FY 2025 report
Nestmedic zbliża się do decydującego kamienia milowego — złożenia wniosku 510(k) do FDA dla systemu PregnaOne po zakończeniu badań klinicznych w USA z wyprzedzeniem harmonogramu (luty 2026)
Sentiment
Positive
No guidance change
NST
FY 2025 report
Revenue
846,367 PLN
— YoY
Net income
-4,598,824 PLN
— YoY
EBITDA
-3,250,493 PLN
— YoY
FCF
-7,266,727 PLN
— YoY
Summary
Investment thesis
- Bilans wzmocniony dużą emisją akcji w 2025 r. (kapitały własne +163,7% r/r, gotówka +498,7% r/r) zapewnia płynność, ale to kapitał zewnętrzny, nie przychody operacyjne
- Operacyjny cash burn przyspieszył r/r o 68,6% (-4,31 mln -> -7,27 mln zł) — spółka pozostaje w pełni zależna od zewnętrznego finansowania do czasu komercjalizacji w USA
- Bazowe przychody (Pregnabit) spadają drugi rok z rzędu mimo deklarowanej intensyfikacji sprzedaży w Polsce i za granicą
- Koszty badań klinicznych w USA (3,065 mln zł) skapitalizowane jako rozliczenia międzyokresowe czynne — kluczowa sprawa badania audytora, odzyskiwalność zależy od wyniku procesu FDA
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Financials
BETA
NST · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 846,367 | — | — | reported | — | 1.00 |
| EBITDA | -3,250,493 | — | — | reported | — | 0.95 |
| EBIT | -4,201,582 | — | — | reported | — | 1.00 |
| EBT | -4,598,824 | — | — | reported | — | 1.00 |
| Net income | -4,598,824 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.12 | — | — | reported | — | 1.00 |
| D&A | 951,089 | — | — | reported | — | 1.00 |
| EBITDA margin | -384.1% | — | — | reported | — | 0.90 |
| EBIT margin | -496.5% | — | — | reported | — | 0.90 |
| Net margin | -543.4% | — | — | reported | — | 0.90 |
| Cash | 1,619,979 | — | — | reported | — | 1.00 |
| Total debt | 3,594,468 | — | — | derived | — | 0.80 |
| Net debt | 1,974,489 | — | — | reported | — | 0.80 |
| Equity | 8,124,032 | — | — | reported | — | 1.00 |
| Total assets | 15,120,233 | — | — | reported | — | 1.00 |
| Working capital | 4,615,054 | — | — | reported | — | 0.85 |
| Current assets | 8,936,730 | — | — | reported | — | 1.00 |
| Current liabilities | 4,321,676 | — | — | reported | — | 0.85 |
| Goodwill | 5,829,068 | — | — | reported | — | 0.90 |
| CFO | -7,266,727 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | -7,266,727 | — | — | reported | — | 0.90 |
| Current ratio | 2.07x | — | — | reported | — | 0.85 |
| Cash ratio | 0.37x | — | — | reported | — | 0.85 |
| Debt / equity | 0.44x | — | — | reported | — | 0.80 |
| Net debt / equity | 0.24x | — | — | reported | — | 0.75 |
| Revenue growth (YoY) | -12.7% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 20.3% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 18% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 14.5% | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
846,367
—
846,367
—
- FY 2024
- —
EBITDA
-3,250,493
—
-3,250,493
—
- FY 2024
- —
EBIT
-4,201,582
—
-4,201,582
—
- FY 2024
- —
EBT
-4,598,824
—
-4,598,824
—
- FY 2024
- —
Net income
-4,598,824
—
-4,598,824
—
- FY 2024
- —
EPS (basic)
-0.12
—
-0.12
—
- FY 2024
- —
D&A
951,089
—
951,089
—
- FY 2024
- —
EBITDA margin
-384.1%
—
-384.1%
—
- FY 2024
- —
EBIT margin
-496.5%
—
-496.5%
—
- FY 2024
- —
Net margin
-543.4%
—
-543.4%
—
- FY 2024
- —
Cash
1,619,979
—
1,619,979
—
- FY 2024
- —
Total debt
3,594,468
—
3,594,468
—
- FY 2024
- —
Net debt
1,974,489
—
1,974,489
—
- FY 2024
- —
Equity
8,124,032
—
8,124,032
—
- FY 2024
- —
Total assets
15,120,233
—
15,120,233
—
- FY 2024
- —
Working capital
4,615,054
—
4,615,054
—
- FY 2024
- —
Current assets
8,936,730
—
8,936,730
—
- FY 2024
- —
Current liabilities
4,321,676
—
4,321,676
—
- FY 2024
- —
Goodwill
5,829,068
—
5,829,068
—
- FY 2024
- —
CFO
-7,266,727
—
-7,266,727
—
- FY 2024
- —
CapEx
0
—
0
—
- FY 2024
- —
FCF
-7,266,727
—
-7,266,727
—
- FY 2024
- —
Current ratio
2.07x
—
2.07x
—
- FY 2024
- —
Cash ratio
0.37x
—
0.37x
—
- FY 2024
- —
Debt / equity
0.44x
—
0.44x
—
- FY 2024
- —
Net debt / equity
0.24x
—
0.24x
—
- FY 2024
- —
Revenue growth (YoY)
-12.7%
—
-12.7%
—
- FY 2024
- —
EBITDA growth (YoY)
20.3%
—
20.3%
—
- FY 2024
- —
EBIT growth (YoY)
18%
—
18%
—
- FY 2024
- —
Net income growth (YoY)
14.5%
—
14.5%
—
- FY 2024
- —