Detailed financial statements for Nyxoah S.A. (NYXH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Nyxoah SA, a medical technology company, develops and commercializes solutions to treat obstructive sleep apnea (OSA). The company’s lead solution comprises Genio system, a CE-Marked, patient-centric, minimally invasive, and hypoglossal neurostimulation therapy to treat moderate to severe obstructive sleep apnea. Nyxoah SA was incorporated in 2009 and is headquartered in Mont-Saint-Guibert, Belgium.
Analysis Summary
Nyxoah S.A. reported revenue of $10.0M in the most recent fiscal year, growing at a 5-year CAGR of 170.6%.
Trailing-twelve-month margins: gross margin 51.3%, operating margin -383.1%, net margin -434.7%.
At the current price of $1.55, NYXH has negative trailing earnings (P/E not meaningful) and an ROE of -179.71%. Market capitalisation stands at $155M.
Balance sheet quality for NYXH: current ratio of 1.3, net cash position of $5.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | $69000 | $852000 | $3.1M | $4.3M | $4.5M | $10.0M |
| Cost of Revenue | $89255 | $95078 | $486042 | $30000 | $303000 | $1.1M | $1.7M | $1.6M | $3.7M |
| Gross Profit | -$89255 | -$95078 | -$486042 | $39000 | $549000 | $1.9M | $2.7M | $3.0M | $6.3M |
| Research & Development | $1.5M | $1.4M | $1.6M | $2.9M | $6.0M | $15.9M | $27.7M | $34.3M | $42.8M |
| Selling, General & Admin | $4.1M | $7.5M | $4.5M | $11.3M | $11.1M | $18.9M | $20.6M | $28.5M | $46.4M |
| Operating Expenses | $8.8M | $8.9M | $8.0M | $11.3M | $26.8M | $34.4M | $47.8M | $61.8M | $89.3M |
| Operating Income | -$10.1M | -$8.4M | -$8.5M | -$11.2M | -$26.2M | -$32.5M | -$45.1M | -$58.8M | -$82.9M |
| EBITDA | -$8.7M | -$8.5M | -$8.2M | -$10.6M | -$22.6M | -$27.9M | -$42.1M | -$53.8M | -$82.9M |
| Interest Expense | $37000 | $29000 | $701562 | $198000 | $386000 | $237000 | $1.2M | $1.9M | $1.7M |
| Pre-tax Income | -$10.3M | -$9.0M | -$9.4M | -$12.2M | -$24.6M | -$30.1M | -$44.7M | -$56.4M | -$89.1M |
| Income Tax | $37000 | $41000 | $78574 | $93000 | $3.0M | $1.2M | -$1.4M | $2.8M | $1.0M |
| Net Income | -$10.4M | -$9.1M | -$8.5M | -$12.2M | -$27.6M | -$31.2M | -$43.2M | -$59.2M | -$90.1M |
| EPS | $-0.50 | $-0.43 | $-0.39 | $-0.68 | $-1.16 | $-1.21 | $-1.55 | $-1.81 | $-2.36 |
| EPS (Diluted) | $-0.50 | $-0.43 | $-0.39 | $-0.68 | $-1.16 | $-1.21 | $-1.55 | $-1.81 | $-2.36 |
| Shares Outstanding (Diluted) | $20.9M | $20.9M | $21.4M | $18.1M | $23.8M | $25.8M | $28.0M | $32.7M | $38.1M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.1M | $16.8M | $6.6M | $112.9M | $135.5M | $17.9M | $21.6M | $34.2M | $30.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $77.0M | $36.1M | $51.4M | $18.0M |
| Receivables | $46000 | $732000 | $2.4M | $2.0M | $2.5M | $2.2M | $5.6M | $6.2M | $7.7M |
| Inventory | 0 | 0 | 0 | $67295 | $346000 | $882000 | $3.3M | $4.7M | $4.7M |
| Total Current Assets | $10.7M | $17.5M | $9.0M | $115.1M | $140.1M | $100.3M | $68.4M | $98.1M | $61.2M |
| Property, Plant & Equipment | $369000 | $343000 | $1.6M | $4.9M | $5.2M | $5.6M | $8.0M | $8.2M | $5.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $6.4M | $19.4M | $25.3M | $40.0M | $46.6M | $50.4M | $50.1M |
| Total Assets | $11.1M | $18.0M | $17.1M | $139.6M | $170.8M | $146.1M | $124.2M | $158.4M | $118.4M |
| Accounts Payable | $389000 | $606000 | $1.6M | $1.5M | $2.4M | $1.9M | $4.1M | $3.7M | $13.7M |
| Short-term Debt | $395000 | $289000 | $805954 | $1.3M | $554000 | $389000 | $364000 | $248000 | $23.8M |
| Total Current Liabilities | $1.7M | $2.0M | $4.9M | $7.8M | $11.6M | $14.9M | $14.4M | $21.5M | $48.9M |
| Long-term Debt | $4.9M | $5.5M | $8.0M | $9.3M | $7.8M | $8.2M | $8.4M | $18.7M | $17.7M |
| Total Liabilities | $6.6M | $7.5M | $14.4M | $20.7M | $22.2M | $25.7M | $26.1M | $45.2M | $69.3M |
| Retained Earnings | -$30.7M | -$39.8M | -$54.3M | -$73.8M | -$87.2M | -$118.2M | -$160.8M | -$217.7M | -$305.9M |
| Total Equity | $4.5M | $10.5M | $2.7M | $118.9M | $148.6M | $120.3M | $98.0M | $113.3M | $49.1M |
| Total Debt | $5.3M | $5.8M | $9.7M | $14.1M | $11.7M | $11.9M | $12.7M | $22.7M | $42.1M |
| Net Debt | -$4.8M | -$11.0M | $3.1M | -$98.8M | -$123.8M | -$83.0M | -$45.0M | -$62.9M | -$5.9M |
| Working Capital | $8.9M | $15.5M | $4.0M | $107.3M | $128.5M | $85.3M | $53.9M | $76.6M | $12.3M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$10.3M | -$9.0M | -$8.4M | -$12.2M | -$24.6M | -$30.1M | -$44.7M | -$56.4M | -$90.1M |
| Depreciation & Amortization | $87000 | $95000 | $433000 | $620000 | $1.7M | $1.9M | $2.4M | $2.7M | $4.5M |
| Stock-based Compensation | $24000 | $28000 | $346000 | $2.5M | $1.3M | $2.7M | $2.6M | $4.0M | 0 |
| Change in Working Capital | -$454000 | $201000 | $957000 | $1.4M | -$1.1M | $86000 | -$3.5M | $3.0M | $5.4M |
| Operating Cash Flow | -$8.3M | -$8.1M | -$5.9M | -$6.9M | -$25.3M | -$28.8M | -$44.8M | -$49.2M | -$67.5M |
| Capital Expenditure | -$91000 | -$77000 | -$5.8M | -$10.7M | -$11.8M | -$16.3M | -$11.0M | -$6.1M | -$804698 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $2998 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.4M | -$8.2M | -$11.7M | -$17.5M | -$37.2M | -$45.1M | -$55.7M | -$55.3M | -$68.3M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1134.8% | +262.0% | +41.0% | +4.0% | +121.6% | ||||
| Net Income Growth (YoY) | +12.5% | +6.9% | -44.8% | -125.6% | -13.1% | -38.4% | -37.1% | -52.1% | |
| EPS Growth (YoY) | +14.0% | +9.3% | -74.4% | -70.6% | -4.3% | -28.1% | -16.8% | -30.4% | |
| Shares Change (YoY) | +0.0% | +2.5% | -15.5% | +31.5% | +8.5% | +8.3% | +17.1% | +16.4% | |
| FCF Growth (YoY) | +1.9% | -42.6% | -49.7% | -111.8% | -21.4% | -23.6% | +0.8% | -23.5% | |
| Gross Margin | 56.5% | 64.4% | 62.7% | 61.9% | 65.7% | 63.1% | |||
| Operating Margin | -16266.7% | -3080.0% | -1053.8% | -1037.3% | -1300.8% | -827.8% | |||
| EBITDA Margin | -15368.1% | -2651.5% | -904.2% | -967.8% | -1189.2% | -827.4% | |||
| Net Margin | -17746.4% | -3241.7% | -1012.5% | -993.8% | -1310.2% | -899.1% | |||
| FCF Margin | -25426.1% | -4360.7% | -1462.5% | -1282.0% | -1223.1% | -681.6% | |||
| Effective Tax Rate | -0.4% | -0.5% | -0.8% | -0.8% | -12.1% | -3.9% | 3.2% | -5.0% | -1.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.40 | $-0.39 | $-0.55 | $-0.97 | $-1.56 | $-1.75 | $-1.99 | $-1.69 | $-1.79 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $20.9M | $20.9M | $21.4M | $18.1M | $23.8M | $25.8M | $28.0M | $32.7M | $38.1M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -179.71% |
| Return on Invested Capital | -59.89% |
| Return on Assets | -58.46% |
| Gross Margin | 51.31% |
| Operating Margin | -383.05% |
| Net Margin | -434.72% |
Financial Health
| Debt / Equity | 0.63 |
| Current Ratio | 2.38 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -39.98 | -48.67 | -54.87 | -28.88 | -17.44 | -3.85 | -2.71 | -4.27 | -1.66 |
| P/B | 92.27 | 41.83 | 173.00 | 2.99 | 3.24 | 1.00 | 1.20 | 2.23 | 3.04 |
| P/S | 0.00 | 0.00 | 0.00 | 5150.53 | 564.83 | 39.01 | 27.00 | 55.95 | 14.89 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 56.5% | 64.4% | 62.7% | 61.9% | 65.7% | 63.1% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -16266.7% | -3080.0% | -1053.8% | -1037.3% | -1300.8% | -827.8% |
| Net Margin | 0.0% | 0.0% | 0.0% | -17746.4% | -3241.7% | -1012.5% | -993.8% | -1310.2% | -899.1% |
Related companies: CATX · GNFT · IVVD · KRMD · OABI · OSUR · PRE
Explore sector: Healthcare · Medical - Specialties
More sections of NYXH: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks