Nyxoah Sa ((BE:NYXH)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Nyxoah’s recent earnings call for the third quarter of 2025 painted a picture of optimism amidst challenges. The company celebrated strong U.S. launch results, increased surgeon and payer adoption, and significant revenue growth. However, these positive developments were tempered by increased operating losses, a reduced cash position, and a decline in gross margin. Despite these hurdles, the overall sentiment remains optimistic, bolstered by strategic financial positioning and market enthusiasm.
Positive U.S. Launch of Genio
Nyxoah’s Genio device, following FDA approval, has seen a successful launch in the U.S. market. The device generated USD 231,000 in revenue during the third quarter, with 15 implants completed across nine accounts by the end of October. This marks a significant milestone for Nyxoah as it establishes its presence in the U.S. medical device market.
Surgeon and Payer Adoption
The company reported substantial progress in surgeon and payer adoption, with 111 surgeons trained and 102 value analysis committee submissions completed. Nyxoah has also secured reimbursement agreements with Medicare and 10 private payers, including major players like UnitedHealthcare, Blue Cross Blue Shield, and Cigna, which is crucial for the device’s market penetration.
Significant Revenue Growth
Nyxoah achieved a remarkable 56% increase in revenue, reporting EUR 2 million in Q3 2025 compared to EUR 1.3 million in Q3 2024. This growth underscores the company’s successful expansion efforts and market acceptance of its Genio device.
Strategic Financial Positioning
To support its growth ambitions, Nyxoah has secured up to $77 million in funding, including a $25 million private equity placement and a $52 million convertible bond. This strategic financial positioning ensures the company has a capital runway into the first quarter of 2027, providing stability and resources for continued expansion.
Increased Operating Loss
Despite the revenue growth, Nyxoah’s total operating loss widened to EUR 24.4 million in Q3 2025 from EUR 15 million in Q3 2024. This increase is attributed to the heightened commercial investments necessary for the U.S. launch, reflecting the costs of scaling operations.
Reduced Cash Position
The company’s cash position decreased significantly to EUR 22.5 million at the end of September 2025 from EUR 43 million at the end of June 2025. This reduction highlights the financial strain of the U.S. rollout, although the recent funding efforts aim to mitigate this challenge.
Lower Gross Margin
Nyxoah experienced a decline in gross margin to 60.5% in Q3 2025 from 62% in Q3 2024. The costs associated with the U.S. rollout have impacted profitability, although the company remains focused on improving operational efficiencies.
Forward-Looking Guidance
Looking ahead, Nyxoah provided detailed guidance reflecting their successful U.S. launch of the Genio system. The company aims to expand its U.S. commercial organization, targeting 400 high-volume hypoglossal nerve sites. They expect global revenue between EUR 3.4 million and EUR 3.6 million in Q4 2025, indicating continued growth and market penetration.
In conclusion, Nyxoah’s third-quarter earnings call highlighted a mix of achievements and challenges. The company is optimistic about its strategic financial positioning and market enthusiasm, despite facing increased operating losses and a reduced cash position. With a successful U.S. launch and strong surgeon and payer adoption, Nyxoah is poised for future growth, making it a company to watch in the medical device sector.