EURONEXT-BRU$NYXH
Nyxoah SA · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
Nyxoah Q1 2026: U.S. Genio revenue up 25% sequentially to €4.3M as global net revenue reaches €6.4M
Nyxoah SA reported Q1 2026 financial and operating results for the three months ended March 31, 2026, reflecting accelerating U.S. commercialization of its Genio neurostimulation system for obstructive sleep apnea. Global net revenue was €6.4 million versus €1.1 million in Q1 2025, with U.S. net revenue of €4.3 million representing 25% sequential growth over Q4 2025. Gross margin was 57% on cost of goods sold of €2.7 million. Operating loss was €20.5 million, roughly flat versus €20.6 million a year ago, as higher revenue was offset by increased U.S. commercial build-out. Loss for the period was €15.9 million, or €(0.37) per diluted share, compared with €(22.4) million, or €(0.60) per share, in Q1 2025. The company trained 62 new U.S. surgeons in the quarter, activated 34 new accounts, and reported 100% prior-authorization approval on reviewed U.S. submissions. Cash, cash equivalents and financial assets totaled €25.9 million at quarter end.
- Global net revenue was €6.4M (+13% q/q), with U.S. net revenue of €4.3M up 25% sequentially following the August 2025 FDA approval.
- Gross margin was 57%; operating loss was €20.5M as SG&A rose to €15.4M to support U.S. commercial expansion.
- Loss for the period narrowed to €15.9M, or €(0.37) diluted EPS, from €(22.4)M, or €(0.60) per share, in Q1 2025.
- 62 new U.S. surgeons trained and 34 new accounts activated; 100% prior-auth approval on reviewed commercial payer submissions.
- Cash and financial assets were €25.9M; company expects to draw €13.8M from the second EIB tranche in Q2 2026.
Headline financials
Revenue & EPS history
Nyxoah SA · Revenue · Quarterly
€6.4M
Revenue by segment
Nyxoah SA · €6.4M total across 2 segments · Q1 2026
- United States€4.3M—67.2%
- International€2.1M—32.8%
Forward guidance
For Q2 2026, Nyxoah expects U.S. net revenue to grow sequentially by approximately 25-30% over Q1. Full-year 2026 worldwide net revenue is expected in the range of €35-38 million, gross margin of 60-62%, and total operating expenses of €97-99 million (non-GAAP cash operating expenses €88-90 million).
Tailwinds
- Strong U.S. launch momentum with sequential revenue growth and 100% prior-auth approval on reviewed submissions.
- Medicare issued new C-Codes for Genio and clarified facility and physician payments.
Headwinds
- Operating losses persist as commercial and R&D investments continue.
- Gross margin dipped to 57% in Q1 due to lower yield, though management says the issue has been addressed.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 13 quarterly earnings reports · overlaid with Q1 2026
-0.7%
Avg return
Earnings day
+0.6%
Avg return
5 days after
-6.0%
Avg return
30 days after
36%
5 / 14 earnings
Positive
+16.0%
Q1 2024
Best reaction
-13.1%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.4% | -9.0% | -50.4% | |
| Q2 2024 | +3.8% | +7.6% | -5.6% | |
| Q1 2024 | +16.0% | +14.1% | -9.3% | |
| Q4 2023 | -13.1% | +1.2% | -22.8% | |
| Q3 2023 | -11.6% | -7.2% | -15.7% | |
| Q2 2023 | -1.2% | +2.1% | +7.0% | |
| Q1 2023 | -3.3% | -4.9% | +0.6% | |
| Q4 2022 | +4.2% | +1.6% | +54.6% | |
| Q3 2022 | +0.8% | +1.7% | -9.2% | |
| Q2 2022 | +1.5% | +0.8% | -22.5% | |
| Q1 2022 | -3.2% | -9.5% | -4.4% | |
| Q4 2021 | -2.9% | -5.7% | -12.5% | |
| Q3 2021 | +0.0% | +4.3% | -13.5% | |
| Q2 2021 | +0.0% | +11.5% | +20.1% | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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