Q2 2024 Nyxoah SA Earnings Call Transcript
Key Points
- Nyxoah SA (NYXH) achieved primary endpoints in the DREAM US pivotal study, demonstrating strong efficacy for the Genio system in treating OSA patients.
- The company raised over EUR85 million in new capital, extending its cash runway into mid-2026.
- European sales increased by 29% in the first half of 2024 compared to the first half of 2023, with 55 active implanting accounts in Germany.
- Nyxoah SA (NYXH) is actively preparing for US market entry, with FDA approval anticipated by late 2024 or early 2025.
- The company is building a US commercialization organization, including the hiring of a new Chief Commercial Officer and other key leadership roles.
- Total operating loss for the second quarter was EUR13.3 million, an increase from EUR11.9 million in the second quarter of 2023.
- The German market, while showing growth, remains small and subject to quarter-to-quarter variability.
- There were 11 serious adverse events in the DREAM study, with 3 being device-related and resulting in explants.
- Revenue for the second quarter was EUR780,000, which was below some analysts' expectations.
- The company anticipates an increase in cash burn starting in Q3 2024 due to ramp-up efforts for the US launch.
Good day, everyone, and thank you for standing by. Welcome to Nyxoah second-quarter 2024 earnings conference call. (Operator Instructions)
Please be advised that today's conference is being recorded. I will pass the call over to your first speaker today, Mikaela Kirkwood.
Thank you, and good afternoon and good evening, everyone, and welcome to our earnings call for the second quarter and first half of 2024. I am Mikaela Kirkwood, Investor Relations and Communications Manager at Nyxoah. Participating from the company today will be Olivier Taelman, Chief Executive Officer; and Loic Moreau, Chief Financial Officer.
During the call, we will discuss our operating activities and review our second quarter financial results released after US market closed today, after which we will host a question-and-answer session. The press release can be found on the Investor Relations section of our website. This call is being recorded and will be archived in the Events section
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