HEALTHNasdaq HelsinkiHealth Information ServicesIFRS · EUR

Nightingale Health Oyj

Nightingale Health is a Finnish health technology company focused on creating sustainable healthcare solutions and reducing healthcare inequality. The company has developed an advanced health test that identifies risks for major chronic diseases from a single blood sample. This test can be scaled to entire populations at low cost, potentially replacing many existing routine healthcare tests. Nightingale Health aims to collaborate with healthcare providers to help millions prevent lifestyle diseases and reduce healthcare costs.

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Revenue5.5m EUR
+17.2 %y/y
Operating profit (EBIT)-18.8m EUR
+3.2 %y/y
EBIT margin-341.8%
+72.0 ppy/y
Net income-18.5m EUR
−0.1 %y/y
Free cash flow-11.8m EUR
+5.0 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-20-15-10-50510m EUR2022: 2.3 m EUR2022: EBIT -14 m EUR20222023: 4.4 m EUR2023: EBIT -19 m EUR20232024: 4.7 m EUR2024: EBIT -19 m EUR20242025: 5.5 m EUR2025: EBIT -19 m EUR20255.5-19
RevenueOperating profit (EBIT)
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Business

Share of revenue
Health Testing60 %

Includes advanced blood tests for chronic disease risk identification

Health Check Products20 %

Comprises new risk identification products like metabolic fatty liver disease and stroke

Technology Integration20 %

Involves pilot projects and national-scale implementations of health tests

Customers

Nightingale Health serves healthcare and research clients across more than 34 countries. Their customer base includes national biobanks, healthcare providers, and research institutions. The company's technology is utilized in major health projects, such as the UK Biobank. Customers choose Nightingale Health for its ability to provide comprehensive risk assessments for chronic diseases, enabling targeted healthcare interventions and preventive measures.

Healthcare Providers

Buy health tests to replace routine tests and target preventive care

Research Institutions

Use technology for large-scale population studies

National Biobanks

Integrate health data for comprehensive risk assessments

Strategy

Nightingale Health's strategic priorities include expanding international agreements and converting pilot projects into commercial contracts. The company aims to grow revenue despite the typically long conversion time of new contracts. It also focuses on improving operational efficiency while maintaining a strong cash position to ensure business continuity. In the medium to long term, the company seeks to expand its laboratory capacity to meet increasing demand and achieve positive EBITDA.

Expand international agreementsMedium term

To increase global market presence and revenue

Improve operational efficiencyShort term

To maintain financial stability and support growth

Expand laboratory capacityLong term

To meet increasing demand for health tests

Geography

2025

Nightingale Health is headquartered in Finland, with subsidiaries in the UK, Japan, Sweden, Germany, Singapore, Estonia, and the USA. The company has a significant global presence, serving clients in over 34 countries. Its technology is used in leading health projects worldwide, including the UK Biobank. This geographic diversity helps mitigate risks associated with local market fluctuations and regulatory changes.

Finland24 %
United States23 %
Other Europe20 %
Other18 %
United Kingdom15 %

Share of the revenue the company reports by geography.

Risks

Key risks for Nightingale Health include dependence on key personnel, potential delays in technology adoption, and regulatory compliance challenges. The company is also exposed to risks related to intellectual property protection and competition in the health technology sector. Additionally, financial risks stem from the need to scale operations and maintain profitability amidst evolving market conditions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intellectual property protection1Regulatory compliance3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Intellectual property protectionImpact: HighLikelihood: Low

    Unauthorized use of proprietary technology could harm competitive edge

  2. Dependence on key personnelImpact: High

    Loss of key staff could impact operations and competitive position

  3. Regulatory complianceImpact: MediumLikelihood: Medium

    Complex regulations across different markets could hinder operations

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Accounting

Judgemental items
Revenue recognition timing

Affects reported revenue and financial performance

Impact: high

Contract liabilities and assets

Significantly impacts balance sheet and financial reporting

Impact: medium

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Last updated: 24/09/2026

Nightingale Health Oyj (HEALTH) Revenue, Earnings & Financials 2025 – Clarifo