On Wednesday, Oppenheimer maintained an Outperform rating on Nyxoah SA (NASDAQ: NYXH) and raised its stock price target to $17.00 from the previous $12.00. The adjustment follows Nyxoah's fourth-quarter revenue report, which matched the pre-released figures and exceeded the initial estimates of €1.5M and €1.4M set by Oppenheimer and other analysts.
The company's revenue for the quarter saw an 87% sequential increase, indicating robust growth.
Nyxoah, which specializes in developing solutions for sleep apnea, reported a revenue of €1.8M for the fourth quarter of 2023. The reported revenue suggests that approximately 90 patients received implants during the quarter, based on the average selling price (ASP) of €20,300 per patient. These results reflect the company's positive trajectory in the market.
The company also provided updates on its DREAM study, anticipating the release of top-line data by early April and planning to present full data at the International Sleep Science and Surgery Conference (ISSS) in September.
The DREAM study is a significant step towards FDA approval, which Nyxoah expects to achieve late in 2024 or early in 2025. The company has submitted the third module for FDA approval and aims to submit the fourth and final module by the second quarter of 2024.
Furthermore, Nyxoah is expecting the American Academy of Otolaryngology (AAO) to recommend a Current Procedural Terminology (CPT) code to the American Medical Association (AMA), which would align reimbursement rates with those currently established for hypoglossal nerve stimulation (HGNS) therapies.
This development is anticipated to facilitate the adoption and reimbursement of Nyxoah's Genio system in the United States.
In light of the fourth-quarter results and the company's progress toward FDA approval and reimbursement, Oppenheimer has revised its estimates and raised the price target for Nyxoah's shares to reflect the company's ongoing advancements and market potential.
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