Solid Q1; U.S. Momentum Building As Evidenced By FY26 Guide; Reiterate OW

研报英文原文证据摘录

Solid Q1; U.S. Momentum Building As Evidenced By FY26 Guide; Reiterate OW

26 Revenue Guidance Introduced And Above Street. NYXH guided to FY 2026 FY27E EPS €(1.18) €(1.07)

net revenue of €36-40M, which is nicely ahead of the Street (€32.2M) and our model

52-Week High / Low US$8.64 / US$2.76

(€30.4M) pre-call. Management guided to FY26 GM of 60-62% vs. our 66.7% prior Shares Out (mil) 37.6

forecast and op ex of €97-99M vs. our €99.4M pre-call estimate. For Q2, NYXH guided Market Cap. (mil) US$115.4

to U.S. net revenue growth of +25-30% q/q, in-line with pre-call consensus/our model. Avg Daily Vol (000) 43

Div Yield 0.00%

• Key Takeaways from the Call. (1) Leading indicators for U.S. launch are positive, Fiscal Year End Dec

including 34 new account adds in Q1 which brings the total to 91 active high-volume

Price Performance - 1 Year

accounts. Additionally, the patient funnel continues to develop nicely with NYXH entering

Q2 with 241 patients submitted for prior auth and still pending. (2) Management views USD

the current reimbursement landscape in the U.S. as stable and de-risked for CY26. 9

From our vantagepoint, we still wonder if there is some lingering confusion amongst the 8

physician community regarding HGNS coding more broadly, but we give NYXH credit 7

that it is executing and growing through any such noise. (3) NYXH showed good op ex 6

control in Q1 with op ex down y/y. Management aims to take a disciplined approach 5

going forward and achieve breakeven at-or-below revenue of €150M. 4

• Reiterate OW / PT To $7.00. We are lowering our PT to $7.00 (from $9.00) as we apply 2

a lower valuation multiple to our FY27 revenue forecast due to valuation compression May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

in the medtech category.