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.
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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
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
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3259442 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 6-K | $0.8950 $0.8220 | ▲ +8.16% | ▲ +6.98% | $0.9299 (−3.90%) |
Oct 19, 2026 8d ago | Press Release | $0.9540 $0.9400 | ▲ +1.47% | ▲ +1.80% | $0.9299 (+2.53%) |
Sep 22, 2026 4w ago | 6-K | $1.33 $1.27 | ▼ −4.51% | ▼ −4.43% | $0.9299 (−30.08%) |
Jun 23, 2026 17w ago | 6-K | $1.62 $1.63 | ▼ −0.62% | ▼ −0.47% | $0.9299 (+42.60%) |
Jun 11, 2026 19w ago | 6-K | $1.39 $1.55 | ▼ −11.51% | ▼ −9.75% | $0.9299 (+33.10%) |
Jun 8, 2026 20w ago | 6-K | $1.34 $1.31 | ▲ +2.24% | ▲ +0.66% | $0.9299 (+30.60%) |
Jun 8, 2026 20w ago | 424B5 | $1.39 $1.34 | ▲ +3.60% | ▲ +3.30% | $0.9299 (+33.10%) |
Jun 5, 2026 20w ago | Press Release | $1.45 $1.39 | ▲ +4.14% | ▲ +4.36% | $0.9299 (+35.87%) |
Jun 4, 2026 20w ago | 424B5 | $1.45 $1.39 | ▲ +4.14% | ▲ +4.36% | $0.9299 (+35.87%) |
May 20, 2026 22w ago | Press Release | $2.87 $2.87 | · 0.00% | ▼ −0.45% | $0.9299 (−67.60%) |
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