Nexstim (NXTMH) H1 2024 earnings summary

Executive summary

• Net sales for H1 2024 reached EUR 3.2 million, up 26.9% year-over-year, with Diagnostics and Therapy businesses each contributing EUR 1.6 million and Therapy growing 39%.

• EBITDA improved to EUR -0.5 million from EUR -1.1 million, and operating result improved to EUR -0.9 million from EUR -1.4 million.

• Gross margin increased to 81.9% from just under 80% in H1 2023, reflecting cost efficiency.

• Strategic focus on profitable growth, technology leadership, and expanding partnerships, with key launches like NBS 6 planned for late 2024.

• Cash position strengthened by EUR 1.5 million Finnvera loan and EUR 0.7 million convertible bond.

Financial highlights

• Total net sales: EUR 3.2 million (+26.9% year-over-year); system sales: EUR 1.2 million (+11.4%); recurring net sales: EUR 1.9 million (+39%).

• Diagnostics net sales: EUR 1.6 million (+16.3%); Therapy net sales: EUR 1.6 million (+39%).

• Gross margin: 81.9% (up from 79.6% in H1 2023).

• Operating expenses: EUR 3.8 million (+3%); personnel expenses flat year-over-year.

• Cash flow from operating activities improved to EUR 0.7 million from EUR -1.4 million; cash at period end: EUR 3.0 million (+34% year-over-year).

Outlook and guidance

• Full-year 2024 outlook maintained: comparable net sales and operating result expected to improve, supported by strong H1 and business forecasts.

• Sales forecast for the remainder of 2024 remains promising, with focus on profitable growth, technology leadership, and new product launches.