Good morning, everyone. It's a pleasure to be here. My name is Mikko Karvinen, and I'm the CEO of a company called Nexstim. Nexstim is a company focusing on personalized brain diagnostics and therapy. We're a medical technology company, a growth company. We're headquartered in Finland, Helsinki. Our systems are also designed in Finland and manufactured in Finland. We're a bit of an odd company also in the medical technology field. Our technology in particular is navigated transcranial magnetic stimulation. What we give as a company into this area is a unique proprietary technology that is specifically important in the navigation of the magnetic field to the right place. The system, the integrated system, is actually visualized in this very first cover slide. When you order a Nexstim system, you get all this.
It's an integrated system, and you can understand its complex hardware and software components. Why am I here? I'm here to tell about our solutions, our business, and also hopefully attract investing into our share. We're listed in the Nasdaq First North Growth Market in Finland. Anyone can buy the shares very conveniently. Here's our business area. The platform technology that I showed on the first slide can be applied for diagnostics, therapy, and then also research and neuroscience. We have our latest system, version 6, out and approved actually in October. This platform, NBS 6, we call it Navigated Brain Stimulator 6, is available for all of these three business areas. The application in diagnostics is pre-surgical mapping of the brain.
If you're undergoing surgery, complex surgery such as a tumor surgery, epilepsy surgery, or radiotherapy, you want to know what type of functions are close to the area resected or of interest. We can provide motor and speech mapping of the brain non-invasively as a preoperative procedure. We're FDA approved and CE marked for pre-surgical mapping of the motor and speech areas of the brain. We are the only navigated TMS device manufacturer in the world that has both of these approvals. There are some renowned hospitals that are mentioned there, but we have already sold over 250 systems for pre-surgical mapping of the brain. We have seen growth in the latest 12-month reports that we've shown of the percentages there. Not only mapping the brain, but we can also modulate the brain in a therapeutic effect. That's part of our therapy business.
With this NBS 6 therapy system, we have applications for depression and chronic pain, which are both approved in the EU. We have CE marking. We also have FDA approval for major depressive disorder treatment. In the United States, this particular depression treatment is widely also covered by major insurance groups, so there is reimbursement for it. You can see that we're a bit less in the systems amount, but this is a newer business area for us w e have 121 systems out there. Happily, actually, I checked with our sales. We also have one system in Lund in the university hospital, so if there's need for therapy or research purposes, there's one system pretty close here. If we look at the research and neuroscience, this is the area where we're pushing, of course, the future indications.
There is a lot to do still in both diagnostics and therapy for the future. We try to get the best system of navigated TMS to our research university and hospitals and clinics around the world in the search for indications and helping patients globally. One of the most interesting ones that I want to share with you is combining our system with third-party EEG measurements and then a cloud-based engine to provide the most accurate place for treatment. We have done a collaboration effort with a company called Synaptica Therapeutics from the United States. They have presented some astounding data on Alzheimer's treatment. Treating Alzheimer's patients with navigated TMS, finding the right treatment spot with EEG. Treating the precuneus area of the brain with TMS and having the exact spot found by the cloud-based engine that they use.
This is something very interesting early, but we can already see that this area of selling devices for research is the percentage-wise best growing area of our business right now. Okay, let's move on. We are one of the companies, probably rare maybe in this event, that actually have some numbers that are growing and have already a profitability outlook out there. First of all, our sales has grown on average 39% for the time range shown there. We have very high gross margins at the 79% level. This is a scale-up phase right now that we're going through. If you look at the profitability, we're also showing that we can have EBITDA positive results with the latest reports that we've provided. We believe in keeping the costs lean, as you can see.
Margins and revenues and profits have grown a lot faster than our expenses. Of course, we work very hard to keep it that way. As I mentioned, this is a phase. We're not an early-stage company anymore. We're more of a scale-up phase. We're looking for, of course, ways how to scale this even further. Speaking about scaling, we have a Q3 update here that we provide. We publish our number twice a year. We're a First North company. We have the luxury of publishing half-year reports, not quarterly reports. We do give a quarterly business update. I give a CEO's business update. I also mention system sales numbers because the number of systems usually correlates with our revenue. 45% growth in the first nine months of 2025 compared to the first nine months of 2024. We've been in various events.
I'd like to mention a partnership in the neurosurgery field that is of very much interest right now. A little bit less than a year ago, we did a partnership agreement with a German company called Brainlab that works in the neurosurgical field. They're much larger than Nexstim, but that opens a lot of doors for us. Neurosurgeons around the world have the opportunity now to hear the Nexstim message as part of the Brainlab offering. You can see the first four events, New York, Los Angeles, Vienna, and Australia, that we combined our efforts with Brainlab, only to name a few. There's now more international marketing efforts done by Brainlab Nexstim teams to bring this technology to the awareness of neurosurgeons around the world.
Brainlab has thousands of customers in the neurosurgical field that use their systems and software in the ORs around the world. Finally, also the collaboration with Synaptica. We did a bit of an effort together to participate at the Alzheimer's Conference in Toronto to just see what's around there and giving confidence that the approach that Synaptica has done, combining TMS, EEG, and also their cloud-based engine, means a lot. There is a huge effort, of course, in this industry to find the solution. I think the results that they've provided with their phase two studies give a lot of opportunity to research this more. We are getting towards the end, but just to mention about the momentum. We have a very strong momentum right now in Nexstim.
Actually, the company is 25 years old, so it takes quite a bit of time and effort to come from the research phase into a scale-up phase. We celebrated our 25 years in Helsinki just a few weeks ago. It's also amazing that the company has evolved to this stage. I'm only 12 years into Nexstim, so halfway. Look at the momentum we have right now. Our latest product, the NBS 6, is CE marked and FDA approved. Brainlab partnership, I mean, a lot of companies in the neurosurgical field would be proud to have partners like we do. German company with a broad range of products, already very quality branded. Our brand is right there besides theirs. The NBS 6 combining what our customers want. They want the same platform to be able to map the brain and also have therapeutic capabilities.
Now we have the system out approved. Also, there's the possibility of adding modules in the future. If there are other indications or other features that the customers want, we have a modular structure in the system. You don't need to buy the 200-kilogram system every time, but you can add software modules and have things work that way. Synaptica Therapeutics, of course, startup company. Startup companies have their risks. If you are in the field of trying to find a solution to help Alzheimer's patients, that's a major opportunity. We'll try to be with Synaptica in finding the ways how to research this further. Of course, hopefully someday come up with a commercial solution. Finally, recurring revenue doesn't hurt. If system sales for some reason are not the same each and every year, we have a good growing recurring revenue base.
Each and every system out there has a service contract, might have spare parts, needs consumables, and so on. To the final one. Key investment highlights, broad and an attractive market, whether it's in diagnostics, mapping the brain, or in therapy, depression treatment, chronic pain treatment. Leading proprietary technology, this IP is our own IP, patented, over 150 patents from Nexstim. Of course, strong competitive entry barriers. It takes the 25 years to be here in this stage. Of course, maybe in the future, not so many years. We've learned a lot during the years. Still, our financial profile, look at our numbers. I mean, sales is growing, margin is growing. We're reaching profitability. I think those are good things for a scale-up company. Finally, several growth catalysts.
New partnerships, whether they're with Brainlab in the neurosurgical field or the startups like Synaptica, I think those give a good combination of not being alone when moving forward. With that, I thank you. If you look at the slides later, take a look at the important information. I'm sure you will.
We have a couple of questions for you, Mikko. The first one is, like you said, you've shown us some impressive growth there. Someone wants to know what the biggest challenge to maintaining this positive curve going into 2026 is.
Yeah, that's a good question. I think that one of the things that I hear always from our sales working very closely with them is that we need to have our technology presented to as many customers as possible. We're a small company. This is new technology. Like in the neurosurgical field, when we meet with the doctors at the events like CNS or AANS in the United States, most of the people haven't heard of this yet. When they now come to the Brainlab part of the exhibit hall, they have four or five technologies. They get to look at the thing. I think it's more visibility, more possibilities to present the technology. The sales cycle is quite long. From initial interest to getting a system at the hospital or the clinic, it's about an 18-month process. If we're planting the seeds now, I think one of the things that I've learned in this business is patience. Not too much patience, but some patience in that when you get interested about our system, it takes some time before it arrives at the hospital.
It is certainly not always Nexstim, the one who's slowing down things. It is a budget item. Now you get interested, you put it to 2026 budget, probably. Will it go through purchasing, legal contracting? Those are the things.
We also have a question about the markets. Someone wants to know if Asia is a market that's interesting to you.
Yes, that's a good question. That is also something for the future, a possibility. We are not approved in China yet. We are not approved in Japan. We are working on both markets. We have some concrete steps, very concrete ones, specifically with Japan also because Japan is a very good success story for Brainlab. They have their own team there. I am hoping we can get a bit of news flow on that. It is a long-term investment also. It is not instantly that we can get there.
They have a rigorous process for the regulatory approvals. We're trying to find our way through in the... We will be there. That's an additional growth possibility.
The final question was actually the flip side to the challenges about opportunities. I guess you've sort of answered that then. There are several opportunities.
There are several opportunities. I do want to be open also that the capital expense environment for the hospitals and clinics is not the best possible. I mean, for example, in the United States, we've heard a lot of hospitals say that the funding has been cut. Our device is not the most expensive, but it's in the range of $200,000-$400,000, for example. It is a budget item. Let's see. I always think that the hospitals will be getting the devices that they need for getting patient care.
Will things be slower in 2026, 2027? That's a delicate thing. Our growth has been successful in very difficult environments. The COVID pandemia, the Ukraine war was also a big thing in Europe. All these growth numbers I'm presenting have been done under that environment. I'm always hopeful that even though there are global things happening, the companies find ways how they can continue to grow.