Nyxoah S.a Stock Earnings Reports

Nyxoah reported Q1 2026 net revenue of ~EUR 6.4m (EUR 6.7m gross pre-deferrals), a 13% sequential increase vs. Q4 2025, driven primarily by U.S. commercialization. U.S. net revenue was ~EUR 4.3m, up ~25% sequentially. The company expanded its U.S. commercial footprint (added 50 new sales reps in Q1, covering up to 200 high-volume accounts by Q2) and reported encouraging commercial KPIs: 207 surgeons trained (62 in Q1), 91 active accounts (34 added in Q1), and 241 patients with prior-authorizations submitted at quarter end. Reimbursement clarity improved—CMS issued AGNS-specific C-codes (C8011 for Genio facility claims) and Nyxoah reported 100% approval rates on reviewed prior-authorizations (commercial and Medicare via WISeR). Q1 gross margin was 57% (down from 62% YoY) due to production yield issues that management says are resolved. Q1 operating expenses were EUR 24.2m; non-GAAP cash OpEx EUR 21.7m. Cash & equivalents plus financial assets were EUR 25.9m as of March 31, 2026, and the company expects to draw EUR 13.8m from an EIB loan tranche in Q2. Guidance: Q2 U.S. net revenue growth of ~25–30% sequentially; FY2026 worldwide net revenue guidance EUR 36–40m; expected FY2026 gross margin 60–62%; total OpEx EUR 97–99m (non-GAAP cash OpEx EUR 88–90m). Key strategic priorities: accelerate U.S. adoption (focused on high-volume centers and sleep-medicine partnerships), manage OpEx and cash runway, and invest in R&D (Genio 2.2 and lower-cost disposable patch targeted for early 2027). Management expects reimbursement risk to be largely mitigated for 2026–2027 and outlines potential coding dynamics for 2028 (dedicated CPTs vs. a comprehensive AGNS code set).