NYXH: U.S. Launch Execution Will Drive Constructive Long Term Upside

Analysts have lowered their price target on Nyxoah from approximately $18.60 to $13.00, citing a modestly higher discount rate, more conservative growth assumptions despite a stronger projected profit margin, and early but measured progress in the U.S. Genio launch that supports a reduced yet still constructive long term valuation multiple.

Analyst Commentary

Bullish analysts continue to frame the recent price target reductions as a recalibration rather than a reversal, emphasizing that the long term thesis around Nyxoah's U.S. opportunity and expanding commercial footprint remains intact. While near term targets have been trimmed, the prevailing view is that execution on the Genio launch and reimbursement access can still drive attractive upside from current levels.

Bullish analysts highlight that the company is delivering in line with expectations on revenue and procedure volume, reinforcing confidence that Nyxoah can scale meaningfully as the U.S. rollout gains traction and European momentum continues. They see the combination of consistent quarterly performance and a growing base of implants and approvals as a foundation for sustained growth.

At the same time, the updated valuation frameworks increasingly reflect a more balanced risk reward profile, with lower targets but still constructive ratings. This suggests that while assumptions for adoption ramp and discount rates have become more conservative, the core narrative around differentiated technology and durable demand in obstructive sleep apnea remains supportive of a premium multiple compared with smaller med tech peers.

Bullish Takeaways

• Bullish analysts point to in line Q3 revenue of EUR 2.0M as evidence that Nyxoah is executing to plan, reinforcing confidence in management guidance and supporting the rationale for maintaining positive ratings despite lower targets.
• The early U.S. Genio launch metrics, including 15 implants and 35 VAC approvals through the end of October, are viewed as encouraging proof points that the company can navigate complex reimbursement pathways and build a scalable commercial engine.
• Q4 revenue guidance of EUR 3.4M to EUR 3.6M is seen as appropriately calibrated and achievable, creating potential for upside surprise if procedural momentum and payer approvals accelerate as the U.S. commercial infrastructure matures.
• By adjusting price targets while keeping constructive views on the stock, bullish analysts signal that Nyxoah's long term growth algorithm, driven by U.S. penetration and international expansion, still warrants a supportive valuation relative to current trading levels.

What's in the News

• Nyxoah SA filed a follow on registered direct equity offering of 1,215,964 ordinary shares, targeting gross proceeds of approximately 5.63 million dollars at a price of 4.63 dollars per share (Key Developments).
• The company issued new earnings guidance for the fourth quarter of 2025, forecasting global revenue between 3.4 million euros and 3.6 million euros (Key Developments).
• Nyxoah entered into a private placement agreement to sell 4,250,000 ordinary shares at 4.00 euros per share for gross proceeds of about 17 million euros and to issue senior unsecured convertible notes with an aggregate principal amount of 45 million euros, bearing 6.5 percent interest and maturing in tranches three years after issuance (Key Developments).
• Nyxoah expanded its commercial footprint in the Middle East by partnering with leading centers in Dubai, Kuwait, and Abu Dhabi following the first successful Genio implant in Abu Dhabi in September 2025 to broaden access to its leadless hypoglossal nerve stimulation system for obstructive sleep apnea (Key Developments).

Valuation Changes

• The fair value estimate has fallen significantly from 18.60 dollars to 13.00 dollars per share, reflecting a more cautious assessment of Nyxoah's upside.
• The discount rate has risen slightly from 6.93 percent to 7.23 percent, indicating a modest increase in perceived risk or required return.
• Revenue growth assumptions have been trimmed marginally from approximately 179.7 percent to 177.8 percent, signaling a slightly more conservative outlook on top line expansion.
• The net profit margin forecast has improved from about 4.67 percent to 5.39 percent, incorporating expectations for stronger operating leverage and profitability.
• The future P/E multiple has declined materially from roughly 203.1x to 91.1x, pointing to a meaningfully lower valuation framework despite a still premium earnings multiple.