Nyxoah (NYXH) Q1 2026 earnings summary

Executive summary

• Achieved 13% sequential worldwide revenue growth in Q1 2026, with net revenue reaching €6.4 million, driven by strong U.S. commercialization and stable international performance.

• U.S. net revenue grew 25% sequentially to €4.3 million, supported by significant expansion in account activation, surgeon training, and procedure volumes.

• 62 new surgeons trained and 34 new accounts activated in the U.S., totaling 207 surgeons and 91 active accounts.

• International revenue remained stable sequentially, overcoming typical seasonal declines, with growth in Germany, the Middle East, the U.K., and the Netherlands.

• Medicare issued new C-Codes for Genio, and commercial payers maintained reimbursement under existing CPT codes.

Financial highlights

• Q1 2026 gross revenue was €6.7 million, with net revenue of €6.4 million after deferrals.

• Gross margin was 57%, down from 62% in Q1 2025 due to production yield issues, which have been resolved.

• Operating expenses rose to €24.2 million in Q1 2026; operating loss was €20.5 million, nearly flat year-over-year.

• Net loss for Q1 2026 was €15.9 million, improved from €22.4 million in Q1 2025.

• Cash and equivalents totaled €25.9 million as of March 31, 2026.

Outlook and guidance

• U.S. net revenue expected to grow 25%-30% sequentially in Q2 2026.

• Full-year 2026 worldwide net revenue guidance is €36–40 million; gross margin expected at 60%-62%.

• Total operating expenses for 2026 projected at €97–99 million; non-GAAP cash OpEx at €88–90 million.

• Sequential revenue growth expected to accelerate in H2 2026, with Q3 growth in the low 40% range and Q4 in the 50% range.