Nyxoah SA (NYXH) Stock Forecast & Price Target

Nyxoah is viewed positively because its U.S. launch continues to build with 80 additional trained surgeons, 53 activated accounts, 447 patients under active prior authorization, and prior periods showing 91 active U.S. accounts and 241 prior auths, suggesting the revenue miss is more about timing than demand. The company also has meaningful product and regulatory catalysts, including PMA supplement filing for complete concentric collapse and prior approval for Genio 2.1, while ACCCESS showed strong efficacy with a 77.2% 12-month AHI responder rate and zero device- or procedure-related SAEs. Financially, management has guided FY26 net revenue to €36-40M, with Q2 net revenue of €7.7M and Q1 net revenue of €6.4M, and the disciplined approach to commercialization and reimbursement expansion supports longer-term growth.

Nyxoah is facing a weaker-than-expected commercial trajectory, as 3Q26 net revenue of €9.2M missed FactSet consensus of €9.9M and management cut full-year 2026 revenue guidance to €33-35M from €36-40M, signaling slower near-term adoption of the Genio system. The negative outlook is also driven by execution risk against market leader Inspire Medical Systems, since scaling a hypoglossal nerve stimulation platform in a competitive market typically requires sustained commercial momentum that Nyxoah has not yet demonstrated. In addition, the company’s cash-burn-heavy profile raises financing risk, while ACCCESS study-related regulatory uncertainty adds another layer of fundamental downside despite projected 2027E revenue of $73.3M and 2028E revenue of $117M.