Nightingale's CFO departs suddenly

Translation: Original published in Finnish on 12/9/2025 at 8:00 am EET.

Nightingale Health announced on Monday that the company's CFO, Tuukka Paavola, is leaving his position with immediate effect. CEO Teemu Suna will temporarily take over the CFO's duties. The rapid change came as a surprise to us and appears to have occurred at the company's initiative, although the exact reasons remain unclear due to the concise press release. The news has no immediate impact on our forecasts.

The surprising and rapid departure appears to have occurred at the company's initiative

According to the release, CFO Tuukka Paavola, who has been a member of Nightingale Health's management team since December 2021, will leave his position on December 8, 2025. The company has announced that it will immediately begin recruiting a new CFO. Until then, the company's CEO Teemu Suna will serve as interim CFO.

The CFO's departure is practically immediate, with no transition period. This is almost always somewhat surprising in listed companies and suggests a quick decision, as in planned management changes, the recruitment of a new person in charge is usually aimed to be done before the previous one leaves. On the other hand, Nightingale has previously made changes to its key personnel quite rapidly.

The press release did not elaborate on the reasons for the departure, but in light of the wording, the change appears to have been initiated by the company. Paavola served in his position for about four years, during which the company successfully implemented, among other things, IFRS transition, main list transition and OTC listing. In the company's intensive development phase, four years is a reasonable amount of time, and during this period, no obvious reason for a need for change emerged externally. Without other news, the reasons for the change appear to be internal to the company for now.

The surprise has no immediate impact on our forecasts

Nightingale is currently in the commercialization phase, with the main focus on ramping up international healthcare partnerships (such as Pathology Asia and Boston Heart) and, in the short term, sustainably increasing research sales to a higher level. The company's balance sheet is strong and its net cash position was approximately 51 MEUR at the end of June, so the company has no immediate need for new financing arrangements. This gives the CEO peace of mind to temporarily handle the routine tasks of the CFO during the new recruitment process.

A rapid change always raises questions, and its interpretation leans towards neutral to negative. However, we are not yet aware of any factors potentially related to the background of the news that would be significant for the progress of the company's investment story. The news therefore does not cause immediate changes to our forecasts.