Nexstim Plc Business Update Q1 2024
April 26 2024 - 2:00AM
Nexstim Plc Business Update Q1 2024
Press release, Helsinki, 26 April 2024 at 9 AM (EEST)
Nexstim Plc Business Update Q1 2024
Nexstim Plc (NXTMH:HEX) (”Nexstim” or ”Company”) announces the
key highlights of the Company’s business operations during Q1
2024.
CEO Mikko Karvinen’s Business Update
In line with our main strategic objective, we
have continued to focus on profitable net sales growth. The sales
of new systems at the beginning of this year has been slow, which
is typical considering that hospitals' budgets focus on purchases
towards the end of the year. We continued to grow our Diagnostics
and Therapy Businesses with new system sales in our key markets in
the United States and Europe. Between January and March 2024, we
delivered a total of 2 new NBS systems and we are progressing
according to our growth plans with our full year 2024 sales
pipeline development. We have moved forward with projects that are
crucial for the company's strategic competitive advantage, such as
the development of our new NBS 6 diagnostics product, enabling
easy-to-use systems and future add-on modules in the same hardware.
Discussions with potential new strategic partners have continued
with the intention to further scale the use of our technology.
In the Diagnostics Business, about 230 NBS
systems have been sold to research universities and leading
hospitals across the world to date. We have continued investing in
our presence at the most significant international events in our
field. In January, we participated in the Harvard Medical School
Intensive Course in Transcranial Magnetic Stimulation (TMS) held in
Boston, MA and in the Duke TMS CourseI held at Duke University
School of Medicine, Durham, NC. It has been a great pleasure to
meet both current and new potential customers and engage into a lot
of fruitful discussions about future needs in this area. We are
very happy about the continuously growing interest towards using
the Nexstim system in both diagnostic and therapeutic applications.
We see the combination platform as a clear competitive advantage,
and we want to expand the offering of this platform in the form of
the latest generation NBS 6 combination system to key markets
worldwide.
In the Therapy Business, at the end of Q1 2024
there were a total of 86 Nexstim systems with therapy capabilities
installed worldwide (30 in the U.S. and 56 in Europe and the rest
of the world) for the treatment of depression and chronic
neuropathic pain. This number includes both NBT® and NBS 6 systems
and NBS systems with optional NBT add-on software installed.
Nexstim’s systems are highly differentiated from other currently
available TMS products due to its unique and highly sophisticated
3D navigation that uses its proprietary E-field algorithm to
visualize the exact location, orientation, and magnitude of the
stimulation. The therapeutic application areas we have chosen (MDD,
major depressive disorder and chronic pain) are indications where
our unique technology is already delivering clear clinical results
and contributing to the profitability of our customers' operations.
In the future, the need for navigation capabilities is likely to
become even more important in technologies that could treat brain
diseases in an increasingly diverse range of ways. This could open
a new market for TMS treatments for Nexstim, distinct from the
current treatment of patients with severe depression or chronic
neuropathic pain.
Nexstim has successfully expanded its global
distribution partner network over the past few years, and we
believe that further significant growth, particularly in the
Diagnostics business, can be achieved through increasingly broad
marketing and distribution partnerships. Through such strategic
distribution partnerships, it is possible to cost-effectively reach
an increasing number of customers with information about Nexstim's
system and services, as well as potential representation in markets
where it would not be as quickly and economically feasible to build
on our own. The technological leadership of our products, their
ease of use and the scalability of additional modules create an
attractive platform for growth through partnerships.
Despite the tightening global political
situation, our expectations for 2024 remain in many ways positive.
Nexstim will continue its determined efforts to enable personalized
and effective therapies and diagnostics for challenging brain
diseases and disorders. We strongly believe that our work will
support long-term shareholder value growth through stronger
competitive advantages, rapid growth, and improved financial
results. We remain optimistic about the future but will continue to
monitor developments in the global political landscape while
advancing our own business.
Further information is available on the website
www.nexstim.com, or by
contacting:
Mikko Karvinen, CEO+358 50 326
4101mikko.karvinen@nexstim.com
About Nexstim Plc
Nexstim is a Finnish, globally operating growth-oriented medical
technology company. Our mission is to enable personalized and
effective diagnostics and therapies for challenging brain diseases
and disorders.
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’s Diagnostics Business focuses on commercialization of
the Navigated Brain Stimulation (NBS) system. The NBS System 5 is
the only FDA cleared and CE marked navigated TMS system for
presurgical mapping of the speech and motor cortices of the
brain.
Nexstim’s Therapy Business markets and sells the NBS System 6
which is FDA cleared for marketing and commercial distribution for
the treatment of major depressive disorder (MDD) in the United
States. In Europe, the NBS 6 system is CE marked for the treatment
of major depression and chronic neuropathic pain.
Nexstim shares are listed on Nasdaq First North Growth Market
Finland.
For more information, please visit
www.nexstim.com
- Nexstim Plc_Press release_Business Update Q1
2024_26042024_FINAL_EN