Nyxoah S.A.

For Q1 2026, gross revenue was EUR 6.7 million before EUR 300,000 in deferrals tied to disposable patches, resulting in net revenue of approximately EUR 6.4 million. U.S. net revenue was EUR 4.3 million, up approximately 25% sequentially from EUR 3.4 million in Q4 2025; worldwide net revenue was up 13% sequentially. Gross margin was 57% versus 62% in Q1 2025, and operating expenses were EUR 24.2 million versus EUR 21.4 million a year ago. Non-GAAP cash operating expenses were EUR 21.7 million versus EUR 19.5 million a year ago, and cash and cash equivalents plus financial assets totaled EUR 25.9 million as of March 31, 2026. The company expects to draw about EUR 13.8 million from the second tranche of its EIB loan in Q2 2026. Guidance calls for Q2 2026 U.S. net revenue growth of approximately 25% to 30% sequentially, full-year 2026 worldwide net revenue of EUR 36 million to EUR 40 million, gross margin of 60% to 62%, total operating expenses of EUR 97 million to EUR 99 million, and total non-GAAP cash operating expenses of EUR 88 million to EUR 90 million.

Olivier Taelman emphasized that Q1 was the company’s second full quarter of U.S. commercialization and said the launch is tracking well across surgeon training, account activation, prior-authorization submissions, and procedure volumes. He highlighted that the company added 15 sales reps, now has 40 fully operational sales reps, and is covering 200 high-volume accounts by Q2. His tone was confident that reimbursement is “fully clear” for 2026 and 2027, and that the launch strategy focused on high-volume centers plus sleep-physician partnerships is working.

John Landry said the quarter’s gross margin weakness was due to production yield issues that have been addressed, and he expects margins to improve in Q2 and the rest of 2026, with a slight Q2 lag from Q1-built units flowing through inventory. He cited EUR 21.7 million in non-GAAP cash operating expenses in Q1, down EUR 300,000 sequentially, and EUR 25.9 million of cash and financial assets at quarter-end, plus an expected EUR 13.8 million EIB draw in Q2. He framed spending as disciplined, with full-year non-GAAP cash operating expenses guided to EUR 88 million to EUR 90 million and operating expenses to EUR 97 million to EUR 99 million, while still investing in U.S. commercialization and Genio 2.2.

Analysts focused on whether the full-year revenue guide implies a second-half ramp and how confident management is given reimbursement uncertainty. Management said the ramp should accelerate as more sales reps become productive, more surgeons move through the learning curve, and more accounts and patients convert; Landry specifically described sequential growth stepping from Q2’s 25% to 30% to low-40%s in Q3 and roughly 50% in Q4. On reimbursement, Taelman said 2026 is “crystal clear” given CMS C-codes, 100% prior-auth approvals under WISeR, and commercial coverage under CPT 64568 and 64582, while acknowledging longer-term coding discussions for 2027-2028.