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
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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.
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SectorDispositifs médicaux et optique›Dispositifs médicaux
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Context
Period
Period: T3 2026
Key reported figures
Revenue: 9,2 millions d'euros
Quarterly revenue: 9,2 millions d'euros
Revenue growth: 366,5 %
Guidance from the release
Bien que nous soyons déçus d'ajuster nos prévisions de chiffre d'affaires
Risks mentioned
Ajustement à la baisse des prévisions de chiffre d'affaires (de 36-40 M€ à 33-35 M€)
Trajectoire de croissance inférieure aux attentes pour l'exercice 2026
Dépendance à la ramp-up des États-Unis reflétant les cycles historiques d'une nouvelle technologie
Opportunities identified
Supplément PMA soumis à la FDA pour étendre l'indication américaine aux patients atteints de collapsus concentrique complet
Croissance séquentielle de 29 % du chiffre d'affaires aux États-Unis au T3 2026
Expansion du nombre de chirurgiens formés (342 cumulés) et comptes activés (233 à fort volume) aux États-Unis
Outlook / guidance
Expected revenue: 34 millions d'euros
Management commentary: The Company now expects global net revenue for the full year 2026 to be in the range of €33 million to €35 million, compared to €36 million to €40 million previously.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
