Nyxoah Announces Preliminary Results for the Fourth Quarter and Full Year 2025 and Provides Revenue Guidance for the First Quarter of 2026
Rhea-AI Summary
Nyxoah (NASDAQ: NYXH) reported preliminary unaudited results for Q4 and full-year 2025 and gave Q1 2026 revenue guidance. Q4 2025 gross revenue is ~€6.3M and net revenue ~€5.7M, up ~348% versus Q4 2024. FY2025 gross revenue is ~€11.0M and net revenue ~€10.0M, up ~122% versus FY2024. Deferred revenue related to disposable patches is ~€0.6M in Q4 and ~€1.0M for FY2025. As of Dec 31, 2025 the company trained 145 surgeons, activated 57 U.S. accounts, and held ~€47.9M in cash, cash equivalents and financial assets. Nyxoah expects U.S. net revenue Q1 2026 to grow ~25% sequentially and international revenue to follow seasonal patterns. Results are preliminary and subject to revision ahead of the 2025 Form 20-F filing.
Positive
- Q4 2025 net revenue +348% year-over-year
- FY2025 net revenue +122% year-over-year
- Cash, cash equivalents and financial assets ~€47.9M as of Dec 31, 2025
- Trained 145 surgeons and activated 57 U.S. accounts
Negative
- Deferred revenue ~€1.0M in FY2025 related to disposable patches
- Preliminary unaudited results subject to revision before Form 20-F
News Market Reaction – NYXH
On the day this news was published, NYXH declined 0.39%, reflecting a mild negative market reaction. Argus tracked a peak move of +2.1% during that session. This price movement removed approximately $856K from the company's valuation, bringing the market cap to $219M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NYXH was up 1.8% while key peers like AVR, INFU, KRMD, OSUR and STSS showed declines between about −1.5% and −4.2%, pointing to a stock-specific reaction rather than a broad medical instruments move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 29 | Conference participation | Positive | +6.3% | Announcement of J.P. Morgan Healthcare Conference presentation and webcast access. |
| Dec 19 | Convertible financing | Negative | -2.1% | Issuance of first tranche of €22.5M convertible bonds with 6.5% interest. |
| Dec 17 | Product launch | Positive | +0.0% | Commercial launch of Genio bilateral neurostimulation system in the Netherlands. |
| Dec 02 | Ownership disclosure | Neutral | -0.7% | Transparency notices on voting rights increasing to 10.14% for a key holder. |
| Nov 27 | Conference participation | Positive | +2.8% | Participation in Piper Sandler healthcare conference with management fireside chat. |
Recent news shows mixed reactions: positive conference and commercial updates often aligned with gains, while financing and ownership changes saw modest pressure. Earnings-specific history (separate tag data) shows several negative reactions despite operational progress.
Over the past months, Nyxoah advanced its Genio neuromodulation therapy strategy with multiple milestones. It scheduled a presentation at the J.P. Morgan conference (Jan 15, 2026), launched Genio commercially in the Netherlands, and secured multi-part financings including €22.5M in convertible bonds and equity raises to fund U.S. and international commercialization. Transparency notifications highlighted a shareholder moving above 10% ownership. Against this backdrop, today’s preliminary 2025 results and 2026 revenue guidance extend the story of post-FDA commercial ramp and cash runway management.
Market Pulse Summary
This announcement details a sharp scaling of Nyxoah’s business, with preliminary Q4 2025 net revenue of €5.7M and full-year €10.0M, plus guidance for U.S. net revenue to grow 25% in Q1 2026. It also updates operational traction, including 145 trained surgeons and 57 U.S. accounts. In context of prior earnings reports that showed rising revenues but significant losses and recent financings, key watchpoints include future cash usage, margin trends, and whether U.S. uptake maintains this early momentum.
Key Terms
obstructive sleep apnea medical
neuromodulation medical
form 20-f regulatory
AI-generated analysis. Not financial advice.
INSIDE INFORMATION
REGULATED INFORMATION
Nyxoah Announces Preliminary Results for the Fourth Quarter and Full Year 2025 and Provides Revenue Guidance for the First Quarter of 2026
Strong Start in First Full Quarter of U.S. Commercialization
Mont-Saint-Guibert, Belgium – January 12, 2026, 10:05 pm CET / 4:05 pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company that develops breakthrough treatment alternatives for Obstructive Sleep Apnea (OSA) through neuromodulation, today reported certain preliminary unaudited fourth quarter and full year 2025 financial and operating results.
Preliminary, Unaudited Fourth Quarter and Full Year 2025 Results
- For the fourth quarter of 2025, gross revenue is expected to be approximately
€6.3 million before the deferral of approximately€0.6 million due to disposable patches that are to be delivered over time. Net revenue is expected to be approximately€5.7 million , representing an increase of approximately348% over revenue of€1.3 million for the fourth quarter of 2024. U.S. gross revenue for the fourth quarter of 2025 is expected to be approximately€3.9m and net revenue (after deduction of deferred revenue) is expected to be approximately€3.5 million . - For the full year 2025, gross revenue is expected to be approximately
€11.0 million before the deferral of approximately€1.0 million due to disposable patches that are to be delivered over time. Net revenue is expected to be approximately€10.0 million , representing an increase of approximately122% over 2024 revenue of€4.5 million . U.S. gross revenue for the full year of 2025 is expected to be approximately€4.2m and net revenue (after deduction of deferred revenue) is expected to be approximately€3.7 million . - As of December 31, 2025, the Company has trained 145 surgeons on the Genio system and has activated 57 accounts in the U.S.
- As of December 31, 2025, cash, cash equivalents and financial assets are expected to be approximately
€47.9 million .
“Our first full quarter of U.S. commercialization post-FDA approval resulted in strong momentum,” commented Olivier Taelman, Nyxoah's Chief Executive Officer. “Our first U.S. patients are experiencing great results; we have a waiting list for additional surgeon training and patients scheduled for implants. Global revenue exceeded
Revenue Guidance for the First Quarter of 2026
- We expect U.S. net revenue for the first quarter of 2026 to grow by approximately
25% over the fourth quarter of 2025. - International revenue is expected to follow a typical seasonal pattern.
The preliminary, unaudited revenue results and cash, cash equivalents and financial assets described in this press release are estimates only and are subject to revision until Nyxoah reports its full financial results for 2025 in its Annual Report on Form 20-F.
Upcoming Investor Conference Presentation
The Company will be participating in the 44th Annual J.P. Morgan Healthcare Conference on Thursday, January 15, 2026. The Company is scheduled to present at 12:00 p.m. Pacific Time the same day via webcast. A live audio webcast of the presentation will be available online on the investor relations page of the Company’s website at investors.nyxoah.com.
About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat OSA. Nyxoah’s lead solution is the Genio system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.
Following the successful completion of the BLAST OSA study, the Genio system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study and receipt of approval from the FDA for a subset of adult patients with moderate to severe OSA with an AHI of greater than or equal to 15 and less than or equal to 65.
For more information, please visit http://www.nyxoah.com/.
Caution – CE marked since 2019. FDA approved in August 2025 as prescription-only device.
Forward-looking statements
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or management’s current expectations regarding the Genio system; the potential advantages of the Genio system; Nyxoah’s goals with respect to the potential use of the Genio system; the Company's commercialization strategy and entrance to the U.S. market; the Company's results of operations, financial condition, liquidity, performance, prospects, growth, future revenue and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025 and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward- looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.
Contacts:
Nyxoah
John Landry, CFO
IR@nyxoah.com
Rémi Renard
Head of Investor Relations & Corporate Communication
IR@nyxoah.com
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