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.
Full NYXH analysis →
Competitive advantage assessment
Key strengths
Elite Gross MarginsGross margin quality is top-tier vs peers (score 0.79). This signals strong consumable attach-rate economics.
Where NYXH ranks in Medical Instruments & Supplies
Nyxoah SA ranks #35 of 62
scored companies in Medical Instruments & Supplies by moat score — the top 56%.
The widest moat in the group is Intuitive Surgical, Inc. (ISRG)
at 86/100.
Moat scores for companies ranked near NYXH in Medical Instruments & Supplies
How NYXH scores on the Medical Devices & Diagnostics defenses
Pricing Power & Consumable Moat
Score 81
· 25% of the moat score
In MedTech, pricing power is rarely about the machine — it is about what the machine consumes.
R&D Pipeline & Capital Returns
Score 24
· 20% of the moat score
Research spending is how a device company keeps its installed base current, but spending alone proves nothing.
FCF Quality & Cash Conversion
Score 52
· 20% of the moat score
MedTech companies grow by acquisition, and the resulting intangible amortisation depresses reported earnings without consuming any cash.
Commercial Execution
Score 45
· 15% of the moat score
Devices are sold into hospitals and labs through committees, tenders and long qualification cycles, which makes the sales organisation expensive and hard to replicate.
Capital Structure & Resilience
Score 17
· 12% of the moat score
Serial acquirers carry debt, and the question is whether the cash flows underneath it are dependable enough to service it through a downturn.
Growth Durability
Score 11
· 8% of the moat score
Growth durability separates an expanding installed base from a good product cycle.
Nyxoah SA (NYXH) scores 45 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #35 of 62 scored companies in Medical Instruments & Supplies, the top 56%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 61 companies in Medical Instruments & Supplies. Its strongest defense is Pricing Power & Consumable Moat (81/100) and its weakest is Growth Durability (11/100).
How does Nyxoah SA compare with other Medical Instruments & Supplies companies?
Nyxoah SA ranks #35 of 62 scored companies in Medical Instruments & Supplies by moat score. The widest moat in Medical Instruments & Supplies is Intuitive Surgical, Inc. (ISRG) at 86/100. The companies ranked closest are Avantor, Inc. (AVTR) at 47 just above it and Femasys Inc. (FEMY) at 43 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Medical Devices & Diagnostics in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 61 companies in Medical Instruments & Supplies. The defenses are then weighted to produce the overall score out of 100.
Why is Nyxoah SA scored with the Medical Devices & Diagnostics template?
Medical device and diagnostics companies place an instrument once and then sell the consumables, reagents and service that instrument needs for the next decade. The economics are a razor-and-blade model wrapped in regulatory approval and clinician habit, so the MedTech template scores the durability of that installed base rather than the size of any single product launch.
Which competitive defenses are measured for Nyxoah SA?
The Medical Devices & Diagnostics template measures 6 defenses, and NYXH scores: Pricing Power & Consumable Moat (81), R&D Pipeline & Capital Returns (24), FCF Quality & Cash Conversion (52), Commercial Execution (45), Capital Structure & Resilience (17), Growth Durability (11). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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