhead. In Alzheimer's disease, the collaboration with

Sinaptica is progressing well, yet we do not expect Phase III readouts

before FY28.

In Diagnostics, Brainlab is not a mere distributor of NBS systems but

integrates nTMS mapping into its neurosurgical workflow. This matters

because nTMS is a relatively novel technology in presurgical brain mapping,

compared with established modalities such as functional MRI (fMRI). In fact,

many clinics still operate without any presurgical mapping, locating motor

function only during surgery. For these surgeons, as for those relying on

fMRI, nTMS offers greater accuracy but entails an incremental workflow step,

an additional vendor and a capital investment of $ 300k per system that the

hospital must justify.

The Brainlab integration significantly lowers these barriers to adoption,

removing the separate vendor relationship and folding the extra step into an

existing, comprehensive neurosurgical offering. It already sells the core of

the neurosurgical workflow, from planning software and navigation systems to

intraoperative imaging and neuromonitoring. Brainlab is the market leader in

neurosurgical planning and navigation by installed systems on the combined

European and North American market, serving c. 4k healthcare facilities. In

FY25, it generated 68% of its EUR 492m group revenue from cranial and spinal

surgery.

Therapy recurring revenue is in transition. Therapy recurring sales fell

14.8% to EUR 1.1m in H1'26, as some customers moved from disposable head

trackers to the reusable NBS 6 tracker. Three factors are seen to soften the

hit. Head tracker licensing fees replace part of the disposables stream at

full margin, so gross profit is less impacted than revenue. The reusable

tracker is recommended for up to ten uses, so reorders continue, albeit at

roughly a tenth of the previous volume. Service agreements, which account

for a significant share of Therapy recurring sales, remain unaffected.

Competition is more intense in Therapy than in Diagnostics, exposing the

segment to potential price erosion. Yet, we regard the risk as somewhat

limited for Nexstim, as it targets premium clinics that accept a higher

price point in exchange for navigated accuracy. We note that Therapy ASPs

have remained stable since the launch of NBS 6, and we see no sign of price

pressure.

We leave our estimates unchanged despite strong order intake. Year-to-date

announced orders of 38 systems already cover 83% of our FY26 delivery

estimate of 46 systems (eNuW). Under the new Diagnostics distribution model,

however, Brainlab stocks part of these systems in its regional hubs, which

pulls Diagnostics demand forward in the year. Q4 remains the key test for

our estimates, as the business remains seasonal, particularly in Therapy,

where 91% of FY25 system sales fell in H2.

We reiterate BUY with an unchanged PT of EUR 12.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=eb4870a37a3389505478821459292619

For additional information visit our website:

https://www.nuways-ag.com/research

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

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