Nightingale Health Plc Financial Statements Release 1 July 2021–30 June 2022 (unaudited)

Nightingale Health’s Financial Statements Release: Expansion to new markets gathers speed

Company release, 29 September 2022 at 9:00 a.m. (EEST)

This release is a summary of Nightingale Health Plc’s Financial Statements Release from financial year 1 July 2021–30 June 2022. The full Financial Statements Release is attached to this release.

Nightingale Health Plc has prepared this Financial Statements Release and the consolidated financial statements and half-year reports of the prior financial years in accordance with the Finnish Accounting Standards (“FAS”) and the rules and requirements of the Nasdaq First North Growth Market Finland.

The Board of Directors of Nightingale Health Plc has decided that the company shall transition to report in accordance with the International Financial Reporting Standards (“IFRS”) as of the financial year ended on 30 June 2022.

Nightingale Health will publish its first IFRS-compliant consolidated financial statements for the financial year ended on 30 June 2022, including comparison information for the financial year ended on 30 June 2021, approximately on 27 October 2022. Transition date to IFRS-reporting is 1 July 2020.

To provide transparency to the impact of the transition on its financial results, Nightingale Health will, prior to the publication of the audited consolidated IFRS financial statements, publish its unaudited consolidated IFRS financial statements and the most significant impacts of the transition to IFRS for the financial year ended on 30 June 2021 and half-year period ended on 31 December 2021 approximately on 25 October 2022.

Numbers presented in brackets refer to corresponding year-on-year period unless otherwise stated.

January 2022–June 2022 key financials

- Revenue was EUR 0.88 (1.07) million

- EBITDA was EUR -4.59 (-2.60) million

- Operating profit (loss) was EUR -6.30 (-2.88) million

- Net income (loss) for the period was EUR -10.31 (-8.19) million

- Unadjusted earnings per share (EPS) was EUR -0.17 (-0.16)

- Cash and cash equivalents at the end of the period were EUR 95.28 (113.81) million

July 2021–June 2022 key financials

- Revenue was EUR 2.21 (2.08) million

- EBITDA was EUR -7.85 (-4.75) million

- Operating profit (loss) was EUR -11.09 (-5.22) million

- Net income (loss) for the period was EUR -15.38 (-11.19) million

- Unadjusted earnings per share (EPS) was EUR -0.26 (-0.27)

- Cash and cash equivalents at the end of the period were EUR 95.28 (113.81) million

Significant events during financial year July 2021–June 2022

Consumer service Livit by Nightingale Health

- In spring 2022 Nightingale Health launched consumer service Livit by Nightingale Health, which utilizes the company’s at-home testing solution. The at-home testing solution allows consumers to use the service without having to visit a laboratory. The service includes a wide selection of results that only Nightingale Health can provide. The service can be ordered and results are delivered in the Livit by Nightingale Health mobile app.

- Nightingale Health and major Finnish pharmacy chain, Yliopiston Apteekki, agreed on a commercial partnership covering the distribution and sales of Nightingale Health’s at-home testing solution. Pre-sales of the service in Yliopiston Apteekki’s online store started in December 2021 and expanded to pharmacies nationwide during the first half of 2022.

- In June 2022 Nightingale Health announced a partnership with international digital health company Physitrack Plc. The partnership brings Livit by Nightingale Health to the users of Physitrack’s wellness services in Germany and the UK as well as in the Nordics.

Nightingale Pro

- The service model Nightingale Pro, which was launched in October 2021, is in use in the service launched together with Nightingale Health’s partner Terveystalo. The Terveystalo + Nightingale well-being membership combines Nightingale Health’s blood analysis results with weekly digital programs that encourage healthy lifestyle choices. In the Nightingale Pro service model the blood sample is taken as a venous sample in the laboratory of the healthcare partner.

- The Nightingale Pro service model is utilized in Japan in the preventive health service offered by Welltus Inc (subsidiary of Mitsui & Co. Ltd). During the financial year Nightingale Health launched the service in Shin-Oyama City hospital and several other clinics offering preventive health checks. Additionally, Nightingale Health expanded its Japan laboratory by doubling the analysis capacity.


- In July 2021 Nightingale Health acquired a German digital health company Yolife GmbH. With the acquisition, Yolife’s digital health solutions were integrated into Nightingale Health’s preventative health offering and were utilized in the Livit by Nightingale Health consumer service.

- In February 2022, Nightingale Health acquired a Finnish genetics company Negen Ltd and launched an excellence center focusing on genomics. The excellence center will develop machine learning and artificial intelligence tools. Combining Nightingale Health’s proprietary blood test and genomic data provides ground-breaking possibilities to improve early disease risk detection and accelerate the development of preventative medicine.

Other significant events

- Nightingale Health’s positive impact to society was confirmed by an analysis that measures companies’ net impact, made by technology company The Upright Project. Based on Nightingale Health’s products and services, such as its advanced blood analysis technology and innovative preventative health solutions, the company’s net impact ratio was +70%. The result places Nightingale Health in the best seven percent of companies globally.

- Nightingale Health published a scientific study utilizing its proprietary technology and showing the technology’s capability to predict hundreds of diseases from a single blood sample. At the same time, the company released a free webtool that can be used to confirm the full range of relationships between hundreds of diseases and all of Nightingale Health’s biomarkers.

- Nightingale Health received CE marking for its at-home blood collection kit that it uses in its at-home solution.

- Fimea inspected Nightingale Health’s regulatory compliance with the requirements for manufacturer of medical device.

- Nightingale Health’s information security management system ISO/IEC 27001:2013 certification was continued with outstanding results in a surveillance audit.


- Nightingale Health appointed Jeffrey Barrett as Chief Scientific Officer and Tuukka Paavola as Chief Financial Officer. Barrett joined Nightingale Health’s management team on 27 September 2021 and Paavola on 7 December 2021.

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*) The company’s potential dilutive instruments consist of stock options. As the company’s business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.

**) IPO-related costs have been taken into account in the profit (loss) used in the earnings per share calculation.

From the CEO

Nightingale Health’s mission is to bring disease prevention and a healthier life within everyone’s reach. The treatment of lifestyle diseases causes the significant majority of healthcare expenses. Preventing diseases is the best way to decrease these expenses and increase the number of healthy years, as it enables reducing the number of people falling sick. A smaller number of sick people leads to a more effective healthcare system as well as improved personal and national well-being.

When building a healthier society, it is essential to make people more aware of their health and potential disease risks and provide them with tools for regularly monitoring and maintaining their health. By monitoring the impacts of lifestyle changes on health, it is possible to find the best lifestyle for each individual and help them gain as many healthy years as possible. As a result of years of development work related to biotechnology, the world’s leading medical research, and AI software, we at Nightingale Health can offer health monitoring capabilities that comprehensively and accurately detect disease risks that traditional monitoring tools cannot detect.

Strong scientific evidence further showcases the ability of Nightingale Health’s technology to predict disease risks

In 2018, we announced a strategic investment in the UK Biobank, the world’s leading health data repository. In June 2022, we published a scientific article based on that investment and our long-term research work, introducing further scientific evidence about the links between the blood biomarkers measured by Nightingale Health’s proprietary blood analysis technology and the future disease risks of hundreds of diseases. In the study, blood samples taken from 150,000 individuals participating in the biobank research were analyzed, making it the largest study of its kind to utilize extensive biobank data. With Nightingale Health’s technology, we can provide a holistic biomarker panel for each blood sample that captures diverse metabolic factors in the human body. The biomarker values in the panel were combined with information on what diseases the sample donors developed in the decade after giving the blood sample. This revealed the connection between the biomarker panel measured by Nightingale Health’s technology and future health outcomes.

The scientific analyses conducted in the study uncovered relationships between biomarker levels and immunity, mind health, lung health, and many other health areas, demonstrating how Nightingale Health’s biomarkers can broadly capture overall health status. The key breakthrough in Nightingale Health’s technology is that it automatically detects future disease risks for hundreds of diseases from each blood sample in one go. The risk assessment is also more accurate than traditional health monitoring tools. In addition, the technology is ready for wide-scale healthcare use in terms of scalability and price.

Consumer service Livit by Nightingale Health utilizing an at-home testing solution

With the support of strong research evidence and the already received regulatory approvals, Nightingale Health’s technology offers a significant opportunity to implement preventative health. As part of our mission, we also made the key features of our technology directly available to consumers by launching the Livit by Nightingale Health consumer service in March 2022. Livit starts a new era in global consumer health as it provides health metrics that have real relevance to health and well-being. The breakthrough of the Livit service is its ability to predict the most essential factor in personal health and well-being, the number of future healthy years. Ultimately, we adopt healthy habits to live a healthy life for as long as possible, and Livit is the world’s first comprehensive tool for understanding how lifestyle can affect the number of future healthy years.

We believe that the entire industry will shift from the niche market of measuring individual biomarkers to turning a comprehensive understanding of health and better personal lifestyle into an everyday skill. To enable this change, we must move from merely analyzing current health and individual metrics towards holistically understanding the future health of individuals. Understanding future health is key in preventing diseases, because by predicting the future health of individuals, we can take early measures to prevent diseases, create better wellbeing and increase the number of healthy years.

With Livit, we can reach an almost unlimited number of customers, as anyone can take a blood sample at home. Thanks to at-home testing and affordable pricing, a large number of people can use our technology for yearly checks and continuous monitoring of future healthy years.

Nightingale Pro – significant steps forward in Japan

During the past financial year, the implementation of preventative health has advanced especially in Japan, where the cooperation with Welltus Inc, a subsidiary of Mitsui, has progressed well. We launched our service in Shin-Oyama City Hospital and several other clinics that offer preventative health checks. Entering the Japanese healthcare system is a significant achievement for a European company.

As a result of years of work, the progress in Japan provides strong evidence of the applicability of our technology to integrate with a significant healthcare system and indicates approval from medical experts in one of the most challenging markets in the world. These achievements create a solid foundation for the company to pursue the expansion of its business both in Japan and in other international markets.

Nightingale Health’s technology is also used by the private healthcare sector in Finland through the Terveystalo + Nightingale well-being membership launched in cooperation with Terveystalo in October 2021.

Nightingale Health’s net impact among the best in the world

The companies that manage to positively impact the world have an excellent opportunity to build growth based on sustainability. We at Nightingale Health have always considered it important to create systemic change that has a positive impact. Thus, in the spring we were very proud to receive the analysis results measuring the net impact of companies, conducted by the technology company The Upright Project. The analysis validated our positive impact on society resulting from years of work.

Based on Nightingale Health’s products and services, such as our advanced blood analysis technology and innovative preventative health solutions, the company’s net impact ratio is +70%. The result places us in the best seven percent of companies globally. Publicly listed companies on Nasdaq Helsinki have, on average, a score of -16%, meaning their net impact on the world is negative.

According to the analysis, the biggest positive impact stems from significantly promoting knowledge creation. This originates from the company’s ability to analyze a vast amount of biologically significant information from a single blood sample and from the fact that our technology is widely used in health data collections, such as the UK Biobank and hundreds of other international collections as well as by scientific researchers around the world. These researchers use Nightingale Health’s analysis technology when studying the diseases that put the largest strain on society, such as cardiovascular diseases and type 2 diabetes.

Based on Upright’s model, our net impact will become even more positive as the company grows. In the growth scenario, Nightingale Health is expected to promote knowledge creation more and more strongly as the company offers its services to a wider base of consumers and healthcare players.

The conclusions of Upright’s analysis support the fundamental idea behind our mission: by continuing Nightingale Health’s growth story and bringing disease prevention and a healthier life within everyone’s reach, we create positive value not only for our customers and shareholders but also for the entire society.

Teemu Suna

CEO and Founder, Nightingale Health Plc

Business targets for the financial year 2021–2022

During the financial year 2021–2022, Nightingale Health achieved the following business targets:

  • Launch of a commercial service based on the at-home test
  • Launch of a new version of the company’s mobile application
  • Signing of an international commercial partnership agreement

Nightingale Health did not achieve the following business targets within the financial year 2021–2022:

  • FDA (U.S. Food and Drug Administration) approval (approval process still ongoing)
  • Reaching an order book of EUR 5 million (reached order book of approximately EUR 3.8 million, which is approximately 1.5 times higher than at the end of the previous financial year)

Business targets for the financial year 2022–2023

Nightingale Health’s business targets for financial year 2022–2023 are:

  • Win a significant commercial contract in the public healthcare sector
    • The contract enables tapping into major existing blood sample volumes and bringing Nightingale Health prevention tools to public health.
  • Win B2B commercial contract(s) with more than 50,000 blood samples
    • The contract(s) enables tapping into major existing blood sample volumes and demonstrating Nightingale Health’s unique value creation capability in disease prevention.
  • Win contract(s) in medical research with more than 175,000 blood samples
    • The contract(s) enables tapping into major blood sample volumes and delivering strong impact of Nightingale Health’s technology to advance global medical science.

Nightingale Health launched the Livit at-home testing consumer service in spring 2022 and the service is available in selected markets. The development of the consumer business will continue to be a key focus area in the company’s strategy. The company will release financial targets for the consumer business later when there is more data available for the forecast.

Additionally, Nightingale Health will continue to pursue the FDA 510k approval, which will broaden company’s B2B offering to diagnostic applications in the US.

In addition to the targets set for the financial year 2022‒2023, Nightingale Health has medium- and long-term targets that are described on Nightingale Health’s website. The mentioned targets remain unchanged.

The Board of Directors’ proposal on the management of the result of the financial period

The parent company’s distributable non-restricted equity on 30 June 2022 was EUR 93,216,002. The parent company’s net loss for the financial period totaled EUR -15,062,539.

In the coming years, Nightingale Health will focus on funding its growth and developing its business. The company is committed to a very strict dividend policy that is connected to Nightingale Health’s result and financial standing. The company does not expect to distribute a dividend in the short or medium term.

The Board of Directors proposes to the Annual General Meeting that no dividend be distributed for the financial year 1 July 2021–30 June 2022 and that the loss of the financial year is recorded in retained earnings.

Live webcast for investors and media

Nightingale Health will arrange a live webcast for investors and media in English on 29 September 2022 at 1 p.m. EEST. The webcast can be followed online at:

Presentation will be held by CEO Teemu Suna and CFO Tuukka Paavola. A recording of the event will be available later the same day at

Helsinki, 29 September 2022

Nightingale Health Plc

Board of Directors

For further information, please contact:

Teemu Suna, CEO, +358 20 730 1810

Certified Adviser:
Oaklins Merasco Ltd, tel. +358 9 6129 670

About Nightingale Health

Nightingale Health is The Preventative Health Company. Staying healthy is one of the top priorities in human life. Our health has a profound impact on our quality of life, and it’s also strongly connected to the lives of those close to us. Nightingale Health enables prevention by combining the power of our in-house developed, advanced blood analysis technology with unprecedented access to global health repositories and world-leading medical research. With this combination, we go beyond the traditional healthcare and wellbeing tools: We provide the scientific connection to multiple health and disease outcomes and the ability to predict future healthy years.