Nexstim delivered its first ever profitable period in H221 and is guiding towards continued revenue growth and a positive operating result for FY22. Profitability and partnerships are central to FY22 strategic objectives. The recent Magnus Medical and PNC Management Services deals are trailblazers for a new technology licencing revenue stream and a deeper partnership business model for the US NBT therapy business respectively. The former deal includes a $4m upfront payment which addresses Nexsti...
2021 was an operationally successful year, with Nexstim achieving several strategic objectives as it works towards delivering higher revenues and improved profitability. Key 2021 goals met include reaching a MDD (major depressive disorder) patient data registry of >200 completed treatment sessions and securing the first partners, in Finland and the US, under plans to develop a deeper partnership business model for its NBT therapy business. 2022 should see further demonstration of strategic execu...
Nexstim’s H121 report highlights its strategic focus is firmly on exploiting the commercial potential of the SmartFocus NBT system in depression, where its unique navigation capabilities are a clear differentiator. The strengthened balance sheet removes near-term uncertainty and allows investment in generating compelling clinical data. Priorities are to maintain the growth momentum of both NBT and NBS, particularly in the key US market, and to undertake trials to position NBT as the system of ch...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Nexstim started 2021 on a positive footing with its Q121 business and clinical update highlighting incremental operational progress and a growing body of evidence in depression. The successful €6.4m (net) spring rights issue provides additional funds to support execution on the company’s 2020-24 corporate strategy, including funding further development of new accelerated iTBS treatment protocols. Resolutions at this week’s AGM authorised a 100 to 1 reverse share split to facilitate trading, posi...
Trinity Delta view: The oversubscribed rights issue is tangible evidence of support for management’s growth strategy. Demonstrating the value of NBT in accelerated iTBS protocols for severe depression is a key component of the 2020-24 strategic plan. The new funds will also support other plans for NBT and NBS growth and enable achievement of several near and mid-term goals. Updating our Nexstim rNPV model for the raise results in a valuation of €50.6m (€0.08 per share) against our prior €44.2m (...
Trinity Delta view: This Nexstim fund raise was well-flagged, with the issuance of new shares authorised at the EGM on March 1st. New funds will be used mainly to explore Nexstim’s NBT (Navigated Brain Therapy) in accelerated iTBS protocols for severe depression, a development programme that is a key component of the 2020-24 strategic plan. Successful outcomes in future registrational studies with accelerated protocols would open a material, and commercially attractive, new hospital treatment se...
Nexstim delivered record revenues in FY20 and its lowest EBIT loss, successfully navigating a challenging year through careful cost control and new efficient ways of digital working which contributed to resilient NBT therapeutic and NBS diagnostic system sales. The company is well-positioned to drive a disruptive shift in depression treatment (and its delivery) with its accurately navigated SmartFocus transcranial magnetic stimulation (TMS) NBT technology; however, with end-December cash of €3.5...
Trinity Delta view: TMS (Transcranial Magnetic Stimulation) offers clear clinical and economic benefits in treating MDD (major depressive disorder). However, such treatment is limited by its long duration, typically five outpatient sessions per week over six weeks. Accelerated treatment regimens employing shorter, more intensive protocols have clear potential, with numerous additional benefits to patients, providers, and payors. Such protocols require highly accurate targeting, hence Nexstim’s N...
Nexstim is well placed to benefit from the novel accelerated rTMS (transcranial magnetic stimulation) therapy protocols being developed for severe depression and chronic neuropathic pain. Its accurately navigated SmartFocus TMS NBT technology could provide the precision and reproducibility required for clinical success. Promising data, expected in Q121, from the ongoing pilot study in severe depression would guide the format of a proposed double-blind multi-centre trial. Success would open sizea...
Trinity Delta view: Despite the limited disclosure, this new prototype development deal further highlights the value inherent within Nexstim’s TMS technology platform. Not only will the company receive €0.9m in associated revenues during FY21, but it emphasises the potential of its TMS technology and intellectual property in exploring new business opportunities in both diagnostics (NBS) and therapeutics (NBT), beyond those outlined in Nexstim’s strategic goals. The applicability of the highly ac...
Trinity Delta view: Embarking on pilot studies using accelerated iTBS treatment protocols is one of Nexstim’s strategic goals for 2020 (outlined in detail in our August 2020 Update). NBT’s highly accurate mapping capabilities, and the FDA approval of the three-minute Thetaburst protocol in 2019, means it is well-suited to use in intensive treatment protocols. These pilot studies in chronic pain and severe depression, at leading Finnish medical centres, will build the currently limited clinical e...
Nexstim delivered a record interim performance in H120 (revenues, operating result, and net loss) despite market turbulence caused by the COVID-19 pandemic. The business model has remained resilient with a solid NBS (Diagnostic) installed base and flexible pricing models, coupled with careful cost control. The 2020-24 corporate strategy update provides a road map to better exploit commercial opportunities with existing and new customers, where Nexstim’s navigated TMS (transcranial magnetic sti...
Nexstim’s €2.3m rights issue was materially oversubscribed, with bids for 273% of the offered shares. A total of 376.7m new shares, at €0.006, will be issued. The new funds provide the resources to continue to support its existing NBS and NBT businesses, and, importantly, invest in studies to explore attractive opportunities in severe depression and chronic neuropathic pain. Nexstim is carving out a promising, and sizeable, niche in depression; where the accuracy, reliability, and reproduc...
Nexstim’s proprietary navigated transcranial magnetic stimulation (TMS) technology is at the core of its strategic review. Its accuracy, reliability, and reproducible effects are the key advantages and differentiating features vs the competition. These enable it to carve out a niche as a personalised and effective therapy (NBT) and diagnostic (NBS) for challenging brain disease and disorders. Nexstim’s proposed €2.2m rights issue will strength its balance sheet and provide the resources to...
Trinity Delta view: New funds, coupled with cost saving measures announced in March and the €0.9m debt cancellation of Business Finland R&D loans, will extend Nexstim’s cash runway into 2021. The stronger balance sheet provides Nexstim with the resources to continue to support its existing NBS (Diagnostics) and NBT (Therapy) businesses, in addition to investing in pilot studies to explore exciting and potentially highly lucrative new opportunities for its NBT SmartFocus navigated TMS (transc...
Trinity Delta view: A major focus area for Nexstim is gaining market traction with its NBT platform in MDD. Good momentum is being shown so far: FY19 NBT Therapy sales grew +131% to €1.5m. Growing usage generates more patient registry data, and this valuable clinical evidence, whether published in white papers or journals, will support marketing efforts to drive further adoption. While the COVID-19 pandemic will have repercussions on commercial activities, we note that core NBT use in MDD is i...
Nexstim’s strategic focus is firmly on fully exploiting the commercial potential of its SmartFocus NBT system in major depressive disorder (MDD), by leveraging its unique navigation capabilities and the positive impact on patient outcomes and health economics. Significant strides were made in 2019, the first year of strategic implementation: FY19 revenue grew 25% to €3.3m, with continued sales momentum in the NBT Therapy business (+131% to €1.5m). Alongside a stronger balance sheet and boa...
Trinity Delta view: Nexstim has achieved a great deal in the past year and is gaining market traction with its NBT platform in MDD. The changed situation with the leading academic centre is disappointing but NBT’s unique properties suggest a meaningful role is still likely. We have not included any contribution from this opportunity in our valuation and would only do so when the visibility is improved. Our valuation was upgraded in our January Outlook to €31.4m, €0.50/share, up from €19...
Nexstim leaves 2019 in a very different shape to how it entered the year, with its strategic focus firmly on fully exploiting the commercial potential of the SmartFocus NBT system in depression, by leveraging its unique navigation capabilities. The strengthened balance sheet means the company is better positioned to deliver on its new year’s resolutions for 2020 and build shareholder value. Priorities include continuing the growth momentum of NBT, particularly in the US; further building the c...
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