Nexalin Technology (NXL)


Market Price (11/5/2026): $1.6 | Market Cap: $1.7 MilSector: Health Care | Industry: Life Sciences Tools & Services

Nexalin Technology (NXL)


Market Price (11/5/2026): $1.6
Market Cap: $1.7 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -91%

Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine. Themes include Wearable Health Devices, Remote Patient Monitoring, and Telehealth Platforms.

Weak multi-year price returns
2Y Excs Rtn is -62%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4203%

Stock price has recently run up significantly
6M Rtn6 month market price return is 348%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -83%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1290%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2822%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2905%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 506%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -822%

High stock price volatility
Vol 12M is 1421%

Key risks
NXL key risks include [1] "going concern" doubts stemming from a history of substantial losses, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -91%
1 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine. Themes include Wearable Health Devices, Remote Patient Monitoring, and Telehealth Platforms.
2 Weak multi-year price returns
2Y Excs Rtn is -62%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4203%
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 348%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -83%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1290%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2822%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2905%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 506%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -822%
10 High stock price volatility
Vol 12M is 1421%
11 Key risks
NXL key risks include [1] "going concern" doubts stemming from a history of substantial losses, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/3/2026

Nexalin Technology (NXL) stock has gained about 225% since 7/31/2026 because of the following key factors:

1. Advancement in Alzheimer's Disease Clinical Development: Nexalin Technology announced multiple positive developments regarding its Deep Intracranial Frequency Stimulation (DIFS™) technology for Alzheimer's disease. On September 3, 2026, a secondary analysis of previous clinical trial data revealed previously unreported improvements in memory, comprehension, and language function in Alzheimer's patients. This was followed by a fourth peer-reviewed publication on October 27, 2026, in the Journal of Alzheimer's Disease, reporting a statistically significant improvement in sleep quality in patients with mild Alzheimer's disease using the 15 mA DIFS™ technology, with no serious adverse events. These findings are guiding the design of planned U.S. Alzheimer's pilot studies and advancing the company's FDA strategy.

2. Strategic Expansion into Commercialization and New Markets: The company made significant strides toward commercial revenue generation. On October 1, 2026, Nexalin signed a definitive 10-year exclusive distribution and local manufacturing agreement with Inovanexa Medical Technologies for Brazil and six other South American countries. This agreement includes a binding initial order for 10 Nexalin Sync devices. Preceding this, on September 29, 2026, Nexalin appointed Robert DiTota as Senior Strategic Advisor for Global Commercialization, indicating a focused shift from research and development to scaling revenue and global distribution.

Show more
Updated on 11/3/2026

Nexalin Technology (NXL) stock has gained about 225% since 7/31/2026 because of the following key factors:

1. Advancement in Alzheimer's Disease Clinical Development: Nexalin Technology announced multiple positive developments regarding its Deep Intracranial Frequency Stimulation (DIFS™) technology for Alzheimer's disease. On September 3, 2026, a secondary analysis of previous clinical trial data revealed previously unreported improvements in memory, comprehension, and language function in Alzheimer's patients. This was followed by a fourth peer-reviewed publication on October 27, 2026, in the Journal of Alzheimer's Disease, reporting a statistically significant improvement in sleep quality in patients with mild Alzheimer's disease using the 15 mA DIFS™ technology, with no serious adverse events. These findings are guiding the design of planned U.S. Alzheimer's pilot studies and advancing the company's FDA strategy.

2. Strategic Expansion into Commercialization and New Markets: The company made significant strides toward commercial revenue generation. On October 1, 2026, Nexalin signed a definitive 10-year exclusive distribution and local manufacturing agreement with Inovanexa Medical Technologies for Brazil and six other South American countries. This agreement includes a binding initial order for 10 Nexalin Sync devices. Preceding this, on September 29, 2026, Nexalin appointed Robert DiTota as Senior Strategic Advisor for Global Commercialization, indicating a focused shift from research and development to scaling revenue and global distribution.

3. Regaining Nasdaq Listing Compliance: Nexalin Technology successfully regained compliance with Nasdaq's minimum bid price requirement on October 8, 2026. This was achieved after the company's common stock maintained a closing bid price above $1.00 per share for 21 consecutive trading days, from August 31 through September 29, 2026, following a 1-for-30 reverse stock split announced on August 27, 2026. This action removed the immediate threat of delisting, enhancing investor confidence.

4. Strong Fiscal Q2 2026 Earnings Beat: On August 12, 2026, Nexalin Technology reported its fiscal Q2 2026 earnings, posting an Earnings Per Share (EPS) of -$0.11. This significantly surpassed the consensus analyst estimate of -$3.00 per share by $2.89. While revenue of $12.16 thousand for the quarter missed expectations, the substantial EPS beat likely contributed to positive investor sentiment.

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Stock Movement Drivers

Fundamental Drivers

The 226.7% change in NXL stock from 7/31/2026 to 11/4/2026 was primarily driven by a 342.3% change in the company's P/S Multiple.
(LTM values as of)731202611042026Change
Stock Price ($)0.481.56226.7%
Change Contribution By: 
Total Revenues ($ Mil)00-21.2%
P/S Multiple1.15.1342.3%
Shares Outstanding (Mil)11-6.3%
Cumulative Contribution226.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/4/2026
ReturnCorrelation
NXL226.7% 
Market (SPY)2.6%-8.6%
Sector (XLV)16.7%-12.6%

Fundamental Drivers

The 339.1% change in NXL stock from 4/30/2026 to 11/4/2026 was primarily driven by a 590.5% change in the company's P/S Multiple.
(LTM values as of)430202611042026Change
Stock Price ($)0.361.56339.1%
Change Contribution By: 
Total Revenues ($ Mil)00-28.0%
P/S Multiple0.75.1590.5%
Shares Outstanding (Mil)11-11.7%
Cumulative Contribution339.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/4/2026
ReturnCorrelation
NXL339.1% 
Market (SPY)7.0%-4.4%
Sector (XLV)30.5%-6.0%

Fundamental Drivers

The 4.0% change in NXL stock from 10/31/2025 to 11/4/2026 was primarily driven by a 24.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511042026Change
Stock Price ($)1.501.564.0%
Change Contribution By: 
Total Revenues ($ Mil)0024.2%
P/S Multiple4.55.112.6%
Shares Outstanding (Mil)11-25.7%
Cumulative Contribution4.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/4/2026
ReturnCorrelation
NXL4.0% 
Market (SPY)13.4%-2.3%
Sector (XLV)33.2%-3.7%

Fundamental Drivers

The 437.9% change in NXL stock from 10/31/2023 to 11/4/2026 was primarily driven by a 4571.0% change in the company's P/S Multiple.
(LTM values as of)1031202311042026Change
Stock Price ($)0.291.56437.9%
Change Contribution By: 
Total Revenues ($ Mil)10-66.6%
P/S Multiple0.15.14571.0%
Shares Outstanding (Mil)01-65.5%
Cumulative Contribution437.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/4/2026
ReturnCorrelation
NXL437.9% 
Market (SPY)89.7%1.1%
Sector (XLV)59.5%-1.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NXL Return--67%-46%582%-80%180%-31%
Peers Return-26%-23%113%23%-13%39%82%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
NXL Win Rate-50%50%42%25%45% 
Peers Win Rate36%42%50%52%38%49% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
NXL Max Drawdown---77%-79%-85%-80% 
Peers Max Drawdown-53%-63%-53%-53%-62%-41% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: STIM, LIVN, NPCE, INSP, ECOR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)

How Low Can It Go

EventNXLS&P 500
2025 US Tariff Shock
  % Loss-65.2%-18.8%
  % Gain to Breakeven187.0%23.1%
  Time to Breakeven444 days79 days
2024 Yen Carry Trade Unwind
  % Loss-37.4%-7.8%
  % Gain to Breakeven59.8%8.5%
  Time to Breakeven74 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-63.9%-9.5%
  % Gain to Breakeven177.2%10.5%
  Time to Breakeven156 days24 days
2023 SVB Regional Banking Crisis
  % Loss-39.7%-6.7%
  % Gain to Breakeven65.7%7.1%
  Time to Breakeven357 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-52.0%-24.5%
  % Gain to Breakeven108.3%32.4%
  Time to Breakeven56 days427 days

Compare to STIM, LIVN, NPCE, INSP, ECOR

In The Past

Nexalin Technology's stock fell -65.2% during the 2025 US Tariff Shock. Such a loss loss requires a 187.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNXLS&P 500
2025 US Tariff Shock
  % Loss-65.2%-18.8%
  % Gain to Breakeven187.0%23.1%
  Time to Breakeven444 days79 days
2024 Yen Carry Trade Unwind
  % Loss-37.4%-7.8%
  % Gain to Breakeven59.8%8.5%
  Time to Breakeven74 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-63.9%-9.5%
  % Gain to Breakeven177.2%10.5%
  Time to Breakeven156 days24 days
2023 SVB Regional Banking Crisis
  % Loss-39.7%-6.7%
  % Gain to Breakeven65.7%7.1%
  Time to Breakeven357 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-52.0%-24.5%
  % Gain to Breakeven108.3%32.4%
  Time to Breakeven56 days427 days

Compare to STIM, LIVN, NPCE, INSP, ECOR

In The Past

Nexalin Technology's stock fell -65.2% during the 2025 US Tariff Shock. Such a loss loss requires a 187.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Nexalin Technology (NXL)

Nexalin Technology (NXL) is a medical device company focused on developing innovative bioelectronic neurostimulation products to address global mental health challenges. The company's core technology involves proprietary cranial electrotherapy stimulation (CES) devices that deliver a unique, high-frequency, charge-balanced electrical current waveform. This non-invasive, drug-free approach aims to provide relief for conditions like anxiety, insomnia, and depression without adverse side effects, while also mitigating the stigma often associated with conventional mental health treatments. Nexalin's technology is designed to deliver undetectable stimulation, which allows for higher current levels than competing devices, potentially leading to enhanced therapeutic benefits.

The company's product line includes several generations of devices. Its original Gen-1 devices, previously cleared for anxiety and insomnia in the U.S., now face new regulatory requirements following a 2019 FDA reclassification, halting new sales in that market. Nexalin's newer Gen-2 devices, which utilize an advanced 15-milliamp waveform for deeper brain penetration, have achieved regulatory approval in China for insomnia and depression and are actively sold there through a distribution partner, generating significant revenue. In the U.S., Gen-2 is currently in pilot trials, with a strategic focus on pursuing premarket approval (PMA) for Major Depressive Disorder.

Looking to the future, Nexalin is developing a Gen-3 headset designed for convenient home use, leveraging the Gen-2 waveform technology. This Gen-3 device is intended to be physician-prescribed and monitored via a digital platform, aiming to increase access and compliance for patients. The company is also exploring the application of Gen-2 technology for a broader range of conditions, including substance use disorders, chronic pain, Alzheimer’s disease, and dementia. Nexalin primarily serves medical professionals in clinical settings, with a planned expansion to individual patients through the prescription-based Gen-3 home-use device.

AI Analysis | Feedback

Analogy 1: Nexalin Technology is like a Brainsway that uses a unique electrical waveform device to treat mental health conditions without drugs.

Analogy 2: Nexalin Technology is like a Dexcom (which makes medical devices for chronic conditions used at home) but focused on non-invasive, drug-free brain stimulation for mental health.

AI Analysis | Feedback

  • Gen-1 Devices: Legacy cranial electrotherapy stimulation (CES) devices for anxiety and insomnia, from which the company continues to derive revenue through existing installations, licensing fees, and consumable sales in the US.
  • Gen-2 Devices: Advanced neurostimulation devices with a higher current waveform, currently approved and marketed in China for insomnia and depression, and undergoing pilot trials in the United States.
  • Gen-3 Headset Devices: A new generation of neurostimulation headsets under development, designed for at-home use under physician oversight to enhance patient access and treatment compliance.
  • Electrodes: Consumable components sold for use with their Gen-1 and Gen-2 neurostimulation devices.

AI Analysis | Feedback

Major Customers of Nexalin Technology (NXL)

Nexalin Technology primarily sells its devices and services to other companies and organizations rather than directly to individuals. Its major customers can be categorized as follows:

  • Wider Com Limited: This is a private company based in China that acts as a distributor for Nexalin's Gen-2 devices in China. Nexalin recognized approximately $624,000 in revenue from sales through Wider Com Limited during the first half of 2022. Wider Com Limited is also involved in a potential joint venture with Nexalin for broader distribution in China, Hong Kong, Macau, and Taiwan.
  • Medical Professionals and Healthcare Providers: In the United States, Nexalin's Gen-1 devices were historically utilized by medical professionals and providers in clinical settings to administer treatments for anxiety and insomnia. While new sales of Gen-1 devices in the U.S. are currently suspended due to FDA reclassification, Nexalin continues to derive revenue from existing devices through monthly licensing fees and the sale of electrodes to these medical professionals and providers.

AI Analysis | Feedback

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AI Analysis | Feedback

Mark White

President and Chief Executive Officer, Board of Directors

Mark White has served as President and Chief Executive Officer of Nexalin Technology since 2018 and has been with the company since 2012, initially as an independent consultant. He possesses over 25 years of experience in medical device development, clinical operations, and business development. Prior to joining Nexalin, Mr. White owned and operated his own clinics and addiction centers. He has also been involved in building companies and recruiting management teams across various industries.

Justin Van Fleet

Chief Financial Officer

Justin Van Fleet was appointed Chief Financial Officer of Nexalin Technology, effective August 1, 2025. He brings over 20 years of experience in public accounting and assurance services. Before joining Nexalin, Mr. Van Fleet served as a Partner at Marcum LLP (formerly Friedman LLP), where he led the firm's assurance practice and advised publicly traded and privately held clients across various sectors. He is a licensed CPA in New York and New Jersey and has experience guiding companies through complex financial transactions, including IPOs and mergers.

Dr. David Owens, M.D.

Chief Medical Officer, Board of Directors

Dr. David Owens joined Nexalin Technology in 2017 as Chief Medical Officer. He also serves on the Board of Directors and the Scientific Advisory Board.

Carolyn Shelton

Executive Vice President of Clinical, Quality and Regulatory Affairs

Carolyn Shelton holds the position of Executive Vice President of Clinical, Quality and Regulatory Affairs at Nexalin Technology.

John Patrick Claude

Co-Founder and Director of Engineering and Development

John Patrick Claude is a Co-Founder of Nexalin Technology and serves as its Director of Engineering and Development. He was instrumental in designing and developing the original tACS waveform used by the company. Mr. Claude has an extensive background in regulatory, compliance, and quality management. He earned a BS in Physiology from the University of Notre Dame and an ME in Biomedical Engineering from the University of Virginia.

AI Analysis | Feedback

Key Risks to the Business

  1. Significant Regulatory Hurdles and Delays in the United States: Nexalin Technology faces substantial regulatory challenges in the U.S. stemming from the FDA's December 2019 reclassification of its Generation 1 (Gen-1) devices. This reclassification has halted new sales and marketing of Gen-1 devices for anxiety and insomnia, requiring a new 510(k) application, and necessitates a Class III device classification and Premarket Approval (PMA) application for depression. The company is currently analyzing whether to proceed with an amended application for Gen-1 devices. Furthermore, the new Generation 2 (Gen-2) and Generation 3 (Gen-3) devices, which are critical for future growth, also require new PMA applications in the United States for indications like depression, with the determination of safety and efficacy solely resting with the FDA. This dependency on lengthy and costly FDA approval processes poses a significant barrier to commercialization and revenue generation in their domestic market.
  2. Uncertainty and Repeated Delays in Establishing the China Joint Venture: The formation of a critical joint venture with Wider Com Limited, intended to design and implement a comprehensive business model and distribution plan for Nexalin's devices in China, Hong Kong, Macau, and Taiwan, has been subject to repeated delays. The joint venture, initially anticipated by the third quarter of 2023, has been extended multiple times, with reasons cited including regulatory issues in both China and the United States, trade and political issues between the two countries, and potential changes in the use and market for the company’s products and technology. While Gen-2 devices have been sold in China through Wider acting as a distributor, the continued uncertainty surrounding the formal establishment of the joint venture impedes the company's strategic expansion and full market penetration in this key international region.
  3. Limited and Potentially Decreasing Revenue Streams: The company's U.S. revenue from Gen-1 devices is currently restricted to monthly licensing fees and payments for electrodes from devices in operation prior to the December 2019 FDA reclassification, with no new sales or marketing efforts. While Nexalin recognized approximately $624,000 in revenue from Gen-2 device sales in China during the first half of 2022, and a smaller royalty fee from electrode sales, the company explicitly expects that gross margins may decrease in the second half of 2022 and future periods. This anticipated decrease is attributed to an increase in the costs of components, manufacturing, delivery, sales, and marketing. This reliance on limited revenue sources and the expectation of declining profitability for its current active product in China present a substantial financial vulnerability.

AI Analysis | Feedback

The following clear emerging threats have been identified for Nexalin Technology:

  • Increased costs of components, manufacturing, delivery, sales, and marketing are expected to lead to a decrease in gross margins starting in the second half of 2022.
  • Ongoing delays and complications in establishing the strategic Joint Venture in China due to regulatory, trade, and political issues between the United States and China, which impedes the company's primary international growth strategy in a key market where its Gen-2 device is approved.

AI Analysis | Feedback

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AI Analysis | Feedback

Nexalin Technology (NXL) is poised for future revenue growth driven by several key initiatives over the next 2-3 years:

  1. FDA Approval and Commercialization of the Gen-2 Device in the United States: The company is strategically pursuing a Premarket Approval (PMA) application with the FDA for its Gen-2 device to treat major depressive disorder (MDD) in the United States. Additionally, Nexalin has completed Q-submission meetings and received acceptance from the FDA for its Gen-2 SYNC neurostimulation console in its Alzheimer's Disease and dementia programs, indicating a broader push for this device in significant U.S. markets.
  2. Expanded Sales of the NMPA-Approved Gen-2 Device in China through a Joint Venture: The Gen-2 device has already received approval from China's National Medical Products Administration (NMPA) for marketing and sale for the treatment of insomnia and depression. The anticipated formation of a formal Joint Venture with Wider Com Limited by the third quarter of 2023 is expected to significantly expand the comprehensive business model and distribution plan for the Gen-2 device across China, Hong Kong, Macau, and Taiwan.
  3. Launch and Adoption of the Gen-3 Home-Use Headset Device: Nexalin is developing a Gen-3 headset designed for home use with physician oversight, aiming to increase patient access and compliance by addressing the stigma associated with clinical treatments. The company is undertaking a pivotal HALO Clarity Trial to support a planned De Novo FDA submission targeting the multi-billion-dollar insomnia market for this device, which represents a new product line and market approach.
  4. Introduction of the "Neurocare®?" AI-Driven Virtual Clinic: Nexalin recently launched Neurocare®?, an AI-driven virtual clinic designed to transform access for patients with Alzheimer's, mood disorders, traumatic brain injury (TBI), and post-traumatic stress disorder (PTSD). This initiative represents a new service-based revenue stream, expanding beyond device sales to offer integrated care and broaden market entry.
  5. Expansion of Treatable Indications for the Gen-2 Device: Beyond its primary indications, Nexalin is currently designing clinical trials for the use of its Gen-2 device for additional conditions such as substance use disorders, opiate addictions, chronic pain, Alzheimer’s disease, and dementia. Successful trials and subsequent regulatory approvals for these expanded indications would significantly enlarge the addressable market for the Gen-2 technology.

AI Analysis | Feedback

Share Issuance

  • In May 2025, Nexalin Technology announced the pricing of an underwritten public offering of 3,850,000 shares of its common stock at $1.30 per share, with gross proceeds expected to be approximately $5.0 million.

Capital Expenditures

  • The net proceeds from the May 2025 public offering of $5.0 million are intended to be used for working capital and other general corporate purposes, including capital expenditures and product development.

Better Bets vs. Nexalin Technology (NXL)

Peer Outperformance in Life Sciences Tools & Services

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Share of Life Sciences Tools & Services constituents that NXL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
59%
of 123 industry peers · 13.0% return
3Y
89%
of 113 industry peers · 403.2% return
5Y
—
insufficient peer history
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Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is NXL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 13.4%63.7%103.3% CAH 490% · MCK 391% · COR 194%
Health Care Services 20 44.0%33.3%11.6% HIMS 220% · RDNT 148% · DGX 96%
Managed Health Care 8 44.6%5.6%0.6% OSCR 107% · HQY 59% · ELV 11%
Health Care Facilities 25 16.9%18.4%-3.0% THC 302% · NHC 241% · EHC 202%
Health Care Equipment 50 14.4%18.7%-15.0% UFPT 408% · GKOS 348% · PLSE 147%
Pharmaceuticals 60 -5.1%8.2%-35.2% LQDA 999% · KNSA 546% · LLY 448%
Health Care Supplies 11 34.9%23.0%-36.1% LNTH 267% · HAE 76% · MMSI 33%
Life Sciences Tools & Services ← 108 -6.2%-10.3%-74.1% AXGN 288% · NTRA 253% · MEDP 189%
Biotechnology 364 -21.1%-31.5%-81.7% ELVN 1112% · TRVI 1046% · DNTH 930%
Health Care Technology 21 -23.4%-56.5%-82.3% VEEV -3% · DOCS -52%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NXLSTIMLIVNNPCEINSPECORMedian
NameNexalin .Neuronet.LivaNova NeuroPaceInspire .electroC. 
Mkt Price1.542.7194.8513.4166.508.6211.02
Mkt Cap0.00.25.20.51.90.10.3
Rev LTM01601,5079988137129
Op Inc LTM-9-15162-1516-14-12
FCF LTM-6-10129-1298-10-8
FCF 3Y Avg-5-21143-1578-9-7
CFO LTM-6-8238-11135-10-7
CFO 3Y Avg-5-19216-15116-9-7

Growth & Margins

NXLSTIMLIVNNPCEINSPECORMedian
NameNexalin .Neuronet.LivaNova NeuroPaceInspire .electroC. 
Rev Chg LTM24.2%23.0%11.7%16.9%-0.2%33.5%20.0%
Rev Chg 3Y Avg-12.1%35.6%10.5%21.8%16.4%53.1%19.1%
Rev Chg Q-82.8%12.5%9.9%17.1%-7.9%28.0%11.2%
QoQ Delta Rev Chg LTM-21.2%3.0%2.4%3.5%-2.0%5.9%2.7%
Op Inc Chg LTM-1.2%60.4%-16.4%29.0%-57.1%-6.6%-3.9%
Op Inc Chg 3Y Avg-60.7%13.8%90.3%25.0%80.7%13.1%19.4%
Op Mgn LTM-4,202.5%-9.4%10.7%-15.3%1.8%-37.6%-12.3%
Op Mgn 3Y Avg-4,543.1%-25.5%10.9%-25.0%2.6%-51.0%-25.2%
QoQ Delta Op Mgn LTM-1,118.3%5.4%-2.0%3.7%-4.2%4.3%0.9%
CFO/Rev LTM-2,822.4%-5.2%15.8%-11.4%15.3%-26.3%-8.3%
CFO/Rev 3Y Avg-2,581.2%-18.7%15.7%-18.1%13.6%-33.3%-18.4%
FCF/Rev LTM-2,905.2%-6.0%8.6%-11.7%11.1%-26.4%-8.9%
FCF/Rev 3Y Avg-2,685.6%-20.2%10.5%-18.4%9.1%-33.6%-19.3%

Valuation

NXLSTIMLIVNNPCEINSPECORMedian
NameNexalin .Neuronet.LivaNova NeuroPaceInspire .electroC. 
Mkt Cap0.00.25.20.51.90.10.3
P/S5.01.33.54.62.22.22.8
P/Op Inc-0.1-13.932.3-30.3122.0-5.8-3.0
P/EBIT-0.1-13.934.4-35.762.8-5.8-3.0
P/E-0.1-9.126.7-23.919.1-5.5-2.8
P/CFO-0.2-25.222.0-40.714.3-8.3-4.3
Total Yield-817.6%-11.1%3.8%-4.2%5.2%-18.7%-7.6%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-1,499.9%-40.0%4.5%-4.9%3.3%-15.9%-10.4%
D/E0.00.40.10.20.00.10.1
Net D/E-0.90.3-0.00.0-0.2-0.0-0.0

Returns

NXLSTIMLIVNNPCEINSPECORMedian
NameNexalin .Neuronet.LivaNova NeuroPaceInspire .electroC. 
1M Rtn-71.6%23.2%24.1%1.4%-6.0%-14.9%-2.3%
3M Rtn222.5%15.3%21.4%-2.1%10.7%32.0%18.3%
6M Rtn342.5%41.9%43.1%-26.0%45.5%29.4%42.5%
12M Rtn11.6%-5.6%75.8%42.7%-21.8%74.1%27.1%
3Y Rtn396.8%93.6%89.9%87.0%-60.8%39.5%88.4%
1M Excs Rtn-62.6%25.8%29.8%9.1%0.7%-9.8%4.9%
3M Excs Rtn224.3%22.3%27.0%-1.7%14.7%30.5%24.6%
6M Excs Rtn339.8%39.1%40.4%-28.8%42.8%26.6%39.7%
12M Excs Rtn-5.6%-12.6%69.9%32.1%-20.2%58.9%13.3%
3Y Excs Rtn309.5%69.1%15.8%19.9%-135.9%-43.6%17.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Device sales00010
Equipment00000
Licensing fee00000
Other00000
Royalty Fee   00
Total00010


Price Behavior

Price Behavior
Market Price$1.56 
Market Cap ($ Bil)0.0 
First Trading Date09/16/2022 
Distance from 52W High-79.3% 
   50 Days200 Days
DMA Price$3.67$1.25
DMA Trendupup
Distance from DMA-57.5%24.6%
 3M1YR
Volatility2,838.1%1,420.5%
Downside Capture-1155.94-43.30
Upside Capture-477.74-32.21
Correlation (S&P 500)-6.8%-2.4%
NXL Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-1.86-2.36-17.06-6.78-2.490.59
Up Beta-93.70-23.50-9.53-4.83-2.10-0.24
Down Beta-5.82-2.0044.7022.7912.695.45
Up Capture-516%-423%-263%-76%-21%276%
Bmk +ve Days12182862130427
Stock +ve Days210113584296
Down Capture691%450%-3828%-1934%-86%98%
Bmk -ve Days10253664121325
Stock -ve Days18313158131404

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NXL
NXL-93.1%134.9%-1.68-
Sector ETF (XLV)33.1%16.7%1.53-7.6%
Equity (SPY)13.2%12.9%0.686.1%
Gold (GLD)1.0%28.8%0.035.3%
Commodities (DBC)35.9%21.2%1.34-0.6%
Real Estate (VNQ)14.3%14.1%0.70-8.7%
Bitcoin (BTCUSD)-28.2%43.4%-0.657.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NXL
NXL-46.1%167.3%0.23-
Sector ETF (XLV)9.3%15.3%0.405.3%
Equity (SPY)12.5%17.2%0.5511.4%
Gold (GLD)17.3%19.1%0.737.1%
Commodities (DBC)8.0%19.6%0.295.5%
Real Estate (VNQ)1.8%18.9%-0.015.7%
Bitcoin (BTCUSD)5.5%51.5%0.294.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NXL
NXL-26.5%167.3%0.23-
Sector ETF (XLV)12.5%16.8%0.615.3%
Equity (SPY)15.4%18.0%0.7311.4%
Gold (GLD)11.9%16.5%0.597.1%
Commodities (DBC)7.4%18.1%0.335.5%
Real Estate (VNQ)5.7%20.7%0.235.7%
Bitcoin (BTCUSD)61.0%66.2%1.014.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 9302026-65.7%
Average Daily Volume5.7 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity0.7 Mil
Short % of Basic Shares0.6%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/08/202610-Q
12/31/202503/25/202610-K
09/30/202511/14/202510-Q
06/30/202508/06/202510-Q
03/31/202505/13/202510-Q
12/31/202403/14/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202303/27/202410-K
09/30/202311/13/202310-Q
06/30/202308/10/202310-Q
03/31/202305/10/202310-Q
12/31/202203/27/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/08/202610-Q
12/31/202503/25/202610-K
09/30/202511/14/202510-Q
06/30/202508/06/202510-Q
03/31/202505/13/202510-Q
12/31/202403/14/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202303/27/202410-K
09/30/202311/13/202310-Q
06/30/202308/10/202310-Q
03/31/202305/10/202310-Q
12/31/202203/27/202310-K
09/30/202211/10/202210-Q
06/30/202209/19/2022424B4
03/31/202205/31/2022S-1/A
Core Cache Last Updated: 11/4/2026