Nyxoah: Revenue Up 21% in Q2, Cash Reserves at €97.8M
In the second quarter of 2026, Nyxoah reported a global net revenue of €7.7M, marking a sequential increase of 21% from Q1. The medical technology group also benefited from a €110M fundraising and a proposal for increased CMS reimbursements for its Genio system. However, profitability remains distant: with cash reserves of €97.8M as of June 30, Nyxoah must accelerate its commercial transformation to justify its financial appetite.
US Commercial Push: 180 Active Accounts and 22% Sequential Growth
The group generated €5.2M in net revenue in the US in Q2, a growth of 22% compared to the previous quarter. This acceleration is supported by an increase in field activity: 55 new surgeons were trained during the quarter, bringing the total to 262, while the number of high-volume active accounts doubled from 90 to 180 during the same period. These indicators reflect a controlled commercial deployment phase. Nyxoah also noted the entry of 427 patients seeking prior authorization in Q3, signaling an ongoing pipeline development. With total revenue reaching €7.7M, the American share accounts for approximately 68% of the total revenue, indicating an increasing geographic dependence expected in the American launch phase.
CMS Reimbursement: Increases of 12% to 15% for the Genio System
The Centers for Medicare & Medicaid Services (CMS) has proposed increasing hospital reimbursement for the Genio procedure (code C8011) from $31,526 to $35,414, an increase of $3,888 (12%). For Ambulatory Surgery Centers (ASC), the proposed increase goes from $27,563 to $31,722, an additional $4,159 (15%). Olivier Taelman, CEO, emphasized that these increases are among the highest in the APC 5465 segment (Level 5 Neuromodulation) if approved. This proposal strengthens the economic viability of the model without immediately altering the group's operational results in the commercial penetration phase.
Restored Cash Reserves and Maintained 2026 Guidance
Nyxoah secured $110M in financing in Q2, allowing a rebound in its cash reserves to €97.8M as of June 30. This fundraising alleviates the financial handicap that management identified as a brake on commercial acceleration. The group maintains its guidance for net annual revenue in 2026 within the range of €36M to €40M. However, the restored cash reserves create an implicit delay: with an unspecified cash burn rate and growth needing to accelerate, Nyxoah must demonstrate a visible profitability curve before 2027-2028 to justify to the market this massive investment schedule.
