Nexstim Oyj — Call Transcript 2025

Good morning, everyone. It's a pleasure to be here. My name is Mikko Karvinen, and I'm the CEO of a company called Nexstim. Nexstim is a company focusing on personalized brain diagnostics and therapy. We're a medical technology company, a growth company. We're headquartered in Finland, Helsinki. Our systems are also designed in Finland and manufactured in Finland. We're a bit of an odd company also in the medical technology field. Our technology in particular is navigated transcranial magnetic stimulation. What we give as a company into this area is a unique proprietary technology that is specifically important in the navigation of the magnetic field to the right place. The system, the integrated system, is actually visualized in this very first cover slide. When you order a Nexstim system, you get all this. It's an integrated system, and you can understand its complex hardware and software components. Why am I here? I'm here to tell about our solutions, our business, and also hopefully attract investing into our share. We're listed in the Nasdaq First North Growth Market in Finland. Anyone can buy the shares very conveniently. Here's our business area. The platform technology that I showed on the first slide can be applied for diagnostics, therapy, and then also research and neuroscience. We have our latest system, version 6, out and approved actually in October. This platform, NBS 6, we call it Navigated Brain Stimulator 6, is available for all of these three business areas. The application in diagnostics is pre-surgical mapping of the brain. If you're undergoing surgery, complex surgery such as a tumor surgery, epilepsy surgery, or radiotherapy, you want to know what type of functions are close to the area resected or of interest. We can provide motor and speech mapping of the brain non-invasively as a preoperative procedure. We're FDA approved and CE marked for pre-surgical mapping of the motor and speech areas of the brain. We are the only navigated TMS device manufacturer in the world that has both of these approvals. There are some renowned hospitals that are mentioned there, but we have already sold over 250 systems for pre-surgical mapping of the brain. We have seen growth in the latest 12-month reports that we've shown of the percentages there. Not only mapping the brain, but we can also modulate the brain in a therapeutic effect. That's part of our therapy business. With this NBS 6 therapy system, we have applications for depression and chronic pain, which are both approved in the EU. We have CE marking. We also have FDA approval for major depressive disorder treatment. In the United States, this particular depression treatment is widely also covered by major insurance groups, so there is reimbursement for it. You can see that we're a bit less in the systems amount, but this is a newer business area for us we have 121 systems out there. Happily, actually, I checked with our sales. We also have one system in Lund in the university hospital, so if there's need for therapy or research purposes, there's one system pretty close here. If we look at the research and neuroscience, this is the area where we're pushing, of course, the future indications. There is a lot to do still in both diagnostics and therapy for the future. We try to get the best system of navigated TMS to our research university and hospitals and clinics around the world in the search for indications and helping patients globally. One of the most interesting ones that I want to share with you is combining our system with third-party EEG measurements and then a cloud-based engine to provide the most accurate place for treatment. We have done a collaboration effort with a company called Synaptica Therapeutics from the United States. They have presented some astounding data on Alzheimer's treatment. Treating Alzheimer's patients with navigated TMS, finding the right treatment spot with EEG. Treating the precuneus area of the brain with TMS and having the exact spot found by the cloud-based engine that they use. This is something very interesting early, but we can already see that this area of selling devices for research is the percentage-wise best growing area of our business right now. Okay, let's move on. We are one of the companies, probably rare maybe in this event, that actually have some numbers that are growing and have already a profitability outlook out there. First of all, our sales has grown on average 39% for the time range shown there. We have very high gross margins at the 79% level. This is a scale-up phase right now that we're going through. If you look at the profitability, we're also showing that we can have EBITDA positive results with the latest reports that we've provided. We believe in keeping the costs lean, as you can see. Margins and revenues and profits have grown a lot faster than our expenses. Of course, we work very hard to keep it that way. As I mentioned, this is a phase. We're not an early-stage company anymore. We're more of a scale-up phase. We're looking for, of course, ways how to scale this even further. Speaking about scaling, we have a Q3 update here that we provide. We publish our number twice a year. We're a First North company. We have the luxury of publishing half-year reports, not quarterly reports. We do give a quarterly business update. I give a CEO's business update. I also mention system sales numbers because the number of systems usually correlates with our revenue. 45% growth in the first nine months of 2025 compared to the first nine months of 2024. We've been in various events. I'd like to mention a partnership in the neurosurgery field that is of very much interest right now. A little bit less than a year ago, we did a partnership agreement with a German company called Brainlab that works in the neurosurgical field. They're much larger than Nexstim, but that opens a lot of doors for us. Neurosurgeons around the world have the opportunity now to hear the Nexstim message as part of the Brainlab offering. You can see the first four events, New York, Los Angeles, Vienna, and Australia, that we combined our efforts with Brainlab, only to name a few. There's now more international marketing efforts done by Brainlab Nexstim teams to bring this technology to the awareness of neurosurgeons around the world. Brainlab has thousands of customers in the neurosurgical field that use their systems and software in the ORs around the world. Finally, also the collaboration with Synaptica. We did a bit of an effort together to participate at the Alzheimer's Conference in Toronto to just see what's around there and giving confidence that the approach that Synaptica has done, combining TMS, EEG, and also their cloud-based engine, means a lot. There is a huge effort, of course, in this industry to find the solution. I think the results that they've provided with their phase two studies give a lot of opportunity to research this more. We are getting towards the end, but just to mention about the momentum. We have a very strong momentum right now in Nexstim. Actually, the company is 25 years old, so it takes quite a bit of time and effort to come from the research phase into a scale-up phase. We celebrated our 25 years in Helsinki just a few weeks ago. It's also amazing that the company has evolved to this stage. I'm only 12 years into Nexstim, so halfway. Look at the momentum we have right now. Our latest product, the NBS 6, is CE marked and FDA approved. Brainlab partnership, I mean, a lot of companies in the neurosurgical field would be proud to have partners like we do. German company with a broad range of products, already very quality branded. Our brand is right there besides theirs. The NBS 6 combining what our customers want. They want the same platform to be able to map the brain and also have therapeutic capabilities. Now we have the system out approved. Also, there's the possibility of adding modules in the future. If there are other indications or other features that the customers want, we have a modular structure in the system. You don't need to buy the 200-kilogram system every time, but you can add software modules and have things work that way. Synaptica Therapeutics, of course, startup company. Startup companies have their risks. If you are in the field of trying to find a solution to help Alzheimer's patients, that's a major opportunity. We'll try to be with Synaptica in finding the ways how to research this further. Of course, hopefully someday come up with a commercial solution. Finally, recurring revenue doesn't hurt. If system sales for some reason are not the same each and every year, we have a good growing recurring revenue base. Each and every system out there has a service contract, might have spare parts, needs consumables, and so on. To the final one. Key investment highlights, broad and an attractive market, whether it's in diagnostics, mapping the brain, or in therapy, depression treatment, chronic pain treatment. Leading proprietary technology, this IP is our own IP, patented, over 150 patents from Nexstim. Of course, strong competitive entry barriers. It takes the 25 years to be here in this stage. Of course, maybe in the future, not so many years. We've learned a lot during the years. Still, our financial profile, look at our numbers. I mean, sales is growing, margin is growing. We're reaching profitability. I think those are good things for a scale-up company. Finally, several growth catalysts. New partnerships, whether they're with Brainlab in the neurosurgical field or the startups like Synaptica, I think those give a good combination of not being alone when moving forward. With that, I thank you. If you look at the slides later, take a look at the important information. I'm sure you will. We have a couple of questions for you, Mikko. The first one is, like you said, you've shown us some impressive growth there. Someone wants to know what the biggest challenge to maintaining this positive curve going into 2026 is. Yeah, that's a good question. I think that one of the things that I hear always from our sales working very closely with them is that we need to have our technology presented to as many customers as possible. We're a small company. This is new technology. Like in the neurosurgical field, when we meet with the doctors at the events like CNS or AANS in the United States, most of the people haven't heard of this yet. When they now come to the Brainlab part of the exhibit hall, they have four or five technologies. They get to look at the thing. I think it's more visibility, more possibilities to present the technology. The sales cycle is quite long. From initial interest to getting a system at the hospital or the clinic, it's about an 18-month process. If we're planting the seeds now, I think one of the things that I've learned in this business is patience. Not too much patience, but some patience in that when you get interested about our system, it takes some time before it arrives at the hospital. It is certainly not always Nexstim, the one who's slowing down things. It is a budget item. Now you get interested, you put it to 2026 budget, probably. Will it go through purchasing, legal contracting? Those are the things. We also have a question about the markets. Someone wants to know if Asia is a market that's interesting to you. Yes, that's a good question. That is also something for the future, a possibility. We are not approved in China yet. We are not approved in Japan. We are working on both markets. We have some concrete steps, very concrete ones, specifically with Japan also because Japan is a very good success story for Brainlab. They have their own team there. I am hoping we can get a bit of news flow on that. It is a long-term investment also. It is not instantly that we can get there. They have a rigorous process for the regulatory approvals. We're trying to find our way through in the... We will be there. That's an additional growth possibility. The final question was actually the flip side to the challenges about opportunities. I guess you've sort of answered that then. There are several opportunities. There are several opportunities. I do want to be open also that the capital expense environment for the hospitals and clinics is not the best possible. I mean, for example, in the United States, we've heard a lot of hospitals say that the funding has been cut. Our device is not the most expensive, but it's in the range of $200,000-$400,000, for example. It is a budget item. Let's see. I always think that the hospitals will be getting the devices that they need for getting patient care. Will things be slower in 2026, 2027? That's a delicate thing. Our growth has been successful in very difficult environments. The COVID pandemia, the Ukraine war was also a big thing in Europe. All these growth numbers I'm presenting have been done under that environment. I'm always hopeful that even though there are global things happening, the companies find ways how they can continue to grow.

Speaker 1: Good morning, everyone. It's a pleasure to be here. My name is Mikko Karvinen, and I'm the CEO of a company called Nexstim. Nexstim is a company focusing on personalized brain diagnostics and therapy. We're a medical technology company, a growth company. We're headquartered in Finland, Helsinki. Our systems are also designed in Finland and manufactured in Finland. We're a bit of an odd company also in the medical technology field. Our technology in particular is navigated transcranial magnetic stimulation. What we give as a company into this area is a unique proprietary technology that is specifically important in the navigation of the magnetic field to the right place. The system, the integrated system, is actually visualized in this very first cover slide. When you order a Nexstim system, you get all this. Good morning, everyone. good morning everyone It's a pleasure to be here. it's a pleasure to be here My name is Mikko Karvinen, and I'm the CEO of a company called Nexstim. my name is mikko karvinen and i'm the ceo of a company called nexstim Nexstim is a company focusing on personalized brain diagnostics and therapy. nexstim is a company focusing on personalized brain diagnostics and therapy We're a medical technology company, a growth company. we're a medical technology company a growth company We're headquartered in Finland, Helsinki. we're headquartered in finland helsinki Our systems are also designed in Finland and manufactured in Finland. our systems are also designed in finland and manufactured in finland We're a bit of an odd company also in the medical technology field. we're a bit of an odd company also in the medical technology field Our technology in particular is navigated transcranial magnetic stimulation. our technology in particular is navigated transcranial magnetic stimulation What we give as a company into this area is a unique proprietary technology that is specifically important in the navigation of the magnetic field to the right place. what we give as a company into this area is a unique proprietary technology that is specifically important in the navigation of the magnetic field to the right place The system, the integrated system, is actually visualized in this very first cover slide. the system the integrated system is actually visualized in this very first cover slide When you order a Nexstim system, you get all this. when you order a nexstim system you get all this It's an integrated system, and you can understand its complex hardware and software components. Why am I here? I'm here to tell about our solutions, our business, and also hopefully attract investing into our share. We're listed in the Nasdaq First North Growth Market in Finland. Anyone can buy the shares very conveniently. Here's our business area. The platform technology that I showed on the first slide can be applied for diagnostics, therapy, and then also research and neuroscience. We have our latest system, version 6, out and approved actually in October. This platform, NBS 6, we call it Navigated Brain Stimulator 6, is available for all of these three business areas. The application in diagnostics is pre-surgical mapping of the brain. It's an integrated system, and you can understand its complex hardware and software components. it's an integrated system and you can understand its complex hardware and software components Why am I here? why am i here I'm here to tell about our solutions, our business, and also hopefully attract investing into our share. i'm here to tell about our solutions our business and also hopefully attract investing into our share We're listed in the Nasdaq First North Growth Market in Finland. we're listed in the nasdaq first north growth market in finland Anyone can buy the shares very conveniently. anyone can buy the shares very conveniently Here's our business area. here's our business area The platform technology that I showed on the first slide can be applied for diagnostics, therapy, and then also research and neuroscience. the platform technology that i showed on the first slide can be applied for diagnostics therapy and then also research and neuroscience We have our latest system, version 6, out and approved actually in October. we have our latest system version 6 out and approved actually in october This platform, NBS 6, we call it Navigated Brain Stimulator 6, is available for all of these three business areas. this platform nbs 6 we call it navigated brain stimulator 6 is available for all of these three business areas The application in diagnostics is pre-surgical mapping of the brain. the application in diagnostics is pre-surgical mapping of the brain If you're undergoing surgery, complex surgery such as a tumor surgery, epilepsy surgery, or radiotherapy, you want to know what type of functions are close to the area resected or of interest. We can provide motor and speech mapping of the brain non-invasively as a preoperative procedure. We're FDA approved and CE marked for pre-surgical mapping of the motor and speech areas of the brain. We are the only navigated TMS device manufacturer in the world that has both of these approvals. There are some renowned hospitals that are mentioned there, but we have already sold over 250 systems for pre-surgical mapping of the brain. We have seen growth in the latest 12-month reports that we've shown of the percentages there. Not only mapping the brain, but we can also modulate the brain in a therapeutic effect. That's part of our therapy business. If you're undergoing surgery, complex surgery such as a tumor surgery, epilepsy surgery, or radiotherapy, you want to know what type of functions are close to the area resected or of interest. if you're undergoing surgery complex surgery such as a tumor surgery epilepsy surgery or radiotherapy you want to know what type of functions are close to the area resected or of interest We can provide motor and speech mapping of the brain non-invasively as a preoperative procedure. we can provide motor and speech mapping of the brain non-invasively as a preoperative procedure We're FDA approved and CE marked for pre-surgical mapping of the motor and speech areas of the brain. we're fda approved and ce marked for pre-surgical mapping of the motor and speech areas of the brain We are the only navigated TMS device manufacturer in the world that has both of these approvals. we are the only navigated tms device manufacturer in the world that has both of these approvals There are some renowned hospitals that are mentioned there, but we have already sold over 250 systems for pre-surgical mapping of the brain. there are some renowned hospitals that are mentioned there but we have already sold over 250 systems for pre-surgical mapping of the brain We have seen growth in the latest 12-month reports that we've shown of the percentages there. we have seen growth in the latest 12-month reports that we've shown of the percentages there Not only mapping the brain, but we can also modulate the brain in a therapeutic effect. not only mapping the brain but we can also modulate the brain in a therapeutic effect That's part of our therapy business. that's part of our therapy business With this NBS 6 therapy system, we have applications for depression and chronic pain, which are both approved in the EU. We have CE marking. We also have FDA approval for major depressive disorder treatment. In the United States, this particular depression treatment is widely also covered by major insurance groups, so there is reimbursement for it. You can see that we're a bit less in the systems amount, but this is a newer business area for us we have 121 systems out there. Happily, actually, I checked with our sales. We also have one system in Lund in the university hospital, so if there's need for therapy or research purposes, there's one system pretty close here. If we look at the research and neuroscience, this is the area where we're pushing, of course, the future indications. With this NBS 6 therapy system, we have applications for depression and chronic pain, which are both approved in the EU. with this nbs 6 therapy system we have applications for depression and chronic pain which are both approved in the eu We have CE marking. we have ce marking We also have FDA approval for major depressive disorder treatment. we also have fda approval for major depressive disorder treatment In the United States, this particular depression treatment is widely also covered by major insurance groups, so there is reimbursement for it. in the united states this particular depression treatment is widely also covered by major insurance groups so there is reimbursement for it You can see that we're a bit less in the systems amount, but this is a newer business area for us w e have 121 systems out there. you can see that we're a bit less in the systems amount but this is a newer business area for us w e have 121 systems out there Happily, actually, I checked with our sales. happily actually i checked with our sales We also have one system in Lund in the university hospital, so if there's need for therapy or research purposes, there's one system pretty close here. we also have one system in lund in the university hospital so if there's need for therapy or research purposes there's one system pretty close here If we look at the research and neuroscience, this is the area where we're pushing, of course, the future indications. if we look at the research and neuroscience this is the area where we're pushing of course the future indications There is a lot to do still in both diagnostics and therapy for the future. We try to get the best system of navigated TMS to our research university and hospitals and clinics around the world in the search for indications and helping patients globally. One of the most interesting ones that I want to share with you is combining our system with third-party EEG measurements and then a cloud-based engine to provide the most accurate place for treatment. We have done a collaboration effort with a company called Synaptica Therapeutics from the United States. They have presented some astounding data on Alzheimer's treatment. Treating Alzheimer's patients with navigated TMS, finding the right treatment spot with EEG. Treating the precuneus area of the brain with TMS and having the exact spot found by the cloud-based engine that they use. There is a lot to do still in both diagnostics and therapy for the future. there is a lot to do still in both diagnostics and therapy for the future We try to get the best system of navigated TMS to our research university and hospitals and clinics around the world in the search for indications and helping patients globally. we try to get the best system of navigated tms to our research university and hospitals and clinics around the world in the search for indications and helping patients globally One of the most interesting ones that I want to share with you is combining our system with third-party EEG measurements and then a cloud-based engine to provide the most accurate place for treatment. one of the most interesting ones that i want to share with you is combining our system with third-party eeg measurements and then a cloud-based engine to provide the most accurate place for treatment We have done a collaboration effort with a company called Synaptica Therapeutics from the United States. we have done a collaboration effort with a company called synaptica therapeutics from the united states They have presented some astounding data on Alzheimer's treatment. they have presented some astounding data on alzheimer's treatment Treating Alzheimer's patients with navigated TMS, finding the right treatment spot with EEG. treating alzheimer's patients with navigated tms finding the right treatment spot with eeg Treating the precuneus area of the brain with TMS and having the exact spot found by the cloud-based engine that they use. treating the precuneus area of the brain with tms and having the exact spot found by the cloud-based engine that they use This is something very interesting early, but we can already see that this area of selling devices for research is the percentage-wise best growing area of our business right now. Okay, let's move on. We are one of the companies, probably rare maybe in this event, that actually have some numbers that are growing and have already a profitability outlook out there. First of all, our sales has grown on average 39% for the time range shown there. We have very high gross margins at the 79% level. This is a scale-up phase right now that we're going through. If you look at the profitability, we're also showing that we can have EBITDA positive results with the latest reports that we've provided. We believe in keeping the costs lean, as you can see. This is something very interesting early, but we can already see that this area of selling devices for research is the percentage-wise best growing area of our business right now. this is something very interesting early but we can already see that this area of selling devices for research is the percentage-wise best growing area of our business right now Okay, let's move on. okay let's move on We are one of the companies, probably rare maybe in this event, that actually have some numbers that are growing and have already a profitability outlook out there. we are one of the companies probably rare maybe in this event that actually have some numbers that are growing and have already a profitability outlook out there First of all, our sales has grown on average 39% for the time range shown there. first of all our sales has grown on average 39% for the time range shown there We have very high gross margins at the 79% level. we have very high gross margins at the 79% level This is a scale-up phase right now that we're going through. this is a scale-up phase right now that we're going through If you look at the profitability, we're also showing that we can have EBITDA positive results with the latest reports that we've provided. if you look at the profitability we're also showing that we can have ebitda positive results with the latest reports that we've provided We believe in keeping the costs lean, as you can see. we believe in keeping the costs lean as you can see Margins and revenues and profits have grown a lot faster than our expenses. Of course, we work very hard to keep it that way. As I mentioned, this is a phase. We're not an early-stage company anymore. We're more of a scale-up phase. We're looking for, of course, ways how to scale this even further. Speaking about scaling, we have a Q3 update here that we provide. We publish our number twice a year. We're a First North company. We have the luxury of publishing half-year reports, not quarterly reports. We do give a quarterly business update. I give a CEO's business update. I also mention system sales numbers because the number of systems usually correlates with our revenue. 45% growth in the first nine months of 2025 compared to the first nine months of 2024. We've been in various events. Margins and revenues and profits have grown a lot faster than our expenses. margins and revenues and profits have grown a lot faster than our expenses Of course, we work very hard to keep it that way. of course we work very hard to keep it that way As I mentioned, this is a phase. as i mentioned this is a phase We're not an early-stage company anymore. we're not an early-stage company anymore We're more of a scale-up phase. we're more of a scale-up phase We're looking for, of course, ways how to scale this even further. we're looking for of course ways how to scale this even further Speaking about scaling, we have a Q3 update here that we provide. speaking about scaling we have a q3 update here that we provide We publish our number twice a year. we publish our number twice a year We're a First North company. we're a first north company We have the luxury of publishing half-year reports, not quarterly reports. we have the luxury of publishing half-year reports not quarterly reports We do give a quarterly business update. we do give a quarterly business update I give a CEO's business update. i give a ceo's business update I also mention system sales numbers because the number of systems usually correlates with our revenue. 45% growth in the first nine months of 2025 compared to the first nine months of 2024. i also mention system sales numbers because the number of systems usually correlates with our revenue 45% growth in the first nine months of 2025 compared to the first nine months of 2024 We've been in various events. we've been in various events I'd like to mention a partnership in the neurosurgery field that is of very much interest right now. A little bit less than a year ago, we did a partnership agreement with a German company called Brainlab that works in the neurosurgical field. They're much larger than Nexstim, but that opens a lot of doors for us. Neurosurgeons around the world have the opportunity now to hear the Nexstim message as part of the Brainlab offering. You can see the first four events, New York, Los Angeles, Vienna, and Australia, that we combined our efforts with Brainlab, only to name a few. There's now more international marketing efforts done by Brainlab Nexstim teams to bring this technology to the awareness of neurosurgeons around the world. I'd like to mention a partnership in the neurosurgery field that is of very much interest right now. i'd like to mention a partnership in the neurosurgery field that is of very much interest right now A little bit less than a year ago, we did a partnership agreement with a German company called Brainlab that works in the neurosurgical field. a little bit less than a year ago we did a partnership agreement with a german company called brainlab that works in the neurosurgical field They're much larger than Nexstim, but that opens a lot of doors for us. they're much larger than nexstim but that opens a lot of doors for us Neurosurgeons around the world have the opportunity now to hear the Nexstim message as part of the Brainlab offering. neurosurgeons around the world have the opportunity now to hear the nexstim message as part of the brainlab offering You can see the first four events, New York, Los Angeles, Vienna, and Australia, that we combined our efforts with Brainlab, only to name a few. you can see the first four events new york los angeles vienna and australia that we combined our efforts with brainlab only to name a few There's now more international marketing efforts done by Brainlab Nexstim teams to bring this technology to the awareness of neurosurgeons around the world. there's now more international marketing efforts done by brainlab nexstim teams to bring this technology to the awareness of neurosurgeons around the world Brainlab has thousands of customers in the neurosurgical field that use their systems and software in the ORs around the world. Finally, also the collaboration with Synaptica. We did a bit of an effort together to participate at the Alzheimer's Conference in Toronto to just see what's around there and giving confidence that the approach that Synaptica has done, combining TMS, EEG, and also their cloud-based engine, means a lot. There is a huge effort, of course, in this industry to find the solution. I think the results that they've provided with their phase two studies give a lot of opportunity to research this more. We are getting towards the end, but just to mention about the momentum. We have a very strong momentum right now in Nexstim. Brainlab has thousands of customers in the neurosurgical field that use their systems and software in the ORs around the world. brainlab has thousands of customers in the neurosurgical field that use their systems and software in the ors around the world Finally, also the collaboration with Synaptica. finally also the collaboration with synaptica We did a bit of an effort together to participate at the Alzheimer's Conference in Toronto to just see what's around there and giving confidence that the approach that Synaptica has done, combining TMS, EEG, and also their cloud-based engine, means a lot. we did a bit of an effort together to participate at the alzheimer's conference in toronto to just see what's around there and giving confidence that the approach that synaptica has done combining tms eeg and also their cloud-based engine means a lot There is a huge effort, of course, in this industry to find the solution. there is a huge effort of course in this industry to find the solution I think the results that they've provided with their phase two studies give a lot of opportunity to research this more. We are getting towards the end, but just to mention about the momentum. i think the results that they've provided with their phase two studies give a lot of opportunity to research this more. we are getting towards the end but just to mention about the momentum We have a very strong momentum right now in Nexstim. we have a very strong momentum right now in nexstim Actually, the company is 25 years old, so it takes quite a bit of time and effort to come from the research phase into a scale-up phase. We celebrated our 25 years in Helsinki just a few weeks ago. It's also amazing that the company has evolved to this stage. I'm only 12 years into Nexstim, so halfway. Look at the momentum we have right now. Our latest product, the NBS 6, is CE marked and FDA approved. Brainlab partnership, I mean, a lot of companies in the neurosurgical field would be proud to have partners like we do. German company with a broad range of products, already very quality branded. Our brand is right there besides theirs. The NBS 6 combining what our customers want. They want the same platform to be able to map the brain and also have therapeutic capabilities. Actually, the company is 25 years old, so it takes quite a bit of time and effort to come from the research phase into a scale-up phase. actually the company is 25 years old so it takes quite a bit of time and effort to come from the research phase into a scale-up phase We celebrated our 25 years in Helsinki just a few weeks ago. we celebrated our 25 years in helsinki just a few weeks ago It's also amazing that the company has evolved to this stage. it's also amazing that the company has evolved to this stage I'm only 12 years into Nexstim, so halfway. i'm only 12 years into nexstim so halfway Look at the momentum we have right now. look at the momentum we have right now Our latest product, the NBS 6, is CE marked and FDA approved. our latest product the nbs 6 is ce marked and fda approved Brainlab partnership, I mean, a lot of companies in the neurosurgical field would be proud to have partners like we do. brainlab partnership i mean a lot of companies in the neurosurgical field would be proud to have partners like we do German company with a broad range of products, already very quality branded. german company with a broad range of products already very quality branded Our brand is right there besides theirs. our brand is right there besides theirs The NBS 6 combining what our customers want. the nbs 6 combining what our customers want They want the same platform to be able to map the brain and also have therapeutic capabilities. they want the same platform to be able to map the brain and also have therapeutic capabilities Now we have the system out approved. Also, there's the possibility of adding modules in the future. If there are other indications or other features that the customers want, we have a modular structure in the system. You don't need to buy the 200-kilogram system every time, but you can add software modules and have things work that way. Synaptica Therapeutics, of course, startup company. Startup companies have their risks. If you are in the field of trying to find a solution to help Alzheimer's patients, that's a major opportunity. We'll try to be with Synaptica in finding the ways how to research this further. Of course, hopefully someday come up with a commercial solution. Finally, recurring revenue doesn't hurt. If system sales for some reason are not the same each and every year, we have a good growing recurring revenue base. Now we have the system out approved. now we have the system out approved Also, there's the possibility of adding modules in the future. also there's the possibility of adding modules in the future If there are other indications or other features that the customers want, we have a modular structure in the system. if there are other indications or other features that the customers want we have a modular structure in the system You don't need to buy the 200-kilogram system every time, but you can add software modules and have things work that way. you don't need to buy the 200-kilogram system every time but you can add software modules and have things work that way Synaptica Therapeutics, of course, startup company. synaptica therapeutics of course startup company Startup companies have their risks. startup companies have their risks If you are in the field of trying to find a solution to help Alzheimer's patients, that's a major opportunity. if you are in the field of trying to find a solution to help alzheimer's patients that's a major opportunity We'll try to be with Synaptica in finding the ways how to research this further. we'll try to be with synaptica in finding the ways how to research this further Of course, hopefully someday come up with a commercial solution. of course hopefully someday come up with a commercial solution Finally, recurring revenue doesn't hurt. finally recurring revenue doesn't hurt If system sales for some reason are not the same each and every year, we have a good growing recurring revenue base. if system sales for some reason are not the same each and every year we have a good growing recurring revenue base Each and every system out there has a service contract, might have spare parts, needs consumables, and so on. To the final one. Key investment highlights, broad and an attractive market, whether it's in diagnostics, mapping the brain, or in therapy, depression treatment, chronic pain treatment. Leading proprietary technology, this IP is our own IP, patented, over 150 patents from Nexstim. Of course, strong competitive entry barriers. It takes the 25 years to be here in this stage. Of course, maybe in the future, not so many years. We've learned a lot during the years. Still, our financial profile, look at our numbers. I mean, sales is growing, margin is growing. We're reaching profitability. I think those are good things for a scale-up company. Finally, several growth catalysts. Each and every system out there has a service contract, might have spare parts, needs consumables, and so on. each and every system out there has a service contract might have spare parts needs consumables and so on To the final one. to the final one Key investment highlights, broad and an attractive market, whether it's in diagnostics, mapping the brain, or in therapy, depression treatment, chronic pain treatment. key investment highlights broad and an attractive market whether it's in diagnostics mapping the brain or in therapy depression treatment chronic pain treatment Leading proprietary technology, this IP is our own IP, patented, over 150 patents from Nexstim. leading proprietary technology this ip is our own ip patented over 150 patents from nexstim Of course, strong competitive entry barriers. of course strong competitive entry barriers It takes the 25 years to be here in this stage. it takes the 25 years to be here in this stage Of course, maybe in the future, not so many years. of course maybe in the future not so many years We've learned a lot during the years. we've learned a lot during the years Still, our financial profile, look at our numbers. still our financial profile look at our numbers I mean, sales is growing, margin is growing. i mean sales is growing margin is growing We're reaching profitability. we're reaching profitability I think those are good things for a scale-up company. i think those are good things for a scale-up company Finally, several growth catalysts. finally several growth catalysts New partnerships, whether they're with Brainlab in the neurosurgical field or the startups like Synaptica, I think those give a good combination of not being alone when moving forward. With that, I thank you. If you look at the slides later, take a look at the important information. I'm sure you will. New partnerships, whether they're with Brainlab in the neurosurgical field or the startups like Synaptica, I think those give a good combination of not being alone when moving forward. new partnerships whether they're with brainlab in the neurosurgical field or the startups like synaptica i think those give a good combination of not being alone when moving forward With that, I thank you. with that i thank you If you look at the slides later, take a look at the important information. if you look at the slides later take a look at the important information I'm sure you will. i'm sure you will

Speaker 2: We have a couple of questions for you, Mikko. The first one is, like you said, you've shown us some impressive growth there. Someone wants to know what the biggest challenge to maintaining this positive curve going into 2026 is. We have a couple of questions for you, Mikko. we have a couple of questions for you mikko The first one is, like you said, you've shown us some impressive growth there. the first one is like you said you've shown us some impressive growth there Someone wants to know what the biggest challenge to maintaining this positive curve going into 2026 is. someone wants to know what the biggest challenge to maintaining this positive curve going into 2026 is

Speaker 1: Yeah, that's a good question. I think that one of the things that I hear always from our sales working very closely with them is that we need to have our technology presented to as many customers as possible. We're a small company. This is new technology. Like in the neurosurgical field, when we meet with the doctors at the events like CNS or AANS in the United States, most of the people haven't heard of this yet. When they now come to the Brainlab part of the exhibit hall, they have four or five technologies. They get to look at the thing. I think it's more visibility, more possibilities to present the technology. The sales cycle is quite long. From initial interest to getting a system at the hospital or the clinic, it's about an 18-month process. If we're planting the seeds now, I think one of the things that I've learned in this business is patience. Not too much patience, but some patience in that when you get interested about our system, it takes some time before it arrives at the hospital. Yeah, that's a good question. yeah that's a good question I think that one of the things that I hear always from our sales working very closely with them is that we need to have our technology presented to as many customers as possible. i think that one of the things that i hear always from our sales working very closely with them is that we need to have our technology presented to as many customers as possible We're a small company. we're a small company This is new technology. this is new technology Like in the neurosurgical field, when we meet with the doctors at the events like CNS or AANS in the United States, most of the people haven't heard of this yet. like in the neurosurgical field when we meet with the doctors at the events like cns or aans in the united states most of the people haven't heard of this yet When they now come to the Brainlab part of the exhibit hall, they have four or five technologies. when they now come to the brainlab part of the exhibit hall they have four or five technologies They get to look at the thing. they get to look at the thing I think it's more visibility, more possibilities to present the technology. i think it's more visibility more possibilities to present the technology The sales cycle is quite long. the sales cycle is quite long From initial interest to getting a system at the hospital or the clinic, it's about an 18-month process. from initial interest to getting a system at the hospital or the clinic it's about an 18-month process If we're planting the seeds now, I think one of the things that I've learned in this business is patience. if we're planting the seeds now i think one of the things that i've learned in this business is patience Not too much patience, but some patience in that when you get interested about our system, it takes some time before it arrives at the hospital. not too much patience but some patience in that when you get interested about our system it takes some time before it arrives at the hospital It is certainly not always Nexstim, the one who's slowing down things. It is a budget item. Now you get interested, you put it to 2026 budget, probably. Will it go through purchasing, legal contracting? Those are the things. It is certainly not always Nexstim, the one who's slowing down things. it is certainly not always nexstim the one who's slowing down things It is a budget item. it is a budget item Now you get interested, you put it to 2026 budget, probably. now you get interested you put it to 2026 budget probably Will it go through purchasing, legal contracting? will it go through purchasing legal contracting Those are the things. those are the things

Speaker 2: We also have a question about the markets. Someone wants to know if Asia is a market that's interesting to you. We also have a question about the markets. we also have a question about the markets Someone wants to know if Asia is a market that's interesting to you. someone wants to know if asia is a market that's interesting to you

Speaker 1: Yes, that's a good question. That is also something for the future, a possibility. We are not approved in China yet. We are not approved in Japan. We are working on both markets. We have some concrete steps, very concrete ones, specifically with Japan also because Japan is a very good success story for Brainlab. They have their own team there. I am hoping we can get a bit of news flow on that. It is a long-term investment also. It is not instantly that we can get there. Yes, that's a good question. yes that's a good question That is also something for the future, a possibility. that is also something for the future a possibility We are not approved in China yet. We are not approved in Japan. We are working on both markets. we are not approved in china yet. we are not approved in japan. we are working on both markets We have some concrete steps, very concrete ones, specifically with Japan also because Japan is a very good success story for Brainlab. we have some concrete steps very concrete ones specifically with japan also because japan is a very good success story for brainlab They have their own team there. they have their own team there I am hoping we can get a bit of news flow on that. i am hoping we can get a bit of news flow on that It is a long-term investment also. It is not instantly that we can get there. it is a long-term investment also. it is not instantly that we can get there They have a rigorous process for the regulatory approvals. We're trying to find our way through in the... We will be there. That's an additional growth possibility. They have a rigorous process for the regulatory approvals. they have a rigorous process for the regulatory approvals We're trying to find our way through in the... we're trying to find our way through in the We will be there. we will be there That's an additional growth possibility. that's an additional growth possibility

Speaker 2: The final question was actually the flip side to the challenges about opportunities. I guess you've sort of answered that then. There are several opportunities. The final question was actually the flip side to the challenges about opportunities. the final question was actually the flip side to the challenges about opportunities I guess you've sort of answered that then. i guess you've sort of answered that then There are several opportunities. there are several opportunities

Speaker 1: There are several opportunities. I do want to be open also that the capital expense environment for the hospitals and clinics is not the best possible. I mean, for example, in the United States, we've heard a lot of hospitals say that the funding has been cut. Our device is not the most expensive, but it's in the range of $200,000-$400,000, for example. It is a budget item. Let's see. I always think that the hospitals will be getting the devices that they need for getting patient care. There are several opportunities. there are several opportunities I do want to be open also that the capital expense environment for the hospitals and clinics is not the best possible. i do want to be open also that the capital expense environment for the hospitals and clinics is not the best possible I mean, for example, in the United States, we've heard a lot of hospitals say that the funding has been cut. i mean for example in the united states we've heard a lot of hospitals say that the funding has been cut Our device is not the most expensive, but it's in the range of $200,000-$400,000, for example. our device is not the most expensive but it's in the range of $200,000-$400,000 for example It is a budget item. it is a budget item Let's see. let's see I always think that the hospitals will be getting the devices that they need for getting patient care. i always think that the hospitals will be getting the devices that they need for getting patient care Will things be slower in 2026, 2027? That's a delicate thing. Our growth has been successful in very difficult environments. The COVID pandemia, the Ukraine war was also a big thing in Europe. All these growth numbers I'm presenting have been done under that environment. I'm always hopeful that even though there are global things happening, the companies find ways how they can continue to grow. Will things be slower in 2026, 2027? will things be slower in 2026 2027 That's a delicate thing. that's a delicate thing Our growth has been successful in very difficult environments. our growth has been successful in very difficult environments The COVID pandemia, the Ukraine war was also a big thing in Europe. the covid pandemia the ukraine war was also a big thing in europe All these growth numbers I'm presenting have been done under that environment. all these growth numbers i'm presenting have been done under that environment I'm always hopeful that even though there are global things happening, the companies find ways how they can continue to grow. i'm always hopeful that even though there are global things happening the companies find ways how they can continue to grow