Shares of Nyxoah jumped 7.6% to $1.41 as investors continued to digest second-quarter results showing the Belgian medtech company's implantable nerve-stimulation device for obstructive sleep apnea is finding a foothold in the American market. The question now: whether early commercial momentum can justify a company still burning far more cash than it earns.
Revenue Nearly Sextupled Year-Over-Year, But the Base Is Tiny
Net revenue in Q2 hit €7.7 million, up from just €1.3 million a year earlier.
U.S. net revenue was €5.2 million, reflecting 22% sequential growth — impressive on paper, but still a fraction of the €36 million–€40 million full-year target. First-half revenue totaled €14.0 million versus €2.4 million in the prior-year period. That means the company must roughly triple its first-half pace to hit the top end of guidance, a steep climb that depends on accelerating surgeon adoption and insurance approvals through year-end.
The Doctor Pipeline Is Building — And So Is the Reimbursement Tailwind
Nyxoah trained 55 new surgeons in Q2, reaching 262 total, and activated 89 new accounts, bringing active high-volume sites to 180.
Some 427 patients were submitted under prior authorization entering Q3, which may support near-term implant activity. Meanwhile, U.S. regulators proposed raising hospital reimbursement for the procedure by 12% to $35,414 and outpatient-center reimbursement by 15% to $31,722 — increases that, if finalized, could make the economics more attractive for providers.
$110 Million Buys Runway, But Dilution Came With It
The $110 million financing combined a $95 million equity raise with a $15 million European Investment Bank loan.
Cash stood at roughly €97.8 million as of June 30.
The company expects full-year operating expenses of €88 million–€90 million , meaning it has barely a year of runway at current burn rates — and the equity portion of the raise diluted existing shareholders.
Analyst Targets Suggest Upside, But the Market Is Skeptical
The average analyst price target sits at $5.35, implying over 300% upside from current levels , yet the stock trades near all-time lows. Full-year revenue estimates have climbed from $30.8 million to $37.4 million over the past 90 days , a sign Wall Street is gaining confidence. But with losses still expected around -$1.18 per share this year, Nyxoah remains a show-me story where every quarter of U.S. implant growth will be scrutinized as a make-or-break signal.