Nyxoah cuts revenue outlook to 33–35 million euros despite sales growth
Key Facts
Nyxoah cut its 2026 global revenue forecast to a range of 33 to 35 million euros, according to its statement issued on October 19, while announcing growth in preliminary quarterly sales. In its July announcement, the company had set a higher annual revenue range of 36 to 40 million euros. It now expects preliminary unaudited global revenue of about 9.2 million euros in the third quarter. The update thus combines a lower annual target with continued growth in global sales from the previous quarter, as the company works to expand the presence of its Genio system in the United States. The announcement comes ahead of the release of full financial results for the period, with the reported quarterly figures remaining preliminary estimates subject to revision.
Detailing its quarterly performance, Nyxoah said in its filing with the U.S. Securities and Exchange Commission that preliminary global revenue grew 19% from the previous quarter. Global revenue had totaled 7.7 million euros in the second quarter, according to the financial results reported for that period. In the U.S. market, the company expects preliminary third-quarter revenue of about 6.7 million euros as its commercial expansion there continues. U.S. sales represent quarterly growth of 29%, according to the statement, outpacing the growth rate recorded in global revenue. The comparison puts the U.S. market at the forefront of the company's business growth during the period, both in terms of reported sales volume and the pace of growth from the previous quarter.
The chief executive linked the pace of U.S. sales to physicians and centers gaining experience in using the Genio system, according to the company's statement, as it builds its commercial operations in that market. The focus on this effort dates back to the July announcement, when Nyxoah presented accelerating its U.S. expansion as a business objective. Olivier Taelman, the chief executive at the time, said in that announcement: "We are positioned to accelerate Genio's commercial expansion in the United States and advance toward profitability." His remarks thus combined expanding the system's commercial reach with efforts to improve the company's financial performance. That stated objective places the latest U.S. sales growth within the expansion strategy management had outlined, alongside its pursuit of profitability.
First-half results had shown an increase in Nyxoah's revenue from the same period a year earlier, according to the second-quarter earnings announcement filed with the U.S. regulator. Global revenue totaled about 14.0 million euros in the first half of 2026. By comparison, the company recorded revenue of 2.4 million euros in the first half of 2025, according to its financial announcement. On the operating side, the operating loss totaled 20.6 million euros in the second quarter of the current year, as investment in U.S. expansion continued. The loss came during the period in which the company was building its commercial operations there, placing the sales increase in the context of continued spending on business expansion.
On liquidity, Nyxoah estimated combined cash, cash equivalents and financial assets at about 77.0 million euros at the end of September 2026, according to the preliminary third-quarter update. The reported value of those balances had been 97.8 million euros at the end of June, according to the second-quarter results. The company thus entered the following period with lower balances than at the close of the previous quarter, alongside continued growth in its commercial operations. The decline comes at a stage when Nyxoah is combining expansion in U.S. sales with its stated pursuit of progress toward profitability. The balances reported by the company include cash, cash equivalents and financial assets, while the end-September estimate remains part of its preliminary unaudited financial update.
Looking ahead, Nyxoah said it entered the fourth quarter of 2026 with 447 patients in the insurance prior authorization process. These patients represent potential demand tied to completion of those procedures before it translates into realized sales for the company. Monitoring this process comes as work continues to expand U.S. commercial operations for the Genio system, the objective management outlined in its July announcement. As for the next financial milestone, the company listed November 5, 2026, on its official investor page as the date for announcing third-quarter results. That will be the publication date for the full financial results for the period covered by the preliminary update, with current estimates subject to revision until the announcement.