Nyxoah Reports €9.2 Million in Revenue and Cuts 2026 Forecast to €33–35 Million
Key Facts
Nyxoah said net revenue was €9.2 million in the third quarter of 2026, compared with €2.0 million in the same period a year earlier, while the operating loss was €21.9 million, against €24.4 million. In its results statement, the company said global revenue increased 19% quarter over quarter, with U.S. revenue rising 29% to €6.7 million. The results show commercial activity expanding in the United States alongside continued losses, although they narrowed compared with the third quarter of 2025. The company also reported a net loss of €17.8 million, down from €23.6 million in the corresponding period. Nyxoah maintained its full-year forecast for global revenue of €33 million to €35 million and a gross margin of 60% to 62%.
The results followed the company’s October 19 cut to its full-year revenue forecast to €33–35 million from €36–40 million. In the results statement, the chief executive said U.S. revenue growth was 29% quarter over quarter in the third quarter, accelerating from 22% in the second quarter. He added that the company expects U.S. sales growth to improve in the fourth quarter compared with the third. This places the acceleration in quarterly performance within an annual forecast below the previous range, while the company must deliver revenue within the revised forecast. Nyxoah attributed the increase in revenue from a year earlier to continued expansion of U.S. commercial marketing after the U.S. Food and Drug Administration approved the device in August 2025, and to growth in international markets.
Gross profit was €5.8 million in the third quarter, with a margin of 63.1%, compared with 60.5% in the third quarter of 2025. The company attributed the margin improvement to operating leverage on manufacturing costs as volumes increased. It said higher gross profit, together with lower research and development expenses as focus shifted to commercial execution, contributed to the operating loss narrowing to €21.9 million from €24.4 million a year earlier. Revenue growth and an improved gross margin thus coincided with a continued large operating loss. The net loss was €17.8 million for the quarter, compared with €23.6 million in the same quarter of 2025.
Commercial expansion indicators included training 80 new surgeons during the third quarter, bringing the total number of trained surgeons to 342. The company also activated 53 new accounts, bringing the number of active Genio accounts to 233. A total of 447 patients were in the pre-authorization process as the fourth quarter began. The company links revenue growth to the expansion of U.S. commercial activity and growth in international markets, while the numbers of surgeons and active accounts reflect a broader commercial user base for the device. These indicators provide context for the increase in quarterly U.S. revenue, which reached €6.7 million in the third quarter.
On clinical development, Nyxoah said the pivotal ACCCESS study met its primary efficacy and safety endpoints in patients with complete concentric collapse. The response rate on the apnea-hypopnea index was 77.2% after 12 months, and the study recorded no serious device- or procedure-related events. The company submitted a supplement to the U.S. Food and Drug Administration to expand the Genio indication in the United States to include this patient group. The indication expansion remains tied to the submitted application, as the results do not announce that approval has been granted. The clinical and regulatory development is another part of the company’s progress alongside its commercial expansion.
Cash, cash equivalents and financial assets totaled €77.1 million on September 30, 2026, compared with €97.8 million on June 30. On medical coverage, the company said that reimbursement by U.S. Centers for Medicare & Medicaid Services for 2027 represents a development relevant to commercial expansion, but it did not provide a reimbursement amount or further details of the terms in the available facts. Nyxoah’s 2026 forecast remains global revenue of €33 million to €35 million and a gross margin of 60% to 62%, while the company expects U.S. sales growth to improve in the fourth quarter compared with the third.