On Wednesday, Oppenheimer, a prominent financial firm, adjusted its price target for Nyxoah SA (NASDAQ: NYXH) shares, a company specializing in medical devices for sleep-disordered breathing conditions. The firm reduced the price target from the previous $20.00 to $15.00 but maintained an Outperform rating on the stock.
Nyxoah recently disclosed its first-quarter revenue for 2024, which amounted to €1.2 million. This figure aligns with the estimates set by both Oppenheimer and the consensus, which were €1.3 million and €1.2 million, respectively.
The earnings per share (EPS) reported was (€0.42), closely matching the forecasted (€0.41) by Oppenheimer and the consensus estimate of (€0.42).
Based on the average selling price (ASP) of €20,300 per patient, it is estimated that approximately 60 patients received implants from Nyxoah during the quarter. The company's DREAM project is on course for potential FDA approval towards the end of 2024 or early 2025.
The fourth and final module submission is anticipated in the second quarter of 2024. Additionally, Nyxoah is aiming to include supine positioning explicitly on the label of its Genio product.
The American Academy of Otolaryngology (AAO) is set to recommend a Current Procedural Terminology (CPT) code to the American Medical Association (AMA), with expectations for reimbursement rates to align with current hypoglossal nerve stimulation (HGNS) rates.
Nyxoah's initial sales strategy involves a dedicated salesforce of roughly 25 individuals targeting 75-100 high-volume sites, with each salesperson managing four to five accounts.
The company's cash burn rate was approximately €4.5 million per month in the first quarter of 2024. This rate is expected to remain stable during the first half of the year, with an acceleration anticipated in the second half due to increased commercialization activities in the United States.
In light of the first-quarter results and additional details regarding the company's commercialization efforts in the U.S., Oppenheimer has adjusted its estimates and price target for Nyxoah.
InvestingPro Insights
As Nyxoah SA (NASDAQ: NYXH) navigates its journey towards potential FDA approval and commercialization in the United States, real-time data from InvestingPro provides a snapshot of the company's financial health and market performance. With a market capitalization of $266.4 million and a striking revenue growth of 40.99% in the last twelve months as of Q4 2023, Nyxoah shows signs of a strong upward trajectory in sales. Despite not being profitable in the last twelve months, with an operating income margin of -1037.3%, the company's gross profit margin stands at a healthy 61.91%, indicating a strong ability to convert sales into profit at the gross level.
An InvestingPro Tip highlights that Nyxoah holds more cash than debt on its balance sheet, which is a positive indicator of financial stability. Additionally, analysts anticipate sales growth in the current year, which could signal forward momentum for the company's financials. However, it's important to note that analysts do not expect the company to be profitable this year, and the stock is trading at a high revenue valuation multiple. For investors looking for a deeper dive into Nyxoah's financial metrics and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/NYXH. As an added bonus, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to comprehensive analysis and insights to make informed investment decisions.
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