Nyxoah recorded a net revenue of 6.4 million euros in the first quarter of 2026, a 13% increase sequentially compared to the previous quarter, driven by the expansion of the Genio system in the United States since FDA approval in August 2025. In the U.S. market alone, quarterly growth reached 25%. However, this increase in revenue did not reduce the operating loss, remaining at 20.5 million euros, almost identical to Q1 2025, revealing the extent of commercial and operational expenses incurred to support the launch.
Published on 13/05/2026 at 09:37
A revenue growth driven by American commercial expansion
Nyxoah generated a net revenue of 6.4 million euros in the first quarter of 2026 (6.7 million gross), compared to 1.1 million euros in Q1 2025. The sequential growth stands at 13% compared to the fourth quarter of 2025, with a significant acceleration in the American market: U.S. net revenue reached 4.3 million euros (4.5 million gross), representing a 25% increase from Q4 2025.
Operationally, Nyxoah trained 62 new surgeons during the quarter, bringing the total to 207, and activated 34 new accounts, totaling 91 high-volume accounts. The reimbursement environment has been clarified: Medicare has issued new specific codes for Genio and specified payment terms to facilities and physicians. Private payers continue to reimburse through existing CPT codes, with a 100% approval rate for completed prior authorization requests.
Gross margin under pressure despite increased volumes
The gross profit amounts to 3.6 million euros with a gross margin of 57%, down by 5 percentage points compared to Q1 2025 (62%). This decline is attributed to an increase in the cost of goods sold to 2.7 million euros (0.4 million in Q1 2025), reflecting higher volumes linked to commercialization in the U.S. Nyxoah notes that this decrease in gross margin results from production yield issues that were resolved during the quarter.
Research and development expenses decreased to 8.8 million euros (from 9.0 million in Q1 2025), in line with reduced investments in the DREAM and ACCESS clinical studies. Conversely, sales, general, and administrative expenses increased by 24% to 15.4 million euros (from 12.4 million in Q1 2025), mainly due to the continued development of the commercial organization in the U.S., including sales, marketing, and market access functions.
Strengthened cash position and expected growth prospects for Q2
As of March 31, 2026, cash, cash equivalents, and financial assets amounted to 25.9 million euros. Nyxoah plans to draw 13.8 million euros from the second tranche of the European Investment Bank loan in the second quarter of 2026, thus strengthening its financing capacity. For Q2 2026, the company anticipates a sequential growth in U.S. net revenue of approximately 25 to 30%. For the full year 2026, a global net revenue of 36 to 40 million euros is targeted, with a projected gross margin between 60% and 62% and total operating expenses ranging between 97 and 99 million euros.
