Q2 2026 Nyxoah SA Earnings Call Transcript

Aug 5, 2026 / 08:30 PM GMT

Transcript

Key Points

Positve

Nyxoah SA (NYXH) delivered a second consecutive quarter of more than 20% sequential US revenue growth, with US net revenue reaching EUR5.2 million, up 22% from Q1 2026.
The company significantly strengthened its balance sheet by securing $110 million in financing during the quarter, removing the near-term financial overhang and providing capital to accelerate its US commercialization ramp.
Nyxoah SA (NYXH) saw strong commercial execution in the US, doubling its active account base to 180 and training 55 new surgeons, bringing the total to 262 trained surgeons.
The company reported a 77% increase in patients actively under prior authorization, reaching 427 entering Q3, a key leading indicator for continued launch momentum.
CMS proposed meaningful reimbursement increases for the Genio procedure, including a 12% increase for hospital outpatient payments and a 15% increase for ambulatory surgical centers for 2027.
International revenue grew 19% sequentially, with the company nearly doubling its first-half 2026 international revenue compared to the first half of 2025, and achieving break-even in Germany.

Negative

Nyxoah SA (NYXH) continues to incur significant operating losses, with a total operating loss of EUR20.6 million in Q2 2026, remaining relatively flat year-over-year.
SG&A expenses increased substantially to EUR15.6 million in Q2 2026, up from EUR10.7 million in Q2 2025, driven by the continued buildout of the US commercial organization.
The company recorded a one-time non-cash share-based compensation charge of approximately EUR900,000 in Q2 2026 due to the repricing of employee equity incentive awards.
Nyxoah SA (NYXH) chose not to submit Genio for a dedicated Category 1 CPT code for the September CPT editorial panel meeting, instead supporting a comprehensive AGNS coding approach, which may delay potential coding clarity.
The company's gross margin, while improved to 60% in Q2, remains well below its long-term target of above 80%, indicating ongoing production and scaling challenges.
The company expects a significant step-up in operating expenses in the second half of 2026, particularly in Q4, as it expands its US sales force from 40 to 55 territories.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NYXH.BR - Nyxoah SA
Q2 2026 Nyxoah SA Earnings Call
Aug 05, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to Nexal's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised.

Today's conference is being recorded. I will now hand the conference over to you's first speaker today, Christian Tennis, Investor Relations Associates. Please go ahead.

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Unidentified_2 [2]
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