Strategy

Business strategy

Nightingale has a two-part business strategy: cooperation with the health and wellbeing industry and reaching consumers directly.

1. Cooperation with health and wellbeing service providers

Nightingale detects and connects the disease risks of individuals to the services offered by its healthcare partners for disease prevention. Nightingale expects to invoice its partners as follows:

  • Payment for analyzed samples
  • Payment for at-home tests
  • Payment for identifying risks of disease
  • Payment for referring customers
  • Share of achieved additional sales

2. Reaching consumers directly

Nightingale provides individual health insights directly to consumers via a mobile application, enabling early disease prevention. Nightingale expects to invoice consumers as follows:

  • Payment for analyzed samples
  • Payment for at-home tests
  • Payment for more detailed health information
  • Payment for subscriptions

Three phased strategy for market entry

Nightingale’s market entry strategy with healthcare service providers ("HSP") involves a step-by-step process. Nightingale's consumer pilot, which started in 2020, was the research phase of the market entry. The purpose of the consumer pilot was to learn how people react to the health data provided by Nightingale.

The first step of the market entry was launched after the consumer pilot and it consisted of Nightingale securing its first business-to-business deal in February 2021. Nightingale expects to analyze a minimum of 75,000 samples based on the deal. Nightingale expects to gain sufficient data and information from this deal to move onto the second step of the three-step process, in which it will secure a deal to analyze a minimum of two million samples annually. Nightingale expects that this deal will be within Europe.

Nightingale anticipates that negotiations to close the previously mentioned deals will take one to three quarters per HSP. With these deals in place, the company expects to be cash-flow positive. After concluding the previously mentioned deals, Nightingale will be able to continue commercial negotiations and move onto the third step of the market entry strategy in order to close a deal to analyze a minimum of ten million samples annually in either the United States or Asia, as supported by its existing partners in those respective geographic areas. For the contracts concerning the analysis of two million and ten million samples, Nightingale expects to extend its laboratory capacity and run laboratory operations in the geographic location where the samples are located.

In the long term, Nightingale intends to scale its direct-to-consumer service. Nightingale expects that if tens of millions of people are using Nightingale's technology through its HSP partnerships in the future, it will be able to grow a direct-to-consumer service that also targets consumers internationally who are not customers of the company’s healthcare partners.

Business targets

Nightingale's business targets for the financial year 2021–2022

FDA (U.S. Food and Drug Administration) approval

  • FDA approval enables the use of Nightingale’s analysis technology in healthcare solutions in the United States.

Launching a new version of the company’s mobile application (accomplished in March 2022)

  • The new version of the mobile application will contain a more comprehensive view of health and at-home test integration.

Launching a commercial service based on the at-home test (accomplished in December 2021)

  • By combining Nightingale’s analysis technology and at-home test capability, it is possible to create quickly scalable health and wellbeing services that do not depend on the customer visiting a laboratory.

To sign an international commercial partnership agreement

  • Nightingale expects its next commercial agreement to be a significant international agreement that increases the user volume of the company’s health and wellbeing services.

Reaching an order book of EUR 5 million by the end of the financial year

  • The order book is expected to contain commitments from business partners as well as recurring revenue from customers using the continuous subscription service.

Nightingale's near-term business targets published in connection with the IPO

  • Sign a partnership agreement with an established health service provider (accomplished in April 2021)
  • Conclude an agreement to analyze at minimum 75,000 samples (accomplished in February 2021)
  • Complete the FDA (U.S. Food and Drug Administration) approval
  • Launch a new version of the company’s mobile application (accomplished in March 2022)
  • Granted the information security certification ISO27001 (accomplished in January 2021)

Nightingale's mid-term business targets

  • Conclude an agreement to analyze two million samples annually in Europe
  • Conclude an agreement to analyze ten million samples annually in the United States or in Asia
  • to extend its laboratory capacity in respective geographical areas to meet the analysis capacity required by the aforementioned agreements

Nightingale's long-term business targets

  • Provide health data to 100 million users through partnerships with HSPs and health initiatives and through direct-to-consumer sales of home-testing
  • Generate EUR 500 annual million in revenue from its partnerships with HSPs and from direct-to-consumer sales of in-application purchases