Strategy
Nightingale Health’s mission is to enable preventative health by identifying individuals with health risks and connecting them with healthcare providers guiding medical interventions.
To enable preventative health, it is important to identify individuals at risk of developing a chronic disease and connect them with healthcare providers who can apply guideline interventions for reducing and monitoring risks. In addition to identifying health risks, Nightingale Health’s technology can be used to conduct follow-up examinations, which quantify the impact of the actions prescribed by healthcare professionals based on existing guidelines.
By combining proprietary blood analysis technology, real-life information on disease outcomes contained in global health data repositories, and medical research findings, Nightingale Health can offer more than traditional health tools. The company’s blood biomarker-based risk prediction models can detect disease risks for several common chronic diseases from a single blood sample with a single test. The diseases include myocardial infarction, cardiovascular disease, type 2 diabetes, liver fibrosis and cirrhosis, chronic kidney disease, COPD, lung cancer, and alcoholic liver disease.
With its proprietary technology, Nightingale Health can provide a comprehensive picture of a person’s health from a venous blood sample taken at a laboratory or a finger-prick sample taken remotely. In addition to sample analysis, Nightingale Health also provides remote blood collection kits which allows the company to provide end-to-end solutions from sample collection to analysis.
Thus far, Nightingale Health’s revenue has mainly been derived from academic collaboration agreements with universities, and these agreements are expected to generate revenue also in the future. In the financial year 2022–2023, the company’s revenue was EUR 4.18 million.
To reach its targets, Nightingale Health needs a global network of laboratories. The company already has two own laboratories in Finland and one in Japan. Nightingale Health announced in January 2023 that it will open a laboratory in the United Kingdom during calendar year 2023. There are no technical limitations to setting up new international laboratories.
Nightingale Health’s strategy focuses on two markets: business to business (B2B) and business to governments (B2G)
In both markets Nightingale Health offers risk prediction models, which are based on the company’s blood analysis technology that can detect the risks of the most common chronic diseases from a single blood sample with less effort and without compromising detection accuracy compared to existing clinical risk assessment tools. Nightingale Health believes that its strengths can be best utilized by serving large-scale B2B and B2G markets with healthcare professionals as part of the foundation for a new preventative health system.
The strategy in the two markets is further separated into three core business areas: Nightingale Healthcare, Nightingale Kit, and Nightingale Research
Nightingale Healthcare
Customers: Private and public healthcare providers
Offering: Blood analysis service delivering biomarker results and risk prediction models
Nightingale Kit
Customers: White label partners (B2B2C)
Offering: Blood collection and analysis service offering biomarker results and risk prediction models from finger-prick blood samples
Nightingale Research
Customers: Universities, biobanks, and other research institutions
Offering: Large-scale biomarker profiling of venous and finger-prick blood samples
Business targets for financial year 2023–2024
Win an international commercial contract with a healthcare industry partner with significant reference and contract value
- The strategic rationale for the target is to continue to demonstrate the business value of Nightingale Health’s technology in high volume clinical use cases to accelerate business growth
Win an international commercial contract with a white label partner with significant reference and contract value
- The strategic rationale for the target is to demonstrate Nightingale Health’s unique value creation capability and offering in B2B2C to capture strong market share
Win contract(s) in medical research with a total contract value of at least EUR 3.2 million
- The strategic rationale for the target is to continuously demonstrate Nightingale Health’s unique value creation capability in medical research and further strengthen the outstanding scientific evidence to accelerate clinical translation.
In addition, Nightingale Health will continue to pursue the FDA premarket authorization (510(k)). In parallel, Nightingale Health examines the option to apply for CLIA and/or state certification, which enables providing certain services as a Laboratory Developed Test and potentially allows the company to take the first step as a local service provider in the United States market faster.
Mid-term business targets
- To conclude an agreement to analyze two million samples annually in Europe
- To conclude an agreement to analyze ten million samples annually in the United States or in Asia
- To extend laboratory capacity in respective geographical areas to meet the analysis capacity required by the aforementioned agreements
- To achieve positive EBITDA
Long-term business targets
- To analyze 100 million blood samples from partnerships with the healthcare sector, health initiatives, and white label partners
- To generate EUR 500 million in annual revenue from partnerships with the healthcare sector, health initiatives, and white label partners