Nyxoah: 25% Growth in the US in Q1, 2026 Targets Confirmed
Nyxoah reported a net revenue of 6.4 million euros in the first quarter of 2026, up 13% sequentially from the previous quarter, driven by the expansion of the Genio system in the United States following FDA approval in August 2025. In the US market alone, quarterly growth reached 25%. However, this increase in revenue did not reduce the operating loss, which remained at 20.5 million euros, nearly identical to Q1 2025, highlighting the scale of commercial and operational expenses incurred to support the launch.
Revenue Growth Driven by US Commercial Expansion
Nyxoah generated 6.4 million euros in net revenue in the first quarter of 2026 (6.7 million in gross), compared to 1.1 million euros in Q1 2025. The sequential growth is 13% compared to the fourth quarter of 2025, with a marked acceleration in the US market: US net revenue reached 4.3 million euros (4.5 million in gross), an increase of 25% compared to Q4 2025. Operationally, Nyxoah trained 62 new surgeons during the quarter, bringing the total to 207, and activated 34 new accounts, totaling 91 high-volume accounts. The reimbursement environment has become clearer: Medicare has released new specific codes for Genio and specified payment terms to facilities and physicians. Private payers continue to reimburse through existing CPT codes, with a 100% approval rate for closed prior authorization requests.
Gross Margin Under Pressure Despite Higher Volumes
Gross profit amounted to 3.6 million euros with a gross margin of 57%, down 5 percentage points from Q1 2025 (62%). This contraction is due to an increase in the cost of goods sold to 2.7 million euros (0.4 million in Q1 2025), reflecting higher volumes linked to marketing in the United States. Nyxoah states that this decline in gross margin resulted from production yield issues that were resolved during the quarter. Research and development expenses decreased to 8.8 million euros (compared to 9.0 million in Q1 2025), in line with a reduction in investments in the DREAM and ACCESS clinical studies. Conversely, sales, general, and administrative expenses increased by 24% to 15.4 million euros (12.4 million in Q1 2025), mainly due to the ongoing development of the commercial organization in the United States, including sales, marketing, and market access functions.
Strengthened Cash Position and Anticipated Growth for Q2
As of March 31, 2026, cash, cash equivalents, and financial assets stood at 25.9 million euros. Nyxoah expects to draw 13.8 million euros from the second tranche of the European Investment Bank loan in the second quarter of 2026, thus strengthening its financing capacity. For Q2 2026, the Company anticipates a sequential net revenue growth in the US of about 25 to 30%. For the full year 2026, a global net revenue of 36 to 40 million euros is targeted, with a gross margin expected between 60% and 62% and total operating expenses ranging from 97 to 99 million euros.
