Good afternoon, and welcome to the half-year results webcast of Nightingale Health. Today, we’ll cover the following agenda: I’ll start with a brief overview of Nightingale Health, including our technology and business. Then we’ll move to our business targets for the current fiscal year, followed by a business update for the first half. After that, we’ll go through a financial review, and finally, we’ll have a Q&A session. My name is Teemu Suna. I’m the CEO and founder of Nightingale Health, and I’m also acting as interim CFO. Let’s start. Nightingale Health’s mission is to build better healthcare for everyone. The company was founded in 2013 and is headquartered here in Helsinki, but we operate globally.
We have laboratories in the United States, United Kingdom, Japan, Singapore, and of course, Finland. We serve customers in both B2B (business-to-business) and B2G (business-to-government) segments, focusing on preventative healthcare and medical research. Our technology is building a global standard to enable AI-powered preventative healthcare. The current problem in healthcare is that there is no globally standardized, clinical-grade method to measure health trajectories and intervention impact. Without this, the healthcare system is largely reactive—it waits for people to get sick and then intervenes. This happens because we lack a way to measure health consistently and track health trajectories. globally standardized clinical grade way to measure health trajectories and intervention impact. Now because we cannot measure health and the health trajectories, the healthcare system is very reactive. Healthcare system is basically waiting people to get sick and then tries to do something about it. The reason why it is like this is that we are missing a way to measure health and health trajectories.
Our solution is simple: we take one blood sample, run one test, and provide multi-disease risk detection and tracking. This can be scaled to serve everyone. Our technology is proven: we’ve processed over three million samples, contributed to over 900 peer-reviewed publications, and obtained regulatory approvals in multiple markets. About two years ago, we began national implementation here in Finland. The opportunity for Nightingale is to become the globally standardized measurement layer powering AI-native preventative healthcare applications.
As AI becomes part of every industry, it will also enter healthcare. But current healthcare data, like that in electronic health records, is inconsistent and low quality. For AI applications to work effectively, we need standardized data—and that’s exactly what Nightingale provides. Our process is simple: we take one blood sample, either venous or finger-prick, using our proprietary device. The entire chain—from collection to results—comes from Nightingale, ensuring high quality.
Our end-to-end solution guarantees reliable results even from finger-prick samples. We run a single proprietary test that identifies risks for heart attack, stroke, type 2 diabetes, chronic kidney disease, and liver disease—all at once. It also provides over 40 clinical biomarkers. Unlike traditional diagnostic companies, which focus on single biomarkers to diagnose disease, Nightingale focuses on prevention. Prevention works differently—you want to lower disease risk while people are still healthy, not just diagnose after illness occurs.
We quantify disease risk and use that data to build preventative healthcare applications. The timing for preventative healthcare is now because chronic diseases, which are largely preventable, account for about 80% of healthcare costs worldwide. Governments and healthcare providers are increasingly investing in population-scale prevention programs. AI applications, as mentioned, require objective, standardized molecular data to guide prevention. Proxy signals alone aren’t sufficient—they lack repeatability, tracking, and quality.
There are many challenges in healthcare, especially when applying AI for disease risk detection. Nightingale has been building this company for over ten years. Establishing a population-scale medical device company is a long-term effort—it doesn’t happen overnight. Here’s our market entry journey over the past decade: we started in Finland, piloted our technology, then established a laboratory in 2015. Pilots helped us gain confidence, followed by regulatory approvals, reference deals, high-volume deals, and finally broad market penetration.
In Finland, we are almost at full-scale adoption. Over 200,000 people have been measured using Nightingale’s technology, particularly with our partner, Terveystalo. The final step is integrating our technology into public healthcare systems. Market entry is challenging because it must be repeated in every country. In Japan, we established a lab in 2019 and have made good progress, though it takes years. Singapore and the UK labs opened in 2024, and the US lab in 2025.
What makes this challenging doing the market entries is that you have to do the same thing in every country. In Japan, we established a laboratory in 2019. We have made good progress, but it takes years. It's not something that happens very quickly. You can see there that the pace is accelerating because the more we have been building different laboratories and market entries, the better we also can package the market entry, the better we can make it work in the market. Singapore, 2024, establishing the laboratory, and we are already quite advanced over there. UK, 2024 as well, not as far as in Singapore, and US, 2025.
Now, we believe that market entries will accelerate significantly as we move forward. We have several commercial discussions underway to expand our laboratories beyond this list of countries. The current lab rollout model is well-standardized, which puts us in a strong position to continue expanding in these markets and enter new ones. Building all of this has taken 10 years—it hasn’t been easy—but it has created a very strong moat for Nightingale. Our business model, Nightingale Insight, means we deliver our data to customers, and they build preventative health applications on top of it.
This enables a very scalable model and allows us to run our technology globally, even when we’re not serving the end customer directly. Our business model is simple: price per sample. We have three tiers, designed for different customer volumes. In Tier 1, we have longevity clinics—they typically handle low volumes, but the unit price can be higher. By Tier 3, we have national screening programs and similar large-scale customers. Here, the volume is high, but the unit price is lower. Our gross margin structure supports all three tiers very effectively.
That puts Nightingale in a very strong growth position. Our services deliver healthy gross margins, and when we build growth, it rests on a strong financial foundation. We have multiple active pilots and late-stage negotiations across key segments. This is enabled by multi-country lab availability—there’s no way to run this business by making deals first and then building labs. You have to be in the country, present on the ground. There are some differences, for example, in Europe, where within the EU, samples can move between countries.
In the big picture, if you look at the global picture, you have to bring the lab capability locally available. The market we are looking at here, this is when I mentioned that these chronic diseases are 80% of healthcare costs. This is the largest healthcare market in the world. When I say that, because healthcare is such a massive thing, many governments, the healthcare budgets are 3 to 5 times larger than the military budgets. This is like a massive, one of the biggest markets in the world. Cardiometabolic burden, to which we are focused, that's the largest preventable global disease burden. The budgets are already there. Spending is already there.
What is missing and what has been missing is how can you make prevention measurable? Many times, we hear people speaking that prevention is very problematic because, for example, if you have a lifestyle improvement program, even if you use some drugs, how do you quantify the effect of prevention? I strongly believe that this is the single biggest reason why prevention has not broken through before, because these kinds of technologies have not existed. Now with Nightingale, the key thing we can do is we can actually measure the impact of the actions that are being done in preventative healthcare. The opportunity here is that when we standardize the measurement layer, that powers prevention across the whole industry. Why Nightingale?
I mentioned we have been building the company for more than 10 years. There are a lot of things we have achieved. Here is a list of selected benefits to work with Nightingale. We are heavily validated, with more than 900 publications. This number, to our knowledge, is next to none. We are global. We can actually serve our customers across the world. This is very scalable. This is built for population scale because our price point is very, very competitive against, for example, clinical chemistry. In many applications, especially when you go to prevention, we win also with the price point. We are a very efficient company. When we do a peer comparison—and I mean international peer comparison, not local or Finnish comparison—
In international comparison, running this kind of global operation is financially very efficient. We are independent. This is also something people may not think about often. There are not a lot of status-quo independent global assets in blood testing, because many diagnostic industry players are already connected to existing systems, and there are very easily conflicts of interest. This is proprietary, only available from Nightingale—from the biotechnology to the applications. We are publicly listed. We have transparent operations, professional governance, a massive database—the world’s largest metabolomics database—and regulatory approvals. We are the first team that actually brought omics technology into healthcare, and we are already in nationwide use.
I would say there is a lot to like. All right, let's move to the business targets for the current financial year. We have a single target: to increase revenue by at least 50% compared to the previous financial year. We are on track with this. Our current fiscal year revenue accumulation is heavily weighted in the second half. We are reiterating this target. In the longer term, no changes here, but what we are building is a global company. We strongly believe there is a huge market for prevention. It has to be done. Governments have to initiate preventative healthcare programs, and in that context, these goals are feasible.
We go to the business update. I will give a brief update of all the geographical areas we are working in at the moment. The past half has been the key focus; the core focus has been to ramp up commercial activities everywhere. I think what we have managed to do, and what the team has managed to do across the world, is heavily increase sales activities.
How we build up the revenue is, of course, by selling more. Why we have only started in the past half of this fiscal year is because building readiness to really ramp up the commercial operation takes a long time. I think now we are in that position. What I will share with you today is that there are many indications that sales activities are now increasing. In addition to increasing the pipeline, we have made new significant agreements and launched multiple pilot projects.
An important thing to remember is that the sales cycles remain long, but on the other hand, what we now see in sales and customer feedback indicates that the long-term growth prospect is very solid. In Finland, we have a lot of sales activities ongoing across the public sector, evaluating how this technology could be adopted. We are also doing commercial investigations to offer our remote blood testing to healthcare in Finland. We managed to achieve a new strategic agreement with Terveystalo. Previously, we were working only in occupational healthcare with Terveystalo.
Now we are moving to all of Terveystalo's customer segments. The volumes we are running with Terveystalo are internationally very significant. We have two pilots in the public sector. These are very important to demonstrate how the technology works on the public sector side. Healthcare problems are largely similar, but implementation differs across systems. That’s why we need to start with piloting in the public sector. In the United Kingdom, we started last summer to strengthen the U.K. sales team on the ground, which is now very important to appreciate because this only started last summer.
In the first half, we achieved a significant increase in sales activities. We had many engagements with public and private healthcare providers and pharma. First pilot projects were launched, and several negotiations are underway to initiate new pilots. For the rest of Europe, which we manage as a separate business, we also started some activities last summer. Again, it's important to appreciate that readiness to scale commercially has not been strong enough before because it doesn’t help to engage customers if the product is not ready. Now, based on feedback, the product is there, and we have worked hard to open discussions in more than 10 countries.
Based on feedback, we are continuing to expand sales activities and resourcing in sales. Several pilots are already ongoing. This is a very good achievement because sales cycles are very long. In a relatively short time, we have managed to initiate multiple new pilots, and some projects are moving to product-production stage negotiations. Considering the timelines of this business, and putting this in relation to the 10 years we’ve been building, the progress is very strong. In Singapore, we continued investments to expand the commercial team to accelerate sales.
A very significant update is that because we have been working in Singapore for a while, and as I mentioned, having the right product-market fit is essential. Based on market feedback, we made a significant product update. We have now offered the new report as the product and presented it to tens of customers. The reception is very strong. Comparing the conversations with customers, the tone is fundamentally different. Based on this, I see strong long-term growth potential in Singapore. Considering market dynamics, it is a very significant health screening market, and the customer feedback is very positive.
Now in Singapore, first clinics are already ordering services under the updated report. The sample volumes are initially modest, but this is typical for new markets, so it goes in stages. In the ongoing half, we are increasing the number of clinics ordering the test, improving market penetration. In Japan, we made a lot of efforts to strengthen the sales team, which we succeeded in doing. Based on this, new sales activities are ongoing. We have a similar feedback process as in Singapore, and we received good feedback from customers.
We will implement some updates to the business model as well as the clinical report. These changes will be gradually implemented during the current fiscal year. We expect to see the results in the next fiscal year. We also initiated expansion of presence in medical research in Japan. Japan is a very special market. Otherwise, we manage medical research centrally from Finland, but Japan is special, so we have ramped up local capabilities to promote medical research. Recurring business in Japan continues, and sample volumes from key customers are ongoing.
We have negotiations to close more key accounts in the market. Due to improved sales activities, prospects are good to close more accounts. We have already signed new deals with medical research customers. This is early validation for the decision to have independent medical research sales capability in Japan. In the United States, we announced in February that we received the CLEP permit in New York. This is a big milestone because it is required to enter the U.S. healthcare market and run samples locally.
This differs from our previous position. We could offer services internationally, but having local capability on the ground makes a huge difference. Some steps are still required under the CLEP permit, but the biggest unknown has now been completed. We have planned many sales activities for the current half. Some deals are already in negotiation and based on running the samples in the New York lab.
In the medical research market, we made a big effort to ramp up monthly prospects. We increased the number by tens of percent, showing very strong interest in multiomics, a new offering. We continue investing in sales resources and activities in H1. We won a significant project in Italy, a multiomics deal in Denmark, and have several smaller projects ongoing. The key message is that the prospect pipeline is growing, and we expect strong yield in winning cases.
We move to the financial review. Revenue increased by 4% compared to last year in H1. We still have a strong sales pipeline to support reaching the 50% revenue growth target. This is supported by the Aalborg project. Revenue from that project takes time to recognize, which is why the current fiscal year is heavily weighted toward H2. This is largely due to the Aalborg project.
The order book is strong, so we maintain the target for the full fiscal year. Regarding H1 financials, the revenue growth target can be achieved without much pressure to increase cash burn. Investments in labs and production capabilities allow us to handle more load. We have capacity to run samples, so pressure to increase cash burn is low, even though revenue can increase significantly.
The net cash change was impacted by EUR 2 million due to renewal of our headquarters lease. That concludes the segment. We have the last segment with Q&A, and I’d like to ask our Chief Operating Officer, Janna Ranta, to join me on stage. We can now walk through some questions.
Good afternoon, Teemu. Good afternoon, our live audience, and good afternoon online. Let's kick off this Q&A session. I will host it, starting with questions online, and then the audience can ask questions. Teemu, a lot has happened during H1; did the outcomes align with your expectations?
Of course, you hope to show more in the numbers reported. But considering building the company for 10 years, I focus on pipeline size and sales activities. With the long sales cycle, this gives the best understanding of the company’s direction. Looking at that, I am very pleased. We made huge changes compared to a year ago.
In that sense, I think we are in a good position. I am confident that our work will turn into results that we can report numerically.
Great. Let’s talk about the deals announced last year, including the Aalborg University deal worth EUR 2.5 million. What is the current status, and how much revenue was recognized in H1?
Revenue from this project is typical for research projects. In research, it takes time to get samples to our lab, run them, and return results. Therefore, revenue is projected for ongoing H1. In healthcare, dynamics differ; it’s more about gradually increasing pilot numbers.
The slowness has a kind of a different dynamics, but that's something that's part of this business and, I think it's rather natural also when looking at the kind of the underlying reasons why it takes time to move the samples, et cetera.
Okay. Revenue can be expected in this period. Regarding the U.S. market, you mentioned the New York laboratory permit. Can you summarize its meaning and short- and long-term expectations?
The permit allows offering services to healthcare in the U.S. The first step was lab approval, the biggest unknown due to local regulations. After that, steps involve performance verification of individual biomarkers, which we’ve done globally. Blood is blood everywhere, so we expect no differences.
We proceed carefully. Short term, we are negotiating agreements with customers. Long term, this is core to scaling the U.S. business.
Yes. Also questions about U.S. partners. Can you elaborate on the status with Boston Heart, for example?
Some partners previously sent samples to international labs. This technically works but limits scaling. Now, with the CLEP permit, partnerships will run under the New York lab, though it takes time to proceed with CLEP approvals. Updates will follow.
Okay. Let’s go from the U.S. to Singapore. You mentioned Singapore earlier. Can you overview the collaboration with Innoquest Diagnostics and notable outcomes?
The partnership with Innoquest enabled broad technology deployment in Singapore. Innoquest provides logistics to clinics. Even in a small geography, building this takes time. We provided the product to many customers and collected feedback, leading to some product changes.
We delivered the new product to the same customers. Feedback before and after shows the product-market fit is very encouraging. The new report is in production, and we work closely with customers to increase adoption.
That's great. Then back to Finland. Terveystalo has been a Nightingale's customer for a long time already, but now you're expanding even the partnership. What can we expect out of this extended partnership?
Well, it’s very positive that Terveystalo is convinced of our technology and wants to expand it to all of their processes. In healthcare, scaling up is about integrating the technology into existing workflows. We are working with Terveystalo to evaluate other workflows beyond occupational health and increase adoption. Currently, we are discussing new workflows and where to utilize Nightingale’s technology.
You mentioned there’s still something to gain in Finland’s public sector. South Savo and Northern Karelia are wellbeing county collaborations. The market is eager to hear how these pilots are going and when decisions will be made about the future.
In the public sector, it’s about which workflows adopt the technology and how it integrates with existing operations. In North Karelia, we are targeting occupational healthcare for the unemployed. They have a strong case with Terveystalo, so we can offer the same services there. We’ve been defining different workflows and how they will adapt the technology. We are quite advanced with both wellbeing counties, and news on the rollout can be expected in the coming months.
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They will create a very important reference in the public sector.
You are working actively in several markets. Are you planning to expand to any additional markets?
Yeah
... to those you mentioned?
Yeah. That’s a good question. The markets and laboratories are important, as this is very laboratory-driven. The five laboratories we’ve invested in upfront allow us to make deals. We also have conversations in other markets, with closer connection to deal making. Expanding to new markets often means significant customer agreements are already in place, which brings the lab closer to commercial operations. This highlights the maturity of the company.
Now we are increasingly in a position to negotiate deals and bring the lab at the same time. Customers can validate it by running the service at one of our international locations. This makes expansion more natural than with new locations alone.
Okay. Revenue has increased slightly in H1, but the fiscal year target is still some way off. How confident are you in reaching the target?
We have the order book to reach the numbers. Execution risks exist, but we have insights from customers, Aalborg, and other projects. We are reiterating the goal to increase revenue by 50%. Orders are in place, which is the real question behind reported numbers.
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We have the orders.
Great. Final question, from me before we go to our live audience. What can we expect from the second half of this fiscal year?
Heavy focus on increasing sales activities. The product and company maturity are now at the right level. Effort is being used to increase commercial activities. It’s not just hiring more salespeople; success requires targeted, smart activities, better discussions with customers, and selling the value. That’s the main focus.
All development and data teams, including software development, support pilots and new projects to deliver value to customers.
Thank you, Teemu. This was the final question, and then we move to our live audience. Any questions here? Yes, please.
Okay. Is the mic on? Sami Sarkamies, Danske Bank Markets. A couple of questions, starting with H2 outlook. Already discussed, but do you think the Aalborg contract will be delivered in full during H2?
Yes, that is currently the expectation. We are in active dialogue with the customer. It’s not binary. Our pipeline outside Aalborg is also strong, so we have good confidence in reaching the target.
Thanks. You announced new deals today, starting with the Italian contract. What is the timing of delivery, and how does the gross margin compare to Aalborg?
The Italian deal is not multiomics; the customer ordered our NMR platform. Orders with the NMR platform have stronger cross-matching than multiomics deals. In multiomics, we aim to win the market and stay competitive with pricing due to strong competition.
Deals with the NMR platform often allow us to better predict when revenue will be recognized.
Would this Italian contract be recognized already in H2?
The Italian contract, it's on ongoing, but I cannot comment the details more.
The other contract was the Terveystalo extension. Are you expecting more revenue from this extension?
Yes. Making the deal doesn’t automatically grow revenue. We need to align with Terveystalo on clinical workflows adopting the technology. Healthcare operations are ongoing, so timing of changes, training staff, and educating customers take time. Multiple steps must be considered, so a deal doesn’t immediately generate revenue.
I think what making the deal means is that we are in a very good position to do the expansion because without the deal, there is no conversation about the expansion. That's why we are very pleased about the deal, and it shows the trust from Terveystalo towards our technology.
Wanted to check, you may have said this, have you booked revenues from this, wellbeing services county deal in Finland already?
Yeah. The wellbeing services county deals, they are pilots.
Yeah.
We are not expecting to book revenues from them. The scope of the pilots is like rather limited, and the intention is to demonstrate how the technology integrates into the public healthcare domain as well.
Okay. Moving on to CapEx, how should we think about CapEx outlook for fiscal '26? Is it going to be on similar level than last year? I think you mentioned that you have plans to open new labs. When will those happen?
Yeah. I think expect similar level with the CapEx. However, of course, if there is an a laboratory expansion in a new country, then there will be CapEx involved, but it's a very different situation, as I mentioned. It's usually a business deal, aligned with the potential CapEx. I would not see additional CapEx as an concern, provided there is a business deal that also takes the revenue up at the same time. As I mentioned also earlier, Nightingale can build healthy growth because the cross-matching structure, particularly with the NMR technology, is actually very good.
Okay. If you were to open, new labs, you would have, customers with, revenue commitments?
Some form of a deal. The deals will be very different, but that's the idea that it's not setting up a laboratory before having the customer deals. These are now going more hand in hand because we have already built the reference laboratories across the world.
Okay. Final question, you talked about focus on sales activities. Just curious, how is the funnel looking, and are you expecting to close material deals during the second half of the year in order to grow also next year?
Yeah. If I look at the pipeline, definitely we are expecting to close material deal within this half. Of course, the sales cycles are very long, and it's difficult to predict still at this stage of the, of the development. However, if I compare the pipeline size and quality, what it is today and what it was in August, it's fundamentally different, which justifies the expectation that we will close a material deal before the end of the, of the fiscal year. That's, of course, the target to then build up the revenue growth also in the next fiscal year.
Yeah. Maybe a follow-on question. When you look at, the quality of the pipeline, are we talking about mostly research opportunities or do you also have, like medical deals in the pipeline?
Yeah, Both. I would say that the pipeline, earlier it was very heavily research business weighted, and still the revenue business is the part of the business that has a substantial role in the revenue growth. However, what we have managed to do over the past six months in the healthcare pipeline has also changed that quite substantially. Now when I look the two pipelines, there is equal opportunity from both sides to bring a substantial deal before the end of the fiscal year.
Okay. Thank you.
Thank you.
Thank you. It has become the time to end this Q&A session. Teemu Suna, do you have any final words that you would like to give at this point?
Yeah. It's this transforming this kind of a company from very strong technology focus and building it for several years and bringing the product to the market, finding the product market fit, and then finally moving to becoming like a sales organization. It's not very easy journey, now when I look the results, especially through the pipeline and the sales, I think we are making strong progress. In 6 months, this transformation took like very big steps. I'm expecting that over the current year half, we can make similar progress. I'm very excited. I'm also very excited when I look at the market. There is a lot of interest in more and more interest in prevention. There is more and more interest in blood testing.
There is more and more thinking around risk detection rather than this biomarker. Thinking like beyond the biomarkers that we've been talking for years already. The AI is a huge trend that I believe is very beneficial for us because if you want to build a good preventative healthcare system powered by AI, what is your data to connect to the risk? If you use only variable data, well, you are looking at the proxy signals mostly. If you use some data from the like digital data from the internet, again, it's a proxy signal. You really want to understand the risk, which is the core of prevention, you need the molecules. It's an issue of molecular medicine which the algorithms will not solve.
You need the data, and we are one of the most advanced companies in the world to bring the data. I think that's one of the mega trends that I believe can be very positive and beneficial for Nightingale. Very excited, and we will keep working very hard.
Exactly. Thank you. We will end the session here now. Thank you for following.
Yeah. That's it.
Yes.
We will return in six months, and, thank you for listening, and, have a good day.