Nyxoah Posts 25% U.S. Revenue Growth, €25.9M Cash and €36–40M Guidance
Nyxoah reported Q1 2026 net revenue of €6.4 million, up 13% sequentially globally and 25% in the U.S., driven by a strong Genio launch. The company ended the quarter with €25.9 million in cash and expects €36–40 million in full-year net revenue with 60–62% gross margin.
1. Q1 2026 Financial and Operating Highlights
Nyxoah generated €6.7 million gross and €6.4 million net revenue in Q1 2026, reflecting 25% sequential growth in U.S. sales and 13% growth globally. Cost of goods sold amounted to €2.7 million, yielding a 57% gross margin after addressing production yield issues.
2. U.S. Commercial Execution
The company trained 62 new surgeons, bringing the total to 207, and activated 34 new high-volume accounts for a total of 91. It secured 100% approval on prior-authorization submissions with commercial payers and obtained new Medicare C-Codes covering Genio.
3. Balance Sheet and Liquidity
Cash, cash equivalents and financial assets stood at €25.9 million as of March 31, 2026. Nyxoah expects to draw €13.8 million from the European Investment Bank loan in Q2 2026 to support U.S. commercial expansion and R&D.
4. 2026 Financial Guidance
Nyxoah forecasts Q2 net revenue growth of 25–30% over Q1 and projects full-year net revenue of €36–40 million with a 60–62% gross margin. Total operating expenses are expected between €97–99 million, with non-GAAP cash operating expenses of €88–90 million.