Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| This is not only resulting in educating folks by calling the outline, but can be considered a key pillar in our fourth quarter success together with the strong growth of sales and commercial team in Germany is doing |
| Commercially, we reported 2023 sales of €4.3 million, an increase of 43% from 2022, benefiting from our direct-to-consumer initiatives launched early in the year |
| Now, our competitor, as you know has done a terrific job educating the commercial payers about the benefits of HGNS resulting in all having HGNS coverage policies |
| And overall, this partnership will also increase OSA therapy penetration and will benefit patients |
| leadership team, strengthening our U.S |
| I think something also not to neglect is the healthcare system benefit, as untreated OSA patients are at high cost, ensuring these patients are optimally treated either with CPAP or with Genio will definitely have a positive impact on reducing healthcare spendings |
| I would like to open with our 2023 accomplishments that have strengthened our confidence for a transformational 2024 |
| Now what are the benefits? I think for Nyxoah, it's pretty obvious that having access to patients who are quitting CPAP that can be offered Genio, this will drive share gains and strengthen our relationship with sleep specialists |
| I think those components are really driving our Q4 strong results |
| A streamlined patient referral pathway from SLEEP specialists to these sites will accelerate market growth |
| And I can only agree, I think we can say that the fourth quarter was a very strong quarter in Germany |
| market with regulatory, manufacturing and market access readiness and drive further revenue growth in Germany while opening new European markets |
| We are making strong progress towards our key objectives for 2024, which are to complete patient follow-up in the DREAM U.S |
| Commercially, the fourth quarter was very strong with sales of €1.8 million showing 87% sequential and 42% year-over-year growth |
| This is a result of both strong underlying demand for Genio and recent commercial investments including direct-to-consumer online campaigns and a patient top-line |
| We continue to position ourselves as an innovation leader in the obstructive sleep apnea space with always putting patients first and listening to our surgeons |
| For ResMed, benefit from having access to more OSA patients through the ENT surgeons that we are having at Nyxoah also or helpline and increasing sleep specialist capacity by sending CPAP struggling patients who are time consuming to Genio |
| Looking ahead 2024 is set to be the most exciting year in company's history |
| I'll start the 4Q 2023 top line was certainly solid |
| And when it comes to the fact what you are alluding [Technical Difficulty] we also there we can confirm that patients who are suffering from modern or severe OSA and offer the Genio solutions are really happy to save, if I can say it like this, so that they can really benefit from our technology and from the bilateral stimulation as it is recommended by their surgeon and physician |
| As I hope you all agree, we are entering the most exciting time in Nyxoah's history |
| Future generations of the Genio system will have a more agronomic wearable component [indiscernible] that will adjust stimulation based on sleeping position and provide patients with real time feedback through data collection that will improve the patient experience |
| We will be engaging with sleep specialists, enabling a steady stream of patient referrals, scalable patient follow-up strategy and sales, marketing and private authorization teams ahead of launch, and more details I'm really happy to share later this year |
| Revenue for the fourth quarter ended December 31, 2023, was €1.8 million, a 42% increase over the fourth quarter of 2022 and an 87% increase over the third quarter of 2023 |
| That said, we anticipate the gross margin to increase over the coming quarters as we scale up volumes |
| The recently launched Genio 2.1 enables greater stimulation adjustability and gives patients the autonomy to adjust stimulation amplitude within predefined boundaries |
| I think ahead of most prior estimates and certainly ahead of hours |
| commercial organization, so we will be ready for the late 2024 launch and continued sales growth in Europe |
| Our confidence in DREAM outcomes is supported not only by roughly 500 commercial and clinical Genio implants globally, but also by DREAM efficacy and safety data released in a late breaking poster session at SLEEP 2023 in June |
| Now, the drivers, I think first of all, it's a confirmation that there is a high acceptance from our German physicians |
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| We see that gross margin was lower in Q4 |
| But last year, if you observe, the German AG&S market declined approximately 25% from the fourth quarter 2022 to the first quarter 2023, and we would anticipate a similar seasonality in the first quarter 2024 |
| Let's also not forget the ODI reduction because there is also direct oxygen desaturation and the mortality risk |
| Given we still have high customer concentration, the impact of seasonality on our first quarter could be more pronounced |
| and do not have suitable treatment options other than major pallet surgery |
| I would like to point out that the fourth quarters benefit the most from seasonality and while we expect a strong year-over-year growth in the first quarter, we anticipate sales to be down sequentially |
| Olivier, maybe if you could just talk about what was that strength attributable to? Was it the DTC? Was it the ResMed partnership? I think there was a competitor that had some lead issues in Germany, pardon me |
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