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

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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2413018 09.10.2026 CET/CEST