Nyxoah S.A.
- Open
- 1.58
- Day high
- 1.58
- Day low
- 1.54
- Prev close
- 1.56
- Volume
- 29K
- Mkt cap
- $68M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.6
- P/S
- 3.6
- Yield
- —
- Per share
- —
Nyxoah S.A. (NYXH) is a Healthcare company listed on NASDAQ. The stock is down 80% over the past year.
Nyxoah S.A. (NYXH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NYXH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.54 | $-0.43 | +20.4% | $7M | +4.4% |
| Mar 19, 2026 | $-0.65 | $-0.68 | -4.6% | $7M | +23.1% |
| Nov 13, 2025 | $-0.61 | $-0.74 | -21.3% | $2M | -59.4% |
| Aug 18, 2025 | $-0.62 | $-0.63 | -1.6% | $2M | -40.7% |
| May 14, 2025 | $-0.49 | $-0.63 | -28.6% | $1M | -20.5% |
| Mar 13, 2025 | $-0.46 | $-0.49 | -6.5% | $1M | -44.6% |
| Mar 5, 2024 | $-0.41 | $-0.41 | +0.0% | $2M | +4.7% |
| May 16, 2023 | $-0.37 | $-0.49 | -32.4% | $479461 | -63.5% |
| Mar 22, 2023 | $-0.28 | $-0.52 | -85.7% | $1M | -55.7% |
| Mar 24, 2022 | $-0.27 | $-0.28 | -2.1% | $334445 | -46.1% |
| Nov 24, 2021 | $-0.23 | $-0.40 | -75.5% | $235620 | — |
| Aug 31, 2021 | $-0.19 | $-0.38 | -100.0% | $201695 | +7.9% |
Nyxoah S.A. company profile
Overview
Nyxoah S.A. (NASDAQ:NYXH) is a Belgian medical technology company founded in 2009 and headquartered in Mont-Saint-Guibert, Belgium. The company went public on NASDAQ in April 2021, focusing on developing innovative solutions for sleep-disordered breathing conditions. Nyxoah has established itself as a challenger in the hypoglossal nerve stimulation market, primarily competing against established players like Inspire Medical Systems. The company has achieved commercial success in Europe, particularly Germany, and is preparing for its U.S. market launch following anticipated FDA approval in early 2025.
Business
Nyxoah operates in the medical device industry, specifically targeting obstructive sleep apnea (OSA) treatment through hypoglossal nerve stimulation therapy. OSA is a serious sleep disorder where breathing repeatedly stops and starts during sleep due to throat muscles relaxing and blocking the airway. Traditional treatments include continuous positive airway pressure (CPAP) machines, which many patients find uncomfortable and difficult to tolerate long-term. The company's core product is the Genio system, a CE-marked hypoglossal neurostimulation therapy device designed to treat moderate to severe obstructive sleep apnea. Unlike traditional CPAP therapy that uses air pressure to keep airways open, the Genio system works by delivering mild electrical stimulation to the hypoglossal nerve, which controls tongue movement. This stimulation causes the tongue to move forward during sleep, preventing airway collapse and maintaining open breathing passages. The Genio system consists of an implantable neurostimulator placed under the skin in the upper chest area and connected to a stimulation lead positioned near the hypoglossal nerve under the tongue. What distinguishes Genio from competitors is its external wearable component that allows patients to control therapy activation and provides bilateral stimulation capabilities. The system is also MRI-compatible and features a unique single-incision surgical approach, making it less invasive than competing devices. Nyxoah generates virtually all of its revenue from the Genio system, with European sales representing the primary revenue source. The company achieved €5.1 million in revenue for 2024, with approximately 90% coming from the German market where it has established 55 active implanting accounts and achieved over 30% market share in top-performing centers.
Revenue model
Nyxoah operates on a traditional medical device business model, generating revenue primarily through product sales of its Genio system to hospitals and surgical centers. The company sells complete system packages to healthcare institutions, which then implant the devices in qualified OSA patients. The average selling price is approximately €20,300 per system, reflecting the premium pricing typical of implantable medical devices. The company's paying customers are hospitals, ambulatory surgery centers, and specialized sleep disorder clinics that perform hypoglossal nerve stimulation procedures. These healthcare institutions purchase the Genio systems and bill insurance providers or patients directly for the procedures. Nyxoah also generates some revenue from disposable patches and accessories, which created €600,000 in deferred revenue during Q4 2024. Several factors influence Nyxoah's margins and profitability potential. Positive margin drivers include the premium pricing of specialized medical devices, economies of scale as production volumes increase, and the recurring nature of replacement components. The company benefits from limited direct competition in many markets and the growing awareness of OSA treatment alternatives to CPAP therapy. Additionally, partnerships with companies like ResMed help expand the patient funnel by identifying CPAP-intolerant patients who might benefit from surgical intervention. Margin pressures come from high research and development costs required for clinical trials and regulatory approvals, significant sales and marketing expenses needed to educate physicians and patients about the technology, and manufacturing scale-up costs. The company faces reimbursement challenges, particularly in new markets where payer coverage policies may not be well-established. Competition from Inspire Medical Systems, which has first-mover advantage and established reimbursement relationships, also creates pricing pressure. Regulatory compliance costs and the need for ongoing clinical studies to support market access further impact margins.
Competitive moat
Nyxoah's competitive moat is moderate but growing, built primarily on technological differentiation and regulatory barriers rather than dominant market position. The company's strongest moat elements include its unique bilateral stimulation technology, which provides efficacy in both supine and non-supine sleeping positions - a clinical advantage that competitors cannot easily replicate without significant R&D investment and new clinical trials. The single-incision surgical approach and MRI compatibility offer additional differentiation that creates physician and patient preference. The regulatory approval process creates meaningful barriers to entry, as demonstrated by Nyxoah's multi-year FDA approval journey requiring extensive clinical trials and substantial financial investment. Once approved, the company benefits from the switching costs associated with physician training and patient outcomes data, as doctors become comfortable with specific technologies and are reluctant to change systems. However, Nyxoah's moat faces significant challenges. Inspire Medical Systems maintains a strong competitive position with first-mover advantage, established reimbursement relationships, and a larger commercial infrastructure. The hypoglossal nerve stimulation market, while growing, remains relatively small and could accommodate multiple competitors without creating a winner-take-all dynamic. Potential disruption could come from several sources: new entrants with superior technology, non-invasive alternatives that achieve similar efficacy, or pharmaceutical solutions like GLP-1 drugs that address underlying causes of sleep apnea. The emergence of digital therapeutics and improved CPAP technologies could also limit market expansion. Additionally, the company's dependence on a single product creates vulnerability if clinical or safety issues arise, or if reimbursement policies change unfavorably.
Risks & safety
Nyxoah presents a moderate margin of safety with strong liquidity but ongoing cash burn concerns. **Cash and Solvency:** - Cash position of €37.1 million as of Q4 2024, providing runway into mid-2026 - Monthly cash burn of approximately €4-5 million quarterly - Strong current ratio of 4.56x indicating solid short-term liquidity - Low debt-to-equity ratio of 0.20x minimizing financial leverage risk - Free cash flow of -€60 million annually reflects pre-revenue stage operations **Valuation Metrics:** - Trading at 2.5x book value, reasonable for a growth-stage medical device company - Negative earnings metrics due to pre-profitability stage - Enterprise value reflects significant discount to potential given FDA approval proximity **Other Considerations:** - FDA approval expected by March 2025 represents major binary catalyst - Revenue trajectory shows 18% growth in 2024, demonstrating commercial traction - U.S. market opportunity could be 10x larger than current European operations - Clinical data supports strong efficacy profile reducing regulatory risk
Recent development
Over the past few years, Nyxoah has executed several strategic pivots and developments positioning the company for its critical U.S. market entry. The most significant achievement was completing the DREAM pivotal study, which demonstrated strong clinical efficacy with a 63.5% AHI responder rate and 71.3% ODI responder rate, providing the clinical foundation for FDA approval expected by March 2025. The company has undergone substantial commercial preparation for U.S. launch, hiring key leadership including Chief Commercial Officer Scott Holstine and building a 50-person commercial team ready to deploy upon FDA approval. Nyxoah developed a focused go-to-market strategy targeting 300-350 high-volume hypoglossal nerve stimulation accounts, representing approximately 85% of U.S. procedure volumes. The company has already trained over 75 physicians through clinical studies, providing a foundation for rapid market penetration. Product development has continued with the launch of Genio 2.1 featuring improved stimulation adjustability, and preparation of Genio 3.1 for the U.S. market launch. The company established manufacturing capabilities in both the U.S. and Europe to support global expansion and supply chain resilience. Internationally, Nyxoah has expanded beyond Germany into the United Kingdom and United Arab Emirates, while strengthening its German market position to over 30% market share in top accounts. Strategic partnerships, particularly with ResMed, have been developed to identify and convert CPAP-intolerant patients to surgical therapy options. The company has also initiated the ACCESS study targeting patients with complete concentric collapse, potentially expanding the addressable patient population.
NYXH company profile · for informational purposes only — not investment advice.
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