Nyxoah Posts 347% Revenue Surge in First Full U.S. Commercial Quarter
Event summary
- Fourth-quarter 2025 net revenue hit €5.6M, up 347% YoY, driven by U.S. commercial launch
- Full-year 2025 net revenue reached €10.0M, up 122% YoY from €4.5M in 2024
- 145 surgeons trained and 57 U.S. accounts activated since August 2025 launch
- Gross margin held at 64% despite operational ramp-up costs
- Cash position of €48.0M at year-end 2025
The big picture
Nyxoah's strong Q4 2025 results mark a pivotal moment in its U.S. expansion, following FDA approval of its Genio system. The company's ability to secure consistent reimbursement from Medicare and commercial payors positions it favorably against competitors in the sleep apnea treatment market. With €48M in cash reserves, Nyxoah appears well-capitalized to support its aggressive growth strategy, though maintaining profitability during this scaling phase will be critical.
What we're watching
- Revenue Trajectory
- Whether Nyxoah can sustain 25% quarterly growth in U.S. revenue as projected
- Operational Efficiency
- How the company will manage gross margin compression during scaling
- Market Penetration
- The pace at which Nyxoah expands beyond high-volume implant centers
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