Nyxoah SA (NYXH) Stock Forecast & Price Target

Nyxoah is building a credible growth story around Genio, with Q2 net revenue of €7.7M in line with expectations and 1Q net revenue of €6.4M above both company and Street estimates, while U.S. net revenue grew +25% q/q and active U.S. accounts rose to 180 from 91. The launch appears to be gaining traction despite a difficult reimbursement backdrop, supported by a doubling of high-volume accounts in Q2, 241 prior auths entering Q2, and FDA-related progress through PMA supplement approval for Genio 2.1. Management’s FY26 revenue guidance of €36-40M, alongside a path toward a new category I CPT code targeted for the February 2027 AMA meeting and effective on 1/1/29, suggests a strengthening commercial base and long-term reimbursement upside.

Nyxoah is facing a weaker fundamental setup despite 1Q revenues rising to €6.4M, because gross margin of 57.1% missed the 65.0% model and operating expense spend of €24.1M ran above expectations. The company’s valuation case is also under pressure, as a lower multiple is being applied to FY27 revenue forecasts due to valuation compression in the medtech category, cutting the EV/revenue multiple to about 3x from roughly 6x. Even with top-line growth of +499% y/y and +13% q/q, the combination of margin underperformance, elevated spending, and multiple compression supports a negative outlook.