Marketing content

Why invest in STIL

Solving an unmet clinical need - Over 30 million people suffer from disabling hand tremors, the uncontrollable shaking often seen in Parkinson’s disease. Current treatments like medication and surgery are either ineffective, risky, or prone to severe side-effects. The STIL Orthosis reduces forearm tremors by over 80% and provides a safe, practical, and effective solution for daily use.

De-risked medical innovation - The STIL Orthosis is CE-marked, FDA- registered, clinically validated and already on the market in four countries. The technology is protected by patents, securing exclusivity in key markets.

Rapid scale-up potential – STIL relies on a proven distributed sales model involving orthopedic distributors. Since launching in the Netherlands in 2023, the company expanded to Germany (2024), Belgium (2025), and Italy (2025) through key partnerships. This model allows for rapid rollout in new markets, with limited overhead.

Attractive return with risk protection – STIL projects a potential 150% to 300%* return for new shareholders by 2028. As risk protection, new investors also benefit from a liquidation preference.
*Returns are not guaranteed: there is a risk that part or all of your investment could be lost.

IJsbrand de Lange, CEO

"At STIL, we are redefining how tremors are treated. The STIL Orthosis is offering a life-changing, non-invasive solution for millions. Our mission is simple: improve the quality of life of those affected with tremor disorders. With CE mark and FDA registration, patented technology, and growing international partnerships, we are ready to scale up.

This funding will accelerate our commercial expansion, invest in our product pipeline, and secure reimbursement in key markets. Now is the opportunity to invest in a proven and scalable medical breakthrough, that will have a world-wide impact.” 

IJsbrand de Lange, CEO & Founder, STIL

Investment information

Days to invest:
10
Investing round ends:
07/05/2025
Type:
Equity offering
Invested so far:
€1,107,641.62
Equity offered:
6.36 – 19.23 %
Price per share:
€58.46
min investment 5 shares
Transaction costs:
1.50 %
Number of existing shares:
162,500
Fully diluted shares:
171,054
Pre-money valuation:
€10,000,000.00
Maximum issue size:
€2,999,874.90
Offered units:
51,315
Broker:
Oneplanetcrowd International B.V
License:
ECSPR

Overview

Company profile

STIL team

A new way to treat tremors
Founded in 2017 in Delft, the Netherlands, STIL is revolutionizing tremor treatment with its innovative, non-invasive medical device: the STIL Orthosis. Designed for people suffering from essential tremors, dystonia and Parkinson’s disease, STIL’s device can reduce forearm tremors by more than 80%, restoring people’s independence and enabling activities of daily life.

Clinically proven technology
In 2022, STIL reached a major clinical milestone, when it successfully completed its first clinical trial. This proved effectiveness for essential tremor patients with a forearm tremor. The study got international acknowledgement, when published in the renowned medical journal Movement Disorders. Several other clinical trials are in progress, expanding the medical claims to Parkinson's disease and other movement disorders.

Medical certification and patent protected
STIL holds an ISO 13485 certification, the most important quality management standard in the medical field. Our product is CE-certified and FDA-registered, allowing us to legally sell in all of the EU and US. We have multiple patents protecting the IP of the STIL Orthosis in key countries across the world.

STIL patents

Proven market traction
By 2024, the company had sold hundreds of devices and established key distribution contracts in the Netherlands, Germany, Belgium, and Italy, expanding its reach across Europe. STIL received €3.6 million in funding from reputable investors, including Health Innovations, Rabobank, EIC Accelerator and the Brain Foundation Netherlands.

By investing in STIL, you are supporting a patented, clinically validated technology that addresses a major unmet medical need while offering strong financial growth potential.

Company Info 

Company name: STIL
Managing director: IJsbrand de Lange
Business ID number: 69993447
Founding year: 2017
Address: Molengraaffsingel 10
2629 JD Delft
Netherlands
Industry: MedTech
Number of employees: 14
Locations: 1
Website: www.stilorthosis.com
Social media:

            

How STIL makes a difference

Only 12% of tremor patient are satisfied with their care
Typically, tremor patients receive off-label medication, such as blood pressure relievers or anti-epileptic medication to reduce tremor. However, both have limited efficacy and severe side-effects. The last resort is brain surgery, though many patients are unwilling to undergo such an invasive procedure. This results in millions of patients not having a proper treatment option.

(below a spiral drawing of a tremor patient and a healthy subject)

Spiral drawing of a tremor patient vs. a healthy subject

Tremors also bring shame
Many people are ashamed of their tremors, resulting in social isolation. A mother not going out for dinner anymore. A teacher not daring to write on the white-board. Or a grandpa who cannot feed his grandchildren. The social aspect is most often just as debilitating as the functional limitations.

Impact of the orthosis
The STIL Orthosis can actually make a night and day difference for tremor patients. In the video below, one of our users highlights its benefits.

Reducing healthcare costs
The STIL Orthosis can be an alternative to expensive medication or surgery. With proper adoption in the regular care path, we estimate to be able to save €100 million per year in the EU alone. This is an incentive for Health Insurers to reimburse the product.

Products and Services

STIL anti-tremor orthosis 
STIL developed a revolutionary anti-tremor orthosis: a wearable device that mechanically stabilizes the arms. The device adds mechanical damping to the joints in the forearm, reducing tremors while allowing voluntary movement. Unlike existing treatment options that rely on medication, surgery, or electrical stimulation, STIL’s solution is non-invasive, requires no electricity and provides immediate relief. The device is designed for ease of use – even 90-year-old users can put it on independently.

Woman with tea

Modular device 
The STIL Orthosis is a modular device, with different sized modules for the hand, forearm, and elbow. In this way, the device can be configured to the correct fit for each user, allowing for optimal user comfort. Modules are also symmetric, meaning they can be configured for either right or left arm use, which greatly reduces the number of parts needed in stock. 

Modular device

Product pipeline 
After over 375 tests with tremor patients, we learned how to improve the product. Where the current orthosis helps people with predominantly forearm tremors, our next-generation orthoses (yes - plural) aim to reduce tremors in the entire arm. Our data shows this should at least double the market potential. STIL filed another patent on this technology, and expect to add 2 more, securing IP of this innovation. The product launch for the next generation is planned for 2026. Beyond tremors, we are exploring how our orthotics can serve as a platform for treating movement disorders more broadly. 

Product

Business model

New innovation, existing sales network.
STIL brings a breakthrough innovation into an existing sales network. We sell (B2B) our products to specialized orthopedic and prosthetic (O&P) distributors. They have an established role in the healthcare supply chain, and work directly with hospitals and health insurers. With a prescription from a medical specialist, they take care of the paperwork needed for reimbursement, and provide the orthosis to the patient

Business strategy

Go-to-market strategy
To jumpstart each partnership, we initially provide distributors with potential customers (‘Leads”), which we obtain from online ads. This helps to understand the product, the target group, and drives initial direct-to-consumer sales. In parallel, when entering a new market, we together start working on reimbursement. With reimbursed care, STIL anticipates a sharp increase in sales volume and improved accessibility for patients. Recurring revenue is expected every 2-3 years, with new product(s) – some users even have two for both arms – being sold.

Collaboration

Ottobock

Key partnerships and rapid scalability
STIL’s distribution model is built for fast international growth. In less than 2 years, we launched in 4 countries. STIL has already made partnerships with renowned O&P distributors, such as Ottobock in Italy, Sanitätshaus STOLLE in Germany, and VIGO in Belgium. New partnerships in Europe and the US are already in the pipeline. The model supports rapid rollout across markets, while maintaining strong margins.

Market

Lady wearing the STIL orthosis

Market size: Over 30 million people suffer from tremors worldwide, most being dissatisfied with current treatments. In the EU and US alone, STIL’s serviceable addressable market (SAM) is estimated at €3 billion. The market is also growing, driven by an aging population and rising incidence of neurological disorders. Parkinson’s cases have doubled in 25 years, and essential tremor affects nearly 6% of people over 65.

Competitive landscape: Traditional treatment options include medication, deep brain stimulation (DBS) and High Intensity Focused Ultrasound (HIFU). DBS is a costly (~€40,000) and invasive brain surgery, HIFU creates permanent brain damage, while pharmaceutical treatments often have limited effectiveness and side effects. Another wearable solution provides 50% tremor reduction, take almost an hour to have any effect, and can only be used for limited time. STIL’s orthosis is clinically proven to reduce forearm tremors over 80%, provides instant relief and is comfortable and easy to use, giving a clear advantage over current treatment options.

Barriers to entry: Entering this market requires clinical proof, regulatory approval, and deep technical know-how. STIL holds a first-mover advantage with CE marking, FDA registration, and patented technology. Competitors wishing to enter the same space face high development costs and long timelines – especially for clinical trials that take years to complete, and cannot be rushed, regardless of funding. Replicating STIL’s performance is not only technically difficult, but mostly time-intensive. With continuous innovation and launch of new products, STIL will keep this first-mover advantage.

People cheers

Lady painting

Impact

The Sustainable Development Goals (SDGs or 'Global Goals') are part of the UN 2030 Agenda for Sustainable Development and constitute the international framework for sustainable development until 2030. These SDGs are intended to put an end to poverty, inequality, and climate change.

SDG3

SDG 3: Good Health and Well-Being
STIL is committed to improving the quality of life for millions of people affected by tremors. By providing a clinically proven, non-invasive solution, STIL helps patients regain their independence and perform everyday activities such as eating, writing, and drinking with ease. The company’s technology eliminates the risks associated with invasive surgical procedures and long-term medication use, offering a safer and more effective alternative for managing tremors. Through continuous research and development, STIL contributes to advancements in healthcare accessibility and innovative medical treatments.

SDG9

SDG 9: Industry, Innovation, and Infrastructure
STIL is pioneering next-generation medtech solutions to address an urgent healthcare need. Its patented fluid damper technology provides a scalable, accessible alternative to traditional tremor treatments. By collaborating with leading medical distributors and research institutions, STIL drives medical innovation while expanding its market reach. Its expansion into new territories strengthens healthcare infrastructure and supports technological advancements in the industry.

SDG10

SDG 10: Reduced Inequalities
The orthosis empowers people with motor disabilities (tremor) to regain autonomy and participate more fully in society, reducing the functional limitations that can cause social exclusion.

SDG12

SDG 12: Responsible Consumption and Production
Sustainability is a core principle in STIL’s product design. The durable and repairable orthosis is built to last, reducing the need for frequent replacements and minimizing medical waste. Unlike many medical devices, STIL’s orthosis does not require electricity, lowering energy consumption and contributing to a more sustainable healthcare system. The company is committed to responsible manufacturing practices, ensuring that materials and production processes meet high sustainability standards.

Management

  

Ijsbrand de Lange, CEO

IJsbrand de Lange

CEO & Founder

IJsbrand is a visionary leader with an entrepreneurial mindset. After his studies biomechanical engineering (TU Delft), he founded STIL in 2017. Since then, he has led the company through both challenges (such as technological pivots and the COVID pandemic) and milestones (product launch), ensuring that product development was always aligned with users, and growth plan. As the CEO of STIL, he oversees general business strategy, fundraising, (clinical) operations, and scaling the company. He raised over €6 million in funding, designed clinical studies, and is in charge of contracting distributors. It is his mission to make STIL a global player in treating movement disorders, and he has the perseverance and skill-set to make this a reality

  

Nicola Pambakian, CTO

Nicola Pambakian

CTO & Co-Founder

Nicola spent over 10 years in the R&D sector, before joining STIL as CTO in 2019. He obtained key skills in product development and management of medical technology when he was Lead Engineer at a startup developing an automatic prosthetic knee. Nicola is a methodical and structured engineer and manager, keen on details, and has a user-centered mindset. Without prior experience, Nicola single-handedly took care of all certification (CE, FDA, ISO 13485) for the company, managed the patent strategy and portfolio, and is overseeing R&D development on daily basis. Like all other team members, he did not join STIL for the money, but because of the meaning and importance of STIL’s mission.
 

With this financing round, STIL aims to expand the management team with experienced commercial and operations director (CCO/COO) and medical or scientific director (CSO/CMO). This is needed to add commercial and clinical competence to the company, needed for scaling up sales, and facilitate obtaining healthcare reimbursement on an international level.

Board of advisors

  

Cees Zuiderwijk

Cees Zuiderwijk

Former VP of Sales Bioness 

Cees Zuiderwijk has over 40 years of experience in selling medical technology to distributors. At Enraf-Nonius, he led the global expansion in rehabilitation equipment. At Bioness, he was responsible for introducing neuromodulation products like the H200 (arm orthosis) in the US and EMEA. He brings deep knowledge of go-to-market strategies, reimbursement of orthotics, distributor networks, and scaling medtech solutions internationally.

  

Bart van Liebergen

Bart van Liebergen

Former CEO Livit Orthopedie / Private Equity

Bart van Liebergen began his career in private equity before becoming CEO of Livit Orthopedie, the largest orthopedic and prosthetic service provider in the Netherlands. There, he worked closely with manufacturers and led the company through a successful sale to private equity. At Stöpler Medical, he repeated this trajectory of scaling the business and managing its acquisition. Bart brings a strong track record in commercial strategy, and value creation leading up to exits.

Distribution of company shares

STIL Group B.V. is currently owned by 4 shareholders:

  • Founders (71%): A significant portion of shares is held by the two founders, reinforcing their commitment to long-term success.
  • Health Innovations (24%): Holds an equity stake following its investment in STIL’s seed round.
  • Brain Foundation Netherlands (5%): Holds warrant shares that can be converted prior to an exit for ordinary shares. This foundation does not yet hold any actual shares, and thus has no voting rights.

Company structure

Where are you investing in?

Investors in this funding round will participate via Stichting Administratiekantoor (‘STAK’) STIL, a foundation set up to issue depository receipts linked to shares in STIL Group B.V. This structure allows investors to indirectly hold an economic interest in STIL Group B.V. In case of a maximum round, the share distribution will change according to the below stated image.

STIL company structure

STIL Group B.V. oversees all strategic operations of its subsidiaries, and is 100% owner of STIL B.V., the entity where all operational activities and expenses are born (such as personnel, marketing, sales, R&D). Profits generated by STIL B.V. from product sales are reinvested into product development, market expansion, and operational growth. All immaterial capital expenses, such as patents, are born by STIL Group B.V.

Health Innovation SEED Fund III B.V. is governed by Venture Capiral firm Health Innovations. De Hersenstichting (Brain Foundation Netherlands) is a warrant holder of shares of STIL Group B.V.

Investment protection
The depository receipts of STAK STIL are linked to a preference share class of STIL Group B.V. that have several financial protection clauses. Most notably:

  • Anti-dilution clause (broad-based weighted-average): if a future financing round occurs at a lower valuation, the conversion price of existing depository receipts will be adjusted using a broad-based weighted-average formula. This ensures that early investors are partially protected from dilution, maintaining a fair pro-rata share relative to the total fully diluted capital base.
  • Liquidation preference: at moment of liquidation, such as an exit, the depository receipts are either sold at 1x the buy-value plus 10% accumulating dividend per year, or converted to ordinary shares and sold in a pro-rata distribution – whichever of the two has the highest return.

These clauses make sure Investors are fairly protected in down-rounds or when an exit is below expectations.

Use of funds

This funding round will be primarily used to scale up sales and operations to the EU and US, but also to launch a second generation of orthoses to the market. In general, it will be spent on the following key areas:

  1. Market Expansion and Sales Acceleration – Contracting new distributors in Europe and North America, that are already in the pipeline. We need to expand the team with additional marketing and sales personnel to support such scaling efforts. In addition, we will invest more in marketing, both directly to potential users via online ads, and engaging with doctors via key congresses.
  2. Product Development – Advancing next-generation orthoses, expanding beyond tremors in the forearm, and even to other movement disorders. Part of the funds will be used to strengthen the company's IP portfolio.
  3. Clinical & Regulatory – Investing in several clinical trials to obtain strategical scientific and medical evidence to supports healthcare reimbursement claims in key countries. In addition, obtain regulatory approval for the UK, AU and JP.
  4. Operational Scaling – Increasing manufacturing capacity, acquiring adequate operational software, including an ERP system, and streamlining logistics to meet growing product demand. Furthermore, we aim to reduce the cost price of the orthosis by 40-60%, by investing in injection molding production, optimization of materials and design, and supplier selection. We modelled two scenarios (high and low) to provide an additional insight in business strategy and allocating of budget

We modelled two scenarios (high and low) to provide an additional insight in business strategy and allocating of budget.


Icon 1

Maximum Scenario

(€3 million collected in the financing round, €2.5 million by crowd investors, €500,000 by Health Innovations)

  • 40% Market Expansion & Sales Acceleration: Launching in all target countries (EU + US) like originally anticipated. Multiple countries start in parallel, overseen by a senior commercial director.
  • 30% Product Development: Speed up R&D with equipment and personnel, with the aim of launching the next generation device in 2026.
  • 15% Regulatory & Compliance: Investing in clinical studies to speed up the path to reimbursement, managed by a seasoned clinical director.
  • 15% Operational Scaling: Investing in software, and hiring additional operational staff to support further and accelerated commercialization.

Icon 2

Minimum Scenario

(€1.0 million collected in the financing round, €700k by crowd investors, €300,000 by Health Innovations) 

  • 60% Market Expansion & Sales Acceleration: In this scenario, STIL will focus entirely on commercialization in the EU, starting with getting full coverage in Germany, in which the company already has considerate market traction. Expansion to new territories will be executed one step at a time.
  • 30% Product Development: The development of a second-generation device will be completed and launched in a controlled manner.
  • 10% Operational scaling: investing in operational software tools to optimize the supply chain.

In this scenario, we reduce high-capital endeavors like entering the U.S., and major one-time capital expenditures, such as clinical studies and injection molding, and keep the team at a minimum size, until STIL reaches break-even or secures additional financing.

In the situation where capital is raised in between the two scenarios, the funds will be spent appropriately and accordingly on the 4 key-areas while keeping a healthy liquidity buffer for any setbacks.

Financial figures & growth

Actual and planned figures

Get an insight into STIL's financial figures, such as turnover and earnings development. Learn more about the growth forecast.

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Valuation

Icon Money

STIL's pre-money valuation for this financing round is set at €10 million, based on key milestones achieved since the previous investment. This valuation is further supported by a reverse-calculated exit scenario aligned with a target IRR. The current VC’s decision to invest under the same terms reinforces confidence in this valuation, supporting the growth potential of STIL.

Key milestones achieved

In June 2022, STIL was valued at €5 million post-money, based on a €250,000 investment for 5% equity. Since then, STIL has achieved various major milestones, including:

  • CE and FDA registration STIL Orthosis.
  • US patent granted.
  • EIC Accelerator grant (€1.6 million + 3 million optional equity), for product development of the next generation orthosis. The equity could be used in follow-up financing rounds.
  • Product-market fit: Product launch and revenue growth of 118% YoY.
  • Successfully concluded a clinical study, later published in renowned medical journal Movement Disorders.
  • Expansion of sales into Germany, Belgium and Italy via distribution partnerships

Pre-money calculation
By working backwards from a probable exit value, ensuring it aligns with an expected return on investment (ROI), the pre-money valuation can be estimated at the current financing round. When assuming no subsequent financing round, an IRR of 35%, an exit in 3-4 years, a revenue multiple of 4-5 on the expected revenue in 2027/2028, and a current financing round of €3 million, the conservative pre-money valuation ranges between €9.5-15.3 million.

Exit scenarios

With this financing round, STIL aims to become a profitable and self-sustaining company. Management expects this milestone could be reached as early as 2027, though 2028 is more likely. By that time, reimbursement coverage of the STIL Orthosis is expected to be secured in key markets, which is typically a major driver for stable revenue growth – and strategic acquisition potential.

With the projected revenues in 2028, STIL expects an exit between €30-50M. This could lead to an estimated 150% to 300% ROI for new shareholders.

In case of a lower than expected exit, new shareholders are protected with their liquidation preference rights, providing 1x return + 10% dividend per year.
(More information is found on the FAQ - exit scenario’s)

Icon 1

Scenario 1: Trade Sale (3-5 years)
STIL is an attractive acquisition target for large medical device manufacturers looking to expand their neurology portfolio. With the rising prevalence of neurological disorders and the ongoing unmet need for effective treatments, a clinically validated solution like the STIL Orthosis offers strategic value. An acquisition by a major medtech player could deliver a high-value exit for investors within 3-5 years.

Icon 2

Scenario 2: IPO (4-7 years)
With continued international expansion, strong revenue growth, and increasing market share, STIL could pursue an initial public offering (IPO) within 4-7 years. An IPO would allow investors to exit via public markets while providing STIL with additional capital to scale operations globally.

Icon 3

Scenario 3: Private Equity Buyout (4+ years).  As STIL scales and achieves significant market penetration, private equity firms may seek to acquire the company for portfolio expansion. A buyout could offer investors a profitable return while positioning STIL for further growth under a larger financial entity.


-----End of marketing content-----

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Updates

Note:

In this update section you will find new, project-relevant information that we receive.

Invesdor does not conduct a separate review of information received after the start of the financing phase.

UPDATE on 24.04.2025: New German partnerships

We are excited to share that this week, STIL made 2 new partnerships in Germany, with Seeger Gesundheitshaus and Sanitätshaus Helmut Haas.

Seeger Gesundheitshaus is a Sanitätshaus with over 70 locations in Berlin, Brandenburg and Saxony-Anhalt. Founded in 1938, Seeger is considered a leading Sanitätshaus in Germany, with over 700 employees.
 

Sanitätshaus Helmut Haas has 16 locations, and has been a strong player in Saxony for over 30 years. Helmut Haas is part of Sana Sanitätshäuser, which is a subsidiary of Sana Kliniken – one of Germany’s largest private hospital groups.

Both partners substantially expand STIL’s reach in Germany, in addition to the already existing partnerships with STOLLE and Brillinger. More partnerships with similar renowned Sanitätshauser are planned for next quarter.

UPDATE on 17.04.2025: What is a Liquidation Preference?

A liquidation preference is a special right for certain investors. In the event of a company sale, it ensures they get their investment back first - often with a fixed return - before other shareholders receive any payout. This reduces risk and offers greater financial security.

In STIL’s investment round, new shareholders receive a 1x liquidation preference with a 10% annual dividend, that accrues on the initial invested amount. This provides downside protection: if the company is sold at a lower value than the current one, investors are entitled to recover their initial investment plus 10% accrued dividend per year before other shareholders are paid (only possible if exit proceeds are sufficient to pay these amounts). In case of a stronger exit, shareholders can opt for a pro-rata payout, meaning they receive a share of the proceeds proportional to their ownership - often resulting in a higher return.

Two examples illustrate how this would work, assuming new Invesdor shareholders hold 12.5% equity:

  • Example 1: If STIL is sold for €10M after 4 years, a pro-rata payout would yield a –17% loss on the investment. With the liquidation preference, however, new shareholders receive a +40% return, making this the preferred option.
  • Example 2: If STIL is sold for €30M after 4 years, the liquidation preference still provides a +40% return, but a pro-rata payout results in a +150% return. In this case, new shareholders will opt for the higher return via their equity stake.

It’s good to note that in any payout scenario, outstanding loans are repaid first. In future financing rounds, new investors may receive preferences, which could also impact the order of payouts.

UPDATE on 16.04.2025: Record revenue in Q1 2025

STIL has achieved a record revenue in Q1 2025 of 90.000 EUR. Our shift towards distributed sales contributed most to this all-time high: 63% of the revenue came from B2B sales.

 

This growth is also driven by our international expansion, particularly in two key regions in Germany, where sales only began in November 2024.

The outlook for 2025 is promising: STIL currently covers about 10% of the German market, and with sales activities in Belgium and Italy just getting started, there is significant potential for further growth.

(These financial numbers are compiled by STIL and are not audited.)

UPDATE on 11.04.2025: STIL at the Dutch General Practitioner Congress

Last week, STIL exhibited at the Dutch General Practitioner (GP) Congress, to meet the doctors who are often the first point of contact for people with tremors. GPs play a key role in recognizing symptoms and referring patients to specialists, like neurologists.

Many GPs visited our stand, tried the orthosis, and showed interest in referring patients. We even had a GP that came looking for us on request of a patient. We captured the day in a short video (see below). 
 

Visiting such congresses is an important step in building awareness, that eventually leads to integrating the orthosis in standard care. Next up: the neurologist congress.

FAQ

Below you will find answers to some of the most frequently asked questions about STIL and this investment opportunity. Questions submitted directly by investors are clearly marked, with answers provided by STIL. Please note that Invesdor is not responsible for the content of these answers, as they were prepared exclusively by STIL.

If you have additional questions, feel free to reach out through our customer support.

Tariffs

The newly instated U.S. tariffs mostly affects companies dealing directly or indirectly with the U.S.

Even though we have plans for expanding to the U.S., STIL is rooted in Europe, and will keep a strong focus here. In addition, we are not selling a luxury item, but a medical device. There is still an unmet clinical need for our product, which will not disappear, even in macro-economic turmoil.

We’ve outlined the potential impact of the new tariffs, when they come into trade, on our sales, production, and exit strategy.

Sales
In 2026 and 2027, we forecast that 11% and 18% of our revenue will come from the U.S. As of 10-04-2025, a possible 10-20% tariff applies to all imported products from the EU —medical devices included. STIL does not sell in the U.S. market yet, and as such, we do not have any listed pricing with distributors, nor public health insurance like Medicare. This allows us to account for any tariff with a price increase. We do expect that the aforementioned tariffs - leading to a higher sales price - will reduce our sales volume. (See also: FAQ – Revenue by geography)

Production
Our final assembly partner is located in the Netherlands, with most sub-suppliers based in Europe and some in Asia. Since the tariffs primarily affect U.S. trade, we do not foresee significant impact on component costs or availability. On the contrary: we may even see short term decrease of cost due to increased Asian supply to Europe. In case the tariffs remain, and we still grow sales according to our projections, we shall consider setting up production in the U.S.

Exit
The major global orthotics and prosthetics (O&P) companies identified in our exit scenarios are European. Them being global players, it is likely they feel the impact of macro-economic instability on their U.S. operations, but we do not expect this to directly affect STIL’s strategic positioning: our product still fits with their focus area. However, economic uncertainty could affect their short-term acquisition budgets. Investing in STIL remains a long-term opportunity that provides revenue growth across multiple geographies, not only the U.S.
(See also: FAQ – exit scenarios)

In 2025, STIL’s plan remains unchanged: we focus on expansion in Europe, including countries like France and the UK. Since we’ve only recently entered Germany, Belgium, and Italy, there is still significant growth potential in these markets.

Depending on how the market reacts in the coming months, we shall adjust our scale-up strategy accordingly for 2026 and beyond.

On the short term, we will re-evaluate our U.S. market entry strategy and expected margins. This may shift our planned U.S. launch from Q1 2026 to between Q2 and Q3 of 2026.

On the long term, when the U.S. tariffs are still causing turbulence in trading with the U.S., we can additionally focus on expansion to Asia and Oceania. We already have distributors in the pipeline for South Korea and Australia. We will also assess the business case of a local US production site, if significant tariffs become the norm in the coming years.

Finances

Part of the increase in personnel costs is due to hiring new talent. While STIL’s team currently consists mostly of R&D (~60% of personnel costs), this funding round will shift focus toward marketing and sales to support growth. These roles typically come at a higher cost. STIL currently benefits from the Dutch WBSO subsidy (~€100k in 2024), which reduces payroll tax for R&D hours. As R&D hours decrease proportionally, this subsidy will also decline and does not scale with overall team size.

STIL will invest in injection molds: €100k–€200k for V1 (2025–2026) and €200k–€500k for V2 (2027–2028). This is similar for other costs reduction methods (e.g., die-cutting of fabrics, extrusion molds). These costs are capitalized as intangible R&D assets and depreciated over the product’s economic life. Resulting depreciation is visible under ‘Depreciation’, rising notably from 2026.

After an increase of Gross Margin % in 2024 and 2025, we expect a small decline in 2026. This has three main causes:

  1. V2 is then still produced via 3D printing, leading to higher costs. Mold investments and streamlined production only follow after V2 is fully validated in the Dutch market;
  2. International expansion introduces extra distribution layers, reducing STIL’s margin per unit;
  3. STIL adjusts pricing to maintain healthy margins across all partners in the sales chain. Prices will however lag slightly behind reduction of costs.

Margins are expected to recover in 2027 and 2028 through cost reductions and planned price increases.

In 2026, STIL expects reimbursement for V1 in a key European market—an inflection point seen in similar medtech cases, where sales increased 2–4x once patients no longer had to pay out-of-pocket. This is the main driver of V1’s expected 200% revenue growth that year.

Additionally, STIL will launch V2, targeting previously unserved patients (e.g., upper arm tremor), many of whom are already in a pre-qualified database. Revenue in 2026 is projected to come 55% from V1 and 45% from V2, with ongoing growth in following years as new markets gain traction.

We expect the following revenue distribution per territory, where we separated DE from the rest of the Europe. STIL does not rely on revenue from the US for its operational success.

Year

Revenue

Europe (excl. DE)

Germany

US

2023

€0,1M

100%

0%

0%

2024

€0,2M

98%

2%

0%

2025

€0,5M

67%

32%

1%

2026

€2,7M

57%

32%

11%

2027

€7,7M

53%

29%

18%

2028

€15,3M

48%

30%

22%

We expect to break-even in 2027. This would require us to sell around 5.000 products per year. For reference: the EU and US combined have over 11 million people suffering from invalidating tremors.

Given the fact that by 2027, we are operational in a big part of the EU and the US, we expect such sales volumes to be realistic.

O&P partnerships

With every distributor, we sign a distribution and a quality agreement. These ensure that our products are sold only by certified healthcare professionals, and that certain levels of service and quality are provided. Additionally, the quality agreement covers the regulatory aspects dictated by the MDR, the FDA, and other local regulations or authorities.

In the distribution agreement, we state either a Minimum Purchase Quantity (MPQ) or a Target Purchase Quantity (TPQ), where the first is a volume agreement. In both cases, not meeting the MPQ or TPQ can be a reason for STIL to terminate the agreement. We have a mix of both with our distributors, depending on the specific arrangements.

In 2024, most of the revenue came from sales in the Netherlands, of which the B2B revenue contributed to 47% of the total revenue. The other revenue came from STIL selling directly for R&D purposes, to investigate new possible target groups, such as dystonia and multiple sclerosis. We estimate that B2B revenue in 2025 will cover over 80% of the revenue.

STIL provides “Leads” to distributors for a period of time, which are obtained from our online marketing efforts.

In countries where we have regional distributors, we expect them to advertise regionally and attend local congresses. A good example of what our German partner STOLLE Sanitätshaus is now doing, is found here. Besides, we agree our partners promote the STIL Orthosis in their affiliated network of healthcare professionals. STIL then supports by attending national congresses, like the ones for GPs or neurologists.

In countries where we have national distributors, we contractually agree that they do marketing and sales efforts, by both attending congresses, advertising and visiting doctors.

Go-to-market strategy

The STIL Orthosis is already FDA-registered and cleared for sale in the US. Success in the US market requires a phased approach rather than expanding everywhere simultaneously. STIL will implement a state-by-state rollout strategy to first understand each region's specific laws and culture, together with national and/or regional distributors. We expect that the self-paying market, and not necessarily reimbursement, to be the main driver for US sales. Nevertheless, we shall invest in obtaining reimbursement for the STIL Orthosis in parellel to out-of-pocket sales.

Clinical evidence is imperative for obtaining reimbursement. Our device is clinically validated for essential tremor (see publication). Thus, reimbursement is expected to be granted for this patient group first.
Next to having clinical evidence, a new treatment should also be cost-effective, meaning it delivers meaningful health benefits at a reasonable cost compared to existing alternatives. For the STIL Orthosis, cost-effectivess is achieved by:

  1. Reducing or replacing the need for costly medication, which often requires lifelong use and has serious side effects.
  2. Delaying or avoiding surgery, such as deep brain stimulation (~€40k), which is invasive and expensive.

We estimate, that by implementing the STIL Orthosis as part of regular care, we can save up to €100M healthcare costs in the EU alone.

Lastly, there should be a clinical need for a new treatment, ideally endorsed by both doctors and patients. Having direct-to-consumer sales plays an important role in this: if patient are willing to pay for a treatment out of pocket, there is an unmet clinical need. Similarly, having physicians prescribe the STIL Orthosis — which has already occurred on several occasions — supports as evidence of clinical endorsement.

Both clinical evidence, cost-effectiveness, and clinical need should be provided to a health insurance regulatory body. The exact route towards reimbursement however differs per country.

A key market for reimbursement is Germany, where orthoses are properly regulated under the Hilfsmittelverzeichnis (HMV), the national medical device directory. STIL is currently in the process of applying for an HMV number. Once the STIL Orthosis is listed in the HMV and prescribed by a physician, it is generally eligible for reimbursement by health insurers. We aim to obtain an HMV number by 2026.

In the US, a comparable system exists using HCPCS Level II codes, commonly referred to as L-codes for orthotics and prosthetics. The process of applying for an L-code will be initiated in preparation for our planned US market entry in 2026.

In the Netherlands, orthoses are not reimbursed through a product-specific route but through cluster pricing. Clusters are defined based on the function of the orthosis, for instance “arm orthosis” or “wrist orthosis.” Dutch health insurers assess new orthoses based on whether they align with the ‘Stand van de Wetenschap en Praktijk’. If this is the case, the orthosis may be reimbursed under an existing cluster, or — if no suitable cluster exists — a new one may be created.

Other markets again have different rulings towards reimbursement of orthotics. This is also the reason why we work with national/regional orthopedic distributors, who know the national reimbursement system very well and already have contracts with Health Insurers. As part of our partnership, they support STIL in securing reimbursement in their markets.

Exit scenarios

There are several global players in the orthotics and prosthetics (O&P) industry, such as Ottobock, Embla Medical (previously Össur) and Eqwal. The market is currently undergoing significant consolidation, with large companies acquiring smaller O&P providers to build integrated networks and expand their reach.

Besides investment in the care providers, O&P manufacturers can also be acquired to strengthen a product portfolio. Recent examples include Embla Medical’s acquisition of Fior and Gentz for 100M USD in 2024, Ottobock’s acquisition of Exoneural network in 2021, Eqwal’s acquisition of TASKA Prosthetics in 2024.

Among potential exit strategies, we believe an acquisition is more likely than either an IPO or a PE buyout.

We expect to be able make an exit in 3-5 years. Assuming no additional financing rounds beyond the current €2M round, STIL projects three possible scenarios for 2028:

  • Good: STIL achieves considerate market traction in its target countries and reimbursement in key-markets, such as Germany or the US. With the expected revenues in 2028, we estimate an exit between €30-50M. This could lead to an estimated 150% to 300% ROI.
  • Moderate: STIL achieves markets traction in few markets with decent sales results, but without reimbursement. The company continues to grow, but at a moderate pace. STIL is subsequently sold for €10-20M. The 1x liquidation preference + 10% dividend per year, would provide the highest return, equal to ~40% ROI.
  • Downside: Despite promising technology, STIL is unable to achieve sufficient market penetration nor reimbursement. STIL’s assets are sold for €5M, which among others includes patents, products in stock and distribution contracts. In this case, the liquidation preference would result in a ~10% ROI.

Please note that this does not represent any financial guarantee; there is a risk that part or all of your investment could be lost.

Production

Our current manufacturer (Nijdra, the Netherlands) is a well-established production company of high-end medical equipment. They can produce up to 3000 units per year, and with additional automation investments, up to 10.000 units per year.

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