Nyxoah S.A. (NASDAQ:NYXH) Q4 2022 Earnings Call Transcript

Olivier Taelman: Yeah. So also on this one, so in — we had to push implants from Q3 — quarter three into Q4 and I am really happy to see that we did not lose any patients and the underlying demand remained high. Despite limited work capacity in some of the German sites that we were active in combination with the Christmas season, Q4 still was a strongest quarter of the year. We remain — I am going to the second part of the question about 2023, we remain highly confident in expanding Genio adoption and strong commercial execution. That being said, Adam, as you know, we are not providing guidance and we note that the first quarter is impacted by seasonality.

Operator: Thank you. One moment please for our next question. Our next question comes from the line of Jon Block of Stifel. Your line is open.

Jon Block: Thanks, guys. Good afternoon. Olivier, maybe the first one in Germany, I think, you may have cited a 34% market share exiting the year and that arguably might have benefited from some of the push that we saw around the third quarter and the 34%, I think, is below the ambitious plans that you had to exit north of 50%. Maybe you can just talk about why you think you didn’t quite reach the 50%, you still had the label expansion with CCC. Maybe just talk to us on what prevented that exit rate from being a little bit higher than you had initially expected?

Olivier Taelman: Sure. It’s clear, Jon, that when we started to be monthly update result in 30% market share. Now exiting the year with 34%, I can only — I will be very complementing the team in Germany to achieve these results. So we do see this as really a strong result. Now being very ambitious and also saying that we would like to become market leader and even have a higher market share, this is also the thing that we will continue pursuing during 2023 this year by opening more new sites, by further increasing penetration, and of course, to your point, also having the CCC impact much more impacting the overall results. Now that being said, if you look at the performance in the top 10 accounts that we have in Germany, there we do see that we managed to become market leaders in really high volume account and this again is giving us a lot of confidence that the physicians are really embracing our technology and that it’s also clearly illustrating from a patient perspective that there is a need for a second technology available so that patients and physicians have an option to choose.

So, overall, we are pleased with our results with 34% market share. We expect to further increase going forward in 2023 hand-in-hand and parallel with opening more new accounts, and we are also seeing that the CCC impact that this will also further accelerating our market share update.

Jon Block: Okay. Great. That was very helpful. Thanks for that. And maybe just two more for me. You completed all 115 patients and I think in the PR from a week ago or whenever it was, you also said the first module had been submitted, obviously, the last module will come in with the data. But the next two, Olivier, I think, I had that correct, are there two more before the clinical data call out and will those two be submitted in 2023? I guess maybe walk us through the timing for the next couple of modules that you expect to submit and then I have just got a final question to ask? Thanks.