Changes in Nightingale’s management team continue

Translation: Original published in Finnish on 12/15/2025 at 8:31 am EET.

Nightingale Health announced on Friday that it is restructuring its management team. These changes include the CSO leaving the company and the company recruiting a Chief Medical Officer. This news follows an earlier announcement in the week of a change in CFO. In light of these developments, Nightingale is rebuilding its management team to better accelerate growth in its healthcare business. In our view, the reasons behind these changes are logical, as Nightingale has already shifted its strategic focus towards the commercial scaling of its technology in recent years. The news does not cause immediate pressure to change our forecasts.

Nightingale’s management team restructured to accelerate commercial phase

Nightingale Health announced on Friday changes to its management team. Jeffrey Barrett, the company’s Chief Scientific Officer (CSO), will leave the company by March 2026 at the latest. Instead of appointing a new CSO, Nightingale Health will recruit a Chief Medical Officer (CMO). The new role aims to strengthen expertise in clinical work and the commercial adoption of innovative medical solutions.  Responsibility for overseeing scientific work will temporarily transfer internally to Salla Ruosaari (Chief R&D Officer) and Antti Kangas (Chief Technology Officer and one of the founders).

The release also reiterated the CFO change announced earlier last week and provided further information on the matter. The new CFO’s role will focus on designing and implementing structures to support international commercial growth in addition to sales expansion. This would suggest that the unexpected change of CFO is related, in particular, to a change in the focus of the role.

Overall, we believe the revisions reflect the company's transition from a research-focused phase to one of commercial execution. We believe that, in addition to acquiring new healthcare customers, the key next steps in Nightingale's growth story are maturing existing customers and customer pilots to reach commercially significant scale. We think the company has already shifted its strategic focus in this direction in recent years, so the reasons for the changes seem logical to us.

Given this background, the changes are no longer entirely surprising, as the growth in Nightingale's healthcare customers was already weaker than we expected based on the company's 1–6/2025 figures, and the need to strengthen development had become apparent. However, the changes now implemented may indicate slower growth in healthcare customers during the 7–12/2025 period as well. Our estimates for the period are quite moderate in this respect, so we are not making immediate revisions to them based on the news.