Nexstim PLC

Nexstim PLC

8.60
EUR
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69.18MMarket Cap
Mar 01Next Earn

Q2 FY2026 · Earnings Call TranscriptAugust 14, 2026

Operator

Welcome to Nexstim's webinar for investors, analysts, and media. Nexstim's CEO Mikko Karvinen and CFO Joonas Juokslahti will be giving a presentation that will take about half an hour, and after that, they are available for answering any questions you might have.

You can send questions through the Q&A chat at any time, but they will be replied to only after the presentation. As you send a question, it will first be visible for us organizers only.

The webinar will be recorded, and the recording can be accessed on this page after the event ends. You will also be able to access the recording through the event page of the Nexstim website.

We have booked an hour for the webinar. In case we do not have time to answer all questions, we will do so by email.

Now, let's move on to the presentation. First presenting is Nexstim's CEO Mikko Karvinen.

Go ahead, Mikko.

Mikko Karvinen

Thank you, Patrick. Welcome, everyone.

My name is Mikko Karvinen. I'm the CEO of Nexstim.

I'm very happy to present you with our first half 2026 financial results. As an opening slide, in this very first slide, you can see that there's our integrated navigated TMS system that we sell.

Everything is integrated and included in a system that we sell that you see on the screen when you have all the options. Basically, just the physician and the patient that are acting in this picture are, of course, not included, but otherwise, it is a sizable medical device.

Going to the presentation line today, I will be presenting together with our CFO Joonas Juokslahti. We have a bit of a background information there.

We both have been in Nexstim for quite some time, since 2014, and been parts of building this success that we see now in Nexstim. I also have some renowned Finnish international high-tech growth companies mentioned from my experience prior to Nexstim.

Very happy to be here both to present our progress during the first half of '26 today. Moving on to a quick summary of where we stand right now, we are the leading navigated TMS company.

NTMS is a short version of navigated transcranial magnetic stimulation. We are the technology leader in this area and have the most advanced technology and product to consider in the area of nTMS.

We are clinically proven and US FDA and EU CE compliant. We have strong competitive edge as the only diagnostics player holding both FDA and CE approvals in a highly regulated, high entry barrier field.

We have demonstrated profitable growth with strong share of recurring revenue percentage of sales. If we look at H1 numbers, which Joonas will go into more detail in this presentation, our net sales increased 16% when our operating expenses increased only 8% at the same time period.

Recurring revenue was 48% of our net sales, and we showed an 80% gross margin. Strong pipeline and traction in new partnerships.

There are two partnerships in particular I want to mention and visit later in this presentation. There's been progress with Brainlab and Sinaptica collaborations, demonstrating growing clinical interest and advancing towards long-term agreements.

Then finally, but importantly, we have a clear strategy period extending to the year 2028, and we've demonstrated growth in a compound average rate of over 20% during the previous strategy period that was between 2020 and 2024. Now moving on into the next slide and our solutions and business areas.

Let's take a quick look about what kind of business areas do we have, which systems do we use in this businesses, what applications, business models we apply, the typical customer, and then, of course, the regulatory approval. I'll try to be quite short in here because this slide has quite a bit of information.

We have three business areas: we have a diagnostic business, we have a therapy business, and we have a research and neuroscience part of our business. The current latest version of our technology, the NBS 6 system, can be used in all of these business areas.

We do also have older products, such as the NBS 5 and the NBT, that are being used and are part of our business model from the recurring revenue standpoint, but we do sell new systems now only from the NBS 6 platform. The application in the diagnostic business is presurgical mapping of the motor and speech area of the brain cortex.

A typical patient that would utilize this technology in a hospital would be patients that are going to undergo tumor surgery, an epilepsy surgery, or radiotherapy, as examples. The business model for more or less all of these businesses is similar, but the emphasis on different type of revenues streams is a bit different.

There is revenue from system sales typically, there is recurring revenue elements from leasing, maintenance, and consumable sales, and then also potential sales-related license fees in the past, right now, and also when going forward. In our diagnostic business, we mentioned a few customers: renowned hospitals Charité Berlin, King's College Hospital in UK London, and MD Anderson Cancer Center in Texas, to only mention a few.

We've sold over 270 systems for diagnostics purposes until end of June this year. We are the only navigated TMS manufacturer who has both CE marked in Europe and FDA approval in the United States for presurgical mapping of the brain with navigated transcranial magnetic stimulation.

Moving on to therapy, we actually got a few new applications or indications approved during H1. We currently have a broad range from depression, major depressive disorder, chronic pain, chronic neuropathic pain treatment, OCD, and post-operative motor rehabilitation.

Those are indications that are either CE marked, FDA approved, or both. There's a larger recurring revenue portion typically in the therapy business because of the nature of the business there's more treatments that are being done with the system in comparison to the diagnostics where brain mappings are less in volumes.

We have renowned customers that we've mentioned here: Henri Mondor Hospital from France, we have BrainsWay centres from the United States, and then Oulu University Hospital from Finland. I'm mentioning, of course, in the home market, we have a strong therapy customer base from the university hospitals in Finland, which are five, but also the largest customer group right now is the therapy clinic customers in the United States.

As mentioned, we have CE markings and FDA approvals for the applications mentioned in this presentation. Not all are both.

Depression is, for example, both CE marked and FDA approved. In depression, we have adolescent depression approved also by FDA, but only adult population right now in Europe.

Chronic pain is approved in Europe, OCD is approved by the FDA, not in Europe yet, and then post-operative motor rehabilitation is currently CE marked and approved in Europe. We are doing, of course, work behind getting approvals in both CE marking in the EU and FDA approvals, and also in other markets around the world.

This is the situation we have right now. Then finally, going into research and neuroscience, we gladly can use the NBS 6 platform also in our very needy customer base, which is pushing the science forward in the research and neuroscience area.

The application is usually researching something around either therapy, diagnostics, or something in between or both. TMS and EEG, electroencephalography, measuring the brainwaves, is something that is very interesting right now.

I've mentioned a few of our customers: Sinaptica Therapeutics that are researching the use of navigated TMS and EEG combined with their cloud-based engine in treatment of Alzheimer's disease. They have very promising and excellent results from a Phase 2 study already where they've slowed down the disease remarkably.

We have had a long-term relationship also with the University of Milan study and lab group that are researching, for example, coma patients and diagnosis of a coma patients with the TMS-EEG. Then, as I'm mentioning, we have McLean Hospital in Harvard-related hospital that is doing also research work with our system.

These do not require necessarily FDA or CE marking, but they do require, of course, for example, ethical approvals and documentation so that we can import them to our research clients, for example, in the United States or in the EU. That's very much in a nutshell where we are with the solutions and business areas.

Let's move on to the next topics, which is the use cases of nTMS in our case. We've continued to show the diagnostics, depression, and chronic pain use cases since these are the most advanced in also in our business.

For example, OCD and post-motor rehabilitation are only recently approved, we have demand for them, but we are also, at the same time, gathering information about the market, in a sense that what type of a target market we have in there. Some of them are very much parallel to what I'm presenting here, for example, in the mental health area.

Let's focus on these ones. First, in the diagnostics: so brain surgery risks damaging critical speech and motor areas.

Nexstim has unmatched MRI-guided accuracy for mapping speech and motor cortices of the brain. The market size is roughly €80 million, and this is the tumor patient group that we could help map in the US, EU, and Japan, a very focused group that could benefit from use of our technology.

That's very conservative. That's kind of I would say the minimum target market for this application.

About 9% compound average growth rate based on market research. Example competitions include functional MRI, which is, in our opinion, less accurate than our technology, or other anatomical brain scans that don't actually produce any stimulation effect that you could measure.

In our case, you can always measure the response, and whether it's motor response or speech interruptions, and that can be then recorded and also mapped in the patient's own MRI. Provides valuable information for the surgeon and to plan the surgery, and also discuss with the patients.

If we look at the therapy area, the most utilized business is around depression. Millions of patients do not respond adequately to antidepressant medications.

Personalized stimulation to the exact mood regulation center, improving treatment effectiveness. This is what we can provide with the Nexstim navigated TMS system.

The market size is huge. This is also a conservative estimate: €400 to €800 million worth of market, US and EU patients that have treatment-resistant depression.

Patients that haven't had help with, for example, the example competition types of treatment: so drugs, psychotherapy, transcranial direct-current stimulation, or ECT. Typically, TMS lands somewhere in the middle here.

Typical patient would have tried drugs or psychotherapy or both, and then ended up diagnosed as a treatment-resistant depression patient and then getting TMS as a treatment option. That is something that, of course, would be recommended in our case before going into more side effect treatments, such as an ECT, electroconvulsive therapy, which needs, for example, anesthesia and has severe memory losses as a side effect.

Moving on into chronic pain, many chronic pain patients do not achieve relief with existing medications or therapies. High-accuracy stimulation for patients who do not respond to standard pain therapies, that is what Nexstim can provide.

The addressable market is about 10 million patients in the US and EU total. The example competition includes, of course, drugs.

If drugs don't help, then you can use different stimulation methods, of which TMS is very effective. 40% to 50% of the patients treated with our system for chronic pain have shown clinical meaningful pain relief.

There are other ways of stimulation that are competitive, but not shown to be so effective as what I mentioned. That is tDCS and, for example, other nerve stimulators that can be either implantable or usually are implantable stimulator versions.

That's quickly gone through the major use cases. I'd like to next move on to talk a bit about our partnerships.

Before we move into the financial part. In this case, we're looking at Brainlab that is our strategic partner with leading digital surgery solutions.

It's a German company that located in Munich, Germany headquarter, and operates globally. What we're doing with Brainlab is we're building global access to neurosurgery market through this collaboration.

They've done thousands of system installations of their systems and software worldwide, and about 4,000 hospitals use Brainlab software, have over 2,000 employees. An extensive global sales and marketing organization that gives us access to the leading hospitals that do neurosurgery in the world.

I'll save you for the whole story about our collaboration since today, but I would want to focus that currently what we're seeing in our collaboration is that we've delivered the first NBS 6 systems to Brainlab, and then, therefore, they are landing at their end customer sites, and we have significantly grown our co-marketing efforts both digitally and then at the customer physically, whether at events or at customer sites. That is something that is right now happening, and we are planting the seeds for the future orders.

I can tell that right now we're in the stage where we are moving according to our plans, both on the marketing side, and also then the volumes of systems that we've been receiving orders and that we've delivered to Brainlab. In that way, we are moving according to our plans.

We will keep the newsflow, of course, rolling as much as there is available at any given point. Very much looking forward for this collaboration to bear fruit also the second half of '26 and in the future.

Then looking at Sinaptica, which is our other partner. It was there.

Yeah. This is a promising Alzheimer therapy collaboration that we have with the leading neurotech company Sinaptica.

In here, we're entering the fast-growing Alzheimer therapy market and positioning us as the forefront of TMS innovation in Alzheimer's disease. Sinaptica has as their core technology is AI-guided TMS therapy targeting memory and cognitive function pathways.

With combining our navigated TMS with EEG targeting, and then also their cloud-based software engine, is possible to provide a treatment for, first, a diagnosis and then a treatment for the patients that can slow down Alzheimer's disease significantly. There was about an 80% slowdown in 6 months, and then over 40% still in the 12-month 12-month published studies.

Right now, we're in the stage where we have an exclusivity agreement with Sinaptica, and we've also recognized some revenue related to that. Joonas will go into the financial details.

The exclusivity is there until end of this year. Of course, we are supporting right now Sinaptica in moving to the next stages in their study, including the Nexstim technology and the systems that we've developed together with Sinaptica to provide the best system and platform for the next studies that are on route for their, of course, approvals and the commercial opportunity post approvals.

That's very interesting, and this is a particular partnership that we have strategically also selected when taking the path that TMS-EEG is something unique. We have the most accurate, best navigated TMS system combined with the leading EEG manufacturers is the right combination that we can satisfy also Sinaptica's needs for their studies and, hopefully, for the commercial future.

That's what I wanted to mention. Now it's time to move on for Joonas to have a chance to explain a bit about our financial performance during first half.

Thank you.

Joonas Juokslahti

Sure, thank you, Mikko, and good afternoon, everybody. Next, I'll review some of the Nexstim's financial performance in the first half of '26 and also take a look at some of the longer-term trends in our financial developments.

The total group revenue increased by just over 16% to €5.2 million. That's compared to €4.5 million in the first half of '25.

We continued on our strong growth path during the first half of '26, and this time, it was supported by the excellent performance of our research and neuroscience business. The revenue in diagnostic business amounted to €2.5 million, and that remained essentially at the same level as last year in '25.

This represented just under half of the company's total revenue. Looking at the therapy business, the total revenue was €1.4 million, and here again, the revenue was roughly in line with the comparison period, but here, the system sales grew strongly by nearly 87%.

This expansion of the installed base that'll support the future recurring revenue growth as we continue transitioning from the disposable head tracker sales towards a more of a software licensing model in the therapy business. The research and neuroscience business, that was the strongest growth driver during the reporting period.

The revenue increased by 144% to €1.4 million, and the growth was supported by well, both system sales and licensing income, but in addition, the recurring revenue more than tripled compared to the corresponding period last year. Overall, the recurring revenue at group level increased by 21% to €2.5 million, and at the same time, licensing revenue increased to €0.8 million.

It's good to note here that the newest reported business, the research and neuroscience business, continued its strong growth trajectory during the first half this year also. Then moving to profitability, the gross margin increased by 15% to €4.2 million, and the gross margin ratio remained very strong at close to 80% level, and that reflects the scalability of our business and business models and also the strength of our pricing positioning.

The EBITDA increased by nearly 10% to €0.3 million, and this was our fourth consecutive half-year period with a positive EBITDA. The operating expenses increased by 8%, which is clearly below the rate of our revenue growth for the period.

The sales and marketing expenses remained essentially unchanged, and this reflects our ongoing transition to a more of a distributor-driven sales model for system sales. The operating profit was -€0.3 million, and net profit for the period was -€0.9 million.

It's important to note that the result was impacted by approximately €0.6 million of one-off expenses related to the financing round completed during the springtime. During the spring, we completed an equity race with Eycon Investments and Brainlab, which strengthened our balance sheet significantly, and our cash position increased to €5.6 million, which is more than double the level of a year ago.

In addition, we had €2.4 million worth of open accounts receivables at the end of June. The group equity increased to €8.4 million, and our equity ratio improved to 61% or a little bit over, compared to just under 32% last year.

To summarize, the first half of the year progressed well according to the plan, and based on this H1 performance, the company keeps its guidance for 2026 unchanged. It goes as follows: the company estimates its net sales to grow and operating result to improve.

Now on the next slide, let's take a look at some of the longer-term trends in our financial performance. This slide here illustrates our rolling 12 months performance compared to previous full-year financials.

For the two consecutive strategy periods already, the key theme has been profitable growth for us, and this means pursuing stronger business growth while maintaining continuous focus on improving profitability at the same time. On the left-hand side of the slide, you can see the development of revenue since 2023.

Looking at the rolling 12 months revenue as of the end of the reporting period, we have achieved approximately 21% annual growth over this period shown here, and at the same time, our gross margin ratio has stayed consistently strong at around 80% level. In the middle or the bottom of the slide, you can see the development of the operating expenses over the same time period.

Expenses have increased approximately by 5% per year on average, and it's also worth noting that 2023, the first comparison period in this graph, was a year of, let's say, significant cost-saving measures. That makes the subsequent expense growth even more moderate.

Combining these elements, meaning strong revenue growth and strict cost awareness, the positive impact on our EBITDA becomes evident in the center of the slide. Going forward, we are aiming to continue delivering this same kind of positive development, which is in line with the company's guidance and also the long-term strategic objectives.

With that, I will hand the presentation back to Mikko for a few more final slides before we open the floor for your questions. Thanks.

Mikko Karvinen

Thank you. Thank you, Joonas, for summarizing the the H1 and also development in comparison to our previous years and rolling 12 months.

A couple of slides still to to wrap up. I'll try to keep it short.

If we look at H1 2026 without any euro euro numbers that were just mentioned, our our deliveries in systems grew 20%, as you can see the graph on the on the left side, mainly from the from therapy systems that grew in in in numbers. We're strengthening the the market presence.

Like I mentioned, we're doing marketing co-marketing with Brainlab and also then marketing independently in various events around the world. There a few thing few events that I wanted to just mention from from from the H1 events.

The AANS Annual Scientific Meeting held in San Antonio, Texas, we were part of the Brainlab booth there in in and their area in that meeting. Was very very, of course, it's a it's a it's a great great place to to present our technology to the to the neurosurgeons in in the United States and and also internationally.

We were part of a therapy business-related meeting, the Annual Meeting of the Clinical TMS Society, which was held in in Boston, Massachusetts. There we were with our Nexstim team since the therapy area is is what we independently represent.

Also, there were various other TMS TMS companies and industry industry companies, physicians, scientists. Very interesting meeting, and and we could see that navigation is is very much a topic both for research and clinical use right now, and we've got a lot of lot of a lot of focus and a lot of interest in that meeting.

Then some other ones: European Low-Grade Glioma Network meeting held in Montpellier, France; Annual Meeting of the German Society of Neurosurgery, DGNC, in Aachen, Germany; and then here locally, quite close, Conference of the Scandinavian Neurosurgical Society that was held in Tampere here in in Finland. There's a lot of groundwork that goes into the marketing of the our products, discussions with the with the physicians, the teams, the nurses, the scientists, and that that groundwork is done all the time.

This is just a snapshot of a few of the major events we we were part of, and you can look at the full event list at our website. Also be if you want to stop by at any event and and discuss with our team, then and please please look at the future ones at the events part of our our website.

Key highlights if we look at it: the strong research and neuroscience momentum was during the first half. There was net sales growth of of 144%, we were we were driven the growth was driven by that part of the business.

The diagnostics and therapy net sales were at comparison period level. There was growth in the number of systems delivered, but the the revenue was at the comparison period level last year.

Strategic partnership advanced, Brainlab collaboration is deepening, specifically in the in the area of marketing and and sales, and Sinaptica exclusivity is progressing, and we support them with the validation and delivery of research systems in preparation for upcoming trials. You there's a there's a great amount of information at Sinaptica's website to to spare some time, and, of course, give them the possibility of telling their story.

You can you can find a lot of information about Sinaptica, their progress. Their CEO Ken Mariash also gives frequently interviews that you can follow if you follow, for example, the LinkedIn LinkedIn page.

You can find these these links to their to the interviews there. There's also, finally, there's growing interest into the brain-computer interface as a as a research area, and hopefully then utilizing this this technology, brain-computer interface, into the future clinical use.

Embrace it brain-computer interface in our world means typically the combining either the navigated TMS with EEG or or usage of navigated TMS in in helping helping brain-computer interface access the brain better, which is that either to to stimulate the brain and then reading which which places give the response in in before doing having any implanting happening, and then, of course, in various other ways of how to try to diagnose diagnose these patients, and and and hopefully also help their therapy in the future, whether they're paralyzed or defects in the motor motor functions or or they they have lost, for example, their ability to speak or produce speech. Then, of course, we are the experts in showing where the motor and speech areas are located in the brain, and this helps the physicians quite quite a lot, of course, in in planning surgeries that that are more safe for the implants and also finding the right places for the implants.

As that's only one use case to to simplify it. This has received a lot of international interest, and as an example, China in their latest five-year plan has raised brain-computer interfaces as one of the areas they want to have focus in in in a in a in a government governmental plan five-year plan level.

That is, of course, raising quite a bit of interest right now, and we want to be active and are active in this area. Then moving on to to the momentum slide: so there is a lot of momentum growing right now with several growth catalysts.

We do have the CE and FDA approvals for our NBS 6 platform, both diagnostics that we reached last year, and then prior, we had the therapy. We have a combined system that has approvals.

Brainlab partnership is increasing our system sales volume, and, of course, this is a long-term partnership. We're only into the second year of our partnership, and there's this is a nine-year agreement, but we are seeing a lot of positive progress towards this, and our expectations are to volume increase, of course, to be seen.

That is where we're moving. Then the Nexstim NBS 6, we've launched that this as a combined system.

It's now more competitive for for diagnostics, therapy, and neuroscience. It's a platform for all of our business areas and will be for quite some time.

It's a modular structure that we can update modules and and have software updated in the future with with This will help the customers select new new features and new needs. We will serve new needs in the future.

Sinaptica partnership is a major market opportunity for treatment of Alzheimer's through the this partnership. We are helping them now move on to the next phases of the trial, and then, hopefully, after validating data from there, then also also getting approvals and moving to the to the commercial phase.

Then, finally, very importantly, as as Joonas mentioned, every every system that we increase into our install base also increases our recurring net sales. This is just to demonstrate that in '21, we had €2.7 million of it.

Now we have €4.3 million. It's it's 59% growth to the latest 12 months.

That that is a that is a huge huge escalation and giving us more more forecastability into our business and also something that we can rely on in regardless of of of each reporting system sales, but but something for the long-term growth and and the sustainable growth of a company. Then finally, the final slide to summarize summarize the highlights that that are behind the investment and and our strategic objectives: so investor-wise, it's important to understand that we have a broad and attractive market with multiple clinical use cases, as we as I've presented today.

We're the leading proprietary technology with key regulatory approvals: US, EU are the main ones, but also progressing in Asia towards approval in Japan, and and some some we've we have India India already covered, Australia, Malaysia, we just hold Hong Kong, and so on. Strong competitive entry barriers in a highly regulated market: it's our technology, it's our IP, it's our regulations that are regulatory approvals that are are slowing down the competition.

Stellar financial profile: double-digit growth, steady and high gross margins, strong operational leverage, and high share of recurring revenue, 48% in in H1 of this year. Several growth catalysts with new partnerships and new regulatory approved product launches, there's a lot of momentum right now for growth.

Then finally, final piece is the strategic objectives for this year: profitable growth remains the number one objective, increase our net sales and improving operating result for the financial year, while minimizing future capital needs. We did raise capital recently with investments from from Eycon Investments and also Brainlab, but now we're at a level where we can satisfy our needs for the for the foreseeable strategic path that we have right now.

That that was that we needed capital now, and now we can we have more possibilities to grow grow our company in a profitable manner. Strategic partnerships support the long-term collaboration between Nexstim and Brainlab as our main partner, as well as expanding the network of other partners and clinics, that being, for example, in the therapy area or partnerships such as as is the Sinaptica partnership.

Then finally, but very importantly, for a technology company, we want to remain leaders in the technology, technology leadership, further improving and innovating the neurosurgical workflow of the NBS 6, which helps the neurosurgery field and also the Brainlab partnership, and then the TMS-EEG research interface that helps customers such as research customers such as Sinaptica, but also helps other research customers, hopefully, in the future that operate in the area of of brain-computer interface, as an example. Very important objectives for this year and a very interesting area to to operate right now.

With that, I thank you. If you look at the slides later on, it's a bit bit unclear now.

Right now, the text is not focused so much, but if you look at the slides later, we will publish these slides also at our website. Please take a look at the important information part if you if you happen to flip flip through the presentation in a in a further stage.

I thank you for the presentation part right now. Thank you for staying staying tuned and listening, and I now welcome some questions that that we can then tackle together with with Joonas.

It seems like there are two questions right now posted, and both of them are financial. Do you have a chance, Joonas, to to pick up at least the first first answer for these?

Joonas Juokslahti

A question regarding other adjustments on the cash flow statement of €1 million. Okay.

Thank you for the question. The H1 '26 amount on that line mainly relates to the Sinaptica exclusivity payment, at least to the extent that it was made through the convertible bond investments.

The related revenue has been recognized, but no cash was exchanged as part of that transaction, so as a result, it appears as a non-cash adjustment in the cash flow reconciliation. Hope that clarifies the movement in that line item.

Mikko Karvinen

Yep, thank you. Thank you, Joonas.

Then there seems to be the the next one is about the system sales in diagnostics were down 29%. Should we read the system sales decline purely as timing and broader order batching effect that reverses in H2, or does it also reflect the change in underlying demand or average selling price per unit?

I can take that one. It doesn't reflect the the demand.

We delivered actually seven diagnostic systems during H1 '26. We had seven delivered also H1 '25.

You're quite to the point. It it actually now the average selling price is is where the difference is explained, and this is because of the transition of our model that most of our business now is being done through partnerships, distribution partnerships.

Basically, it means that that we are we are working towards growing the volume more than what we are having to pay, of course, for the distribution services. In in H1, by delivering the same amount of systems through the distribution channel, it it it gives us less revenue in the system sales side.

This is not, of course, in the full company full company P&L. It's it's quite not that simple because then again, we do receive, for example, we receive compensation from from Brainlab as a partnership if if they if they if they don't if we don't reach as a company our gross margin, gross margin, so-called gross profit insurance milestones.

Partially, it gets compensated there, but but purely, the drop in the system revenue of diagnostics is explained by the by the average average sales price drop in that area because of the transition into the distribution model. I now forgot if there was And then at the H1/H2, if there was the same amount of systems, we actually have the the best order backlog right now that we've ever had in in August.

We had seven systems at the end of end of June as an order backlog, and since that, we have released new orders, more than 10 systems ordered in total since then. There is there's a lot of orders in, and this is this is a very positive situation we're right now.

How, of course, all these systems that now have been ordered need to be also delivered during H2, which we are looking forward, and there seems to be nothing to say that we wouldn't do that. There is always that business operation that we need to manufacture and and and deliver the systems.

The other thing is that we we don't we will be publishing the orders as we receive and also giving, of course, an update about the the number of systems delivered and and and probably the order backlog at the end of September when we do the the business review of Q3. You can follow there how how things go go progress with the But the order backlog right now, we're experiencing a larger order backlog that we've ever seen in August.

That's a that's a very positive note. I think we've we've at least tried to answer the two questions that were left.

Thank you for those. Unless there are any any other other questions posted, I'd like to thank you for for your interest in Nexstim and following this this webinar.

We will be, of course, keeping you updated in the newsflow both both the company announcements and press releases. Please look at our events part if you want to meet with the management or our team.

You can you can see that there are also investor and and and business-related events, quite a few coming up. Then I will give my Q3 Q3 business review, of course, sometime most likely like after in in in late late October or or latest early early November.

Then, of course, we we will publish our financials for the full year in H2 2026 in in February, late February of of 2027. Thank you for your interest.

Have a have a great great weekend and great summer, rest of the summer. Thank you.