NYXH: Lot of Work Still Ahead but Overall, this Update Causes Us No Gasps (1Q26 Review)

研报英文原文证据摘录

NYXH: Lot of Work Still Ahead but Overall, this Update Causes Us No Gasps (1Q26 Review)

Medical Supplies & Devices

Medical Supplies & Devices - Market Weight

NYXOAH SA (NYXH) May 13, 2026

NYXH: Lot of Work Still Ahead but Overall, this Update Rating:

Causes Us No Gasps (1Q26 Review) Peer Perform

Price:

$3.07

The Wolfe Byte Price Target:

Revenue rounds up slightly. Guidance implies back-half improvement in both NA

revenue $ growth and margin. Nothing out of line – launch proceeding as planned, View NYXH Model

View Comp Tablestill ramping centers/territories with focus on getting share of wallet with high

volume implanters. Company Information

52-Week Range $3 - $8

Market Cap. (M) $134

1Q26 Review: €6.4M net revenue up €5.3M YY, €0.3M better than Street. Net Enterprise Value (MM) $113

revenue excludes €0.3M deferred disposable patch revenue delivered over time. US Shares Out. (MM) 43.7

Avg. Value Traded (MM) $0.10

net revenue was €4.3M, or ~25% sequential growth. Cash and equivalents at end of SI% of Float 1.4%

quarter were €25.9M.

2026 guide implies back-half improvements in 1) gross margin and 2) revenue 9

$ growth. 1) GM in quarter 57%, down 700bps sequentially from production yield 7

issues. 2026 guide of 61% at midpoint implies ~500bp step up to ~62% for remainder 6

of year. NYXH says production yield issues resolved for year and points to additional 5

GM improvement in 2027 with the launch of next-gen Genio 2.2. 2) Revenue growth 43

sequentially guided 25%-30% in 2Q, ‘low 40%’ in 3Q, and ‘pushing 50%’ in 4Q. 2

Implies material step up in $ growth in the back half. Why? Continued territory Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26