NYXH Nyxoah
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Executive Summary
Nyxoah reported strong fourth-quarter and full-year 2025 financial results, driven by the first full quarter of U.S. commercialization of its Genio system for sleep apnea. Q4 net revenue reached €5.6 million, up 347% year-over-year, with 64% gross margin. The company guided for 25% sequential net revenue growth in each of the next two quarters, signaling strong momentum in its U.S. launch.
Key Financial Metrics
Actionable Insight
The 25% sequential revenue growth guidance suggests accelerating commercial traction; traders should monitor Q1 2026 revenue and account expansion metrics. Strong reimbursement support from Medicare and commercial payors reduces adoption risk.
Key Facts
- Q4 2025 net revenue: €5.6 million (347% YoY growth) vs. €1.3 million in Q4 2024
- Full-year 2025 net revenue: €10.0 million (122% YoY growth) vs. €4.5 million in 2024
- Q4 gross margin: 64%, despite operational ramp-up costs
- 145 surgeons trained and 57 U.S. accounts activated as of December 31, 2025
- Guidance: ~25% sequential net revenue growth expected in Q1 and Q2 2026
- Cash, cash equivalents, and financial assets: €48.0 million as of December 31, 2025
Financial Impact
Net revenue grew from €1.3M to €5.6M in Q4 YoY (347% growth), with path to ~€8.75M in Q2 2026 based on guidance
Risk Factors
- Operating losses widened to €83.5M in 2025 from €58.8M in 2024 due to commercial investments
- Gross margin declined slightly YoY (66% to 63%) due to launch-related inefficiencies
- High R&D and SG&A spending may pressure cash runway despite current €48M balance
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3259442 |
Track record builds as more directional reports settle.
Filters
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Jun 8, 2026
1d ago
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6-K
| $1.36 awaiting T+5 | awaiting T+5 | — | $1.39 (−2.21%) |
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Jun 8, 2026
1d ago
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424B5
| $1.69 awaiting T+5 | awaiting T+5 | — | $1.39 (+17.75%) |
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Jun 5, 2026
4d ago
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Press Release
| $1.59 awaiting T+5 | awaiting T+5 | — | $1.39 (+12.58%) |
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Jun 4, 2026
5d ago
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424B5
| $1.73 awaiting T+5 | awaiting T+5 | — | $1.39 (+19.65%) |
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May 20, 2026
20d ago
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Press Release
| $2.87 $2.99 | ▲ +4.18% | ▲ +2.58% | $1.39 (−51.57%) |
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May 12, 2026
28d ago
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Press Release
| $3.08 $2.81 | ▼ −8.77% | ▼ −7.61% | $1.39 (−54.87%) |
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Mar 19, 2026
11w ago
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Press Release
| $3.08 $2.82 | ▼ −8.44% | ▼ −6.29% | $1.39 (−54.87%) |
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Mar 5, 2026
13w ago
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Press Release
| $3.74 $3.14 | ▼ −16.04% | ▼ −14.51% | $1.39 (−62.83%) |
US Market Status
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