Company announcement, Insider information, Helsinki, 3 April 2020 at 09.00 am (EEST)
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") announces that due to the coronavirus COVID-19 pandemic having a negative impact on the Company’s business environment it’s no longer possible to give an accurate net sales estimate for the full year 2020 before the length of the health crisis is better known.
The cost saving measures announced on 26 March 2020 are expected to decrease the full year 2020 operating loss in comparison to year 2019. The Company estimates that with these cost saving measures in place and loan repayments made according to earlier agreed schedules, the current working capital suffices then until end of Q3 2020.
Updated Future Outlook: Full year 2020 operating loss is expected to decrease in comparison to year 2019.
This updated future outlook replaces the previous financial guidance given on 28 February 2020, in which the Company estimated that based on its business forecast, the Company expected NBT business revenue to grow during year 2020 and a loss for the period was expected for the financial year 2020.
NEXSTIM PLC
Mikko Karvinen, CEO
Further information is available on the website www.nexstim.com, or by contacting:
Mikko Karvinen, CEO
+358 50 326 4101
mikko.karvinen@nexstim.com
Sisu Partners Oy (Certified Adviser)
Jussi Majamaa
+ 358 40 842 4479
jussi.majamaa@sisupartners.com
About Nexstim Plc
Nexstim is a Finnish, globally operating medical technology company. Our mission is to enable personalized and effective therapies and diagnostics for challenging brain diseases and disorders.
Nexstim has developed a world-leading non-invasive brain stimulation technology called SmartFocus®. It is a navigated transcranial magnetic stimulation (nTMS) technology with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain.
SmartFocus® technology is used in Nexstim’s proprietary Navigated Brain Therapy (NBT®) system, which is FDA cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBT® system is CE marked for the treatment of major depression and chronic neuropathic pain.
In addition, Nexstim is commercializing its SmartFocus® based Navigated Brain Stimulation (NBS) system for diagnostic applications. The NBS system is the only FDA cleared and CE marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain. Nexstim shares are listed on the Nasdaq First North Growth Market Finland and Nasdaq First North Growth Market Sweden.
For more information please visit www.nexstim.com