Day: March 6, 2024

• Nysaa’s omnichannel platform boasts over 150 brands and more than 10,000 products
• Expansion strategy aims to establish 100 new stores within the GCC region over the upcoming five years

DUBAI, United Arab Emirates, March 06, 2024 (GLOBE NEWSWIRE) — Apparel Group, a leading retail conglomerate in the GCC, and Nykaa, India’s largest, multi-billion-dollar omni-channel beauty retailer, proudly celebrated the grand opening of their inaugural Nysaa store in the GCC region at City Centre Mirdif on Friday, 1st March 2024. This significant event marked the successful beginning of a joint venture setup signed by two retail giants, blending Apparel Group’s retail prowess in the GCC region with Nykaa’s beauty expertise to offer a carefully curated, world-class shopping experience for consumers in Dubai.

The official inauguration of the store was graced by Sima Ganwani Ved, Founder & Chairwoman, Apparel Group, Falguni Nayar, Executive Chairperson, Founder & CEO, Nykaa, and Selina Ved, Founder NESSA & Co-founder and Director Nysaa. The store launch symbolized the fruition of their joint vision for a new era of beauty retail. The ceremony was the highlight of a day filled with glamour, starting with a mesmerising flash mob. This performance captivated attendees with their artistry before making their way to the Nysaa store.

Nysaa Beauty Store proudly presents a curated selection of renowned international brands, including Kylie Cosmetics, Kay Beauty, Peacefull, Stila, Augustinus Bader, Foreo, Ralph Lauren, Mugler, Rahua, Oribe, Dr. Barbara Strum, and an array of other prestigious names. The store spread across 2,436 sqft features dedicated beauty advisors who provide personalized one-on-one assistance, ensuring each customer receives tailored guidance to meet their specific beauty needs. Experience the Nysaa Booth, a designated content creation area where patrons can unleash their creativity while showcasing their unique beauty styles. Moreover, customers can accumulate Club Apparel points with every in-store purchase, enhancing their shopping experience with rewarding benefits.

The event was further highlighted by appearances from renowned international celebrity makeup artists Fady Kataya and Bouba, aka Hamza Slim. Kataya, a distinguished figure in the beauty industry with a prestigious beauty lounge and academy (Fady Kataya Beauty lounge in Beirut, Lebanon), is celebrated for his work with celebrities like Nancy Ajram and Yara. Meanwhile, Bouba is acclaimed for his extraordinary makeup artistry, having worked with stars such as Haifa Wehbe, Ahlam, and Latifa. The evening was enriched with valuable makeup tips and tricks, a session offering a dynamic makeup challenge, culminating in an exclusive meet and greet session. These special additions brought an exclusive flair to the grand opening, making it an unforgettable experience for all guests.

Underlining the store’s ambition to become a central hub for beauty in the region, the celebration was a gathering of beauty enthusiasts, with over 200 key industry leaders in fashion, beauty & lifestyle segments, media representatives, VIP customers, and key partners in attendance.

Reflecting on the successful launch, Selina Ved, Founder NESSA & Co-founder and Director Nysaa, shared, “The opening of our very first Nysaa store in Dubai is a significant milestone, showcasing the powerful synergy between Apparel Group’s leadership in retail and Nykaa’s pioneering beauty innovations. The enthusiastic embrace from the community not only validates our strategy but also emboldens our commitment to redefine beauty retail across the GCC. This collaboration reflects our joint ambition to enhance the shopping experience, combining global beauty trends with regional insights. Looking to the future, I’m thrilled about the opportunities to extend this unique retail proposition beyond the GCC, offering customers everywhere access to an unmatched beauty experience.”

Commenting on the landmark moment, Falguni Nayar, Executive Chairperson, Founder & CEO, Nykaa, added, “Nysaa’s first store in Dubai marks a significant milestone in our international foray. Our partnership with Apparel Group is a powerful collaboration of Nykaa’s beauty leadership in India and their retail expertise in the GCC region. It is a manifestation of our shared commitment to enhancing beauty retail for the GCC region. Having garnered tremendous love and trust among Indian consumers for more than a decade, we are looking forward to recreating an exceptional beauty shopping experience, online and offline, for the discerning consumers of the GCC.”

Nysaa is a joint venture with Dubai-based Apparel Group, a global fashion and lifestyle retail conglomerate, and Nykaa, India’s largest, digital first beauty behemoth. The alliance aims to create an omni-channel multi retail brand with over 100 stores in the GCC with Nykaa holding 55% stake in the new entity and Apparel Group 45% stake.

The grand opening of Nysaa by Apparel Group and Nykaa marks a significant moment in the beauty retail industry, promising a future where beauty is not just sold but celebrated in all its forms.

About Apparel Group LLC

Apparel Group is a global fashion and lifestyle retail conglomerate residing at the crossroads of the modern economy – Dubai, United Arab Emirates. Today, Apparel Group caters to thousands of eager shoppers through its 2100+ retail stores and 85+ brands on all platforms while employing over 20,000+ multicultural staff.

Apparel Group has carved its strong presence in the GCC and expanded thriving gateways to market in India, South Africa, Singapore, Indonesia, Thailand, Malaysia, and Egypt.

Additionally, clear strategies are in place to enter emerging markets such as Hungary and Philippines.

Apparel Group has created an omni-channel experience, operating brands originating from the USA, Canada, Europe, Australia, and Asia. The brands include leading names in fashion, footwear, and lifestyles such as Tommy Hilfiger, Charles & Keith, Skechers, Aldo, Nine West, Aeropostale, Jamie’s Italian, Tim Hortons, Cold Stone Creamery, Inglot, and Rituals.

Apparel Group owes its amazing growth to the vision and guidance of its dynamic Founder and Chairwoman, Mrs. Sima Ganwani Ved, who has taken the company from strength to strength since its inception in the last two decades.

https://apparelglobal.com/en/

About Nysaa

Nysaa, an omnichannel beauty retail concept, is the latest venture born from the strategic partnership between Apparel Group, a leading a global fashion and lifestyle retail conglomerate, and Nykaa, India’s foremost beauty and fashion destination. Located in the heart of Dubai at City Centre Mirdif, Nysaa marks a new chapter in omnichannel beauty retail, offering an unparalleled assortment of beauty products, from global favorites to niche and emerging brands. Nysaa is dedicated to providing a curated beauty experience that caters to the diverse needs and preferences of the modern consumer, blending in-store engagement with digital convenience to redefine beauty shopping. With a commitment to innovation, quality, and customer satisfaction, Nysaa is set to become the go-to destination for beauty enthusiasts across the GCC and beyond, embodying the vision of its founders and pushing the boundaries of traditional beauty retail.

About NYKAA

At Nykaa, we share one vision – to bring inspiration and joy to people everywhere, every day. Born out of a desire to make beauty a mainstream choice, the Nykaa journey began in 2012 as a digitally native, consumer-tech company. Falguni Nayar’s entrepreneurial leap with Nykaa, tapped into an underserved beauty retail market, disrupting the ecosystem and putting India in the global spotlight. Today, Nykaa has expanded its offerings to include lifestyle and B2B by introducing online platforms Nykaa Fashion, Nykaa Man, and Superstore.

Over the years, Nykaa has steadily captured the hearts of Indian consumers, ushering visits to both its online and 174 offline destinations and building loyal communities through engaging and educational content. Nykaa continues to build its house of brands with a sharp focus on innovation and consumer delight. Beauty brands such as Kay Beauty, Nykaa Naturals, Nykaa Cosmetics, and Wanderlust and fashion brands such as Nykd, Gajra Gang, Likha, RSVP and Pipa Bella, have become household names, as they consistently deliver on inspiration and high performing products to the consumers.

Nykaa’s unwavering commitment to authenticity and customer centricity has made it the retailer of choice for international brands entering India. Nykaa’s Global Store, a gateway into the world of coveted international brands, leverages the company’s proven supply chain and marketing capabilities to offer a truly seamless shopping experience.

For its role in building India’s beauty and lifestyle retail markets, Nykaa has been awarded several Indian and International accolades. Nykaa has been recognized as the Consumer Company of the Year by VCCircle Awards in 2024 and was proudly featured in the TIME100 Most Influential Companies List. Nykaa’s products are 100% authentic and sourced directly from the brand or authorized retailers. Through engaging and educational content, digital marketing, social media influence, robust CRM strategies, and the Nykaa Network community platform, Nykaa has built a loyal community of millions of beauty and fashion enthusiasts.

PR@apparelglobal.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0feff621-3f73-476d-85fa-7999eee47f1f

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Nyxoah Reports Fourth Quarter and Financial Year 2023 Financial and Operating Results
Expect to report DREAM U.S. pivotal study efficacy and safety data by early April
Achieved record quarterly sales of €1.8 million

Mont-Saint-Guibert, Belgium – March 5, 2024 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the fourth quarter and financial year 2023.

Recent Financial and Operating Highlights

• Filed the third out of four modules in the U.S. modular PMA submission.
• Achieved quarterly sales of €1.8 million, representing sequential quarterly growth of 87% and increasing 42% year-over-year.
• Achieved 2023 full year sales of €4.3 million, representing 41% year-over-year growth.
• Ended the year with 48 active German accounts, up from 38 entering 2023.
• Total cash position of €57.7 million at the end of 2023.

2024 Strategic Priorities

• Complete patient follow up in the DREAM U.S. pivotal study and report efficacy and safety data by early April.
• File the fourth and final module in the modular PMA submission.
• Accelerate investments in the U.S. commercial organization in preparation for a late 2024 launch.
• Complete enrollment in the ACCCESS complete concentric collapse (CCC) U.S. pivotal study.
• Increase hypoglossal nerve stimulation (HGNS) market penetration and Genio market share in Europe.

“In 2023, we completed enrollment in our DREAM U.S. pivotal study, presented positive early DREAM efficacy and safety data, initiated enrollment in our ACCCESS U.S. pivotal study for complete concentric collapse and raised capital from both existing and new investors. These accomplishments strengthen our confidence for a transformational 2024.” commented Olivier Taelman, Nyxoah Chief Executive Officer. “We are excited to report DREAM data in the coming weeks, finalize the regulatory FDA submission and pave the way for bringing Genio® to patients in the U.S.”

Mr. Taelman continued, “Commercially in Europe, this quarter’s performance was the strongest in Nyxoah’s history driven by a targeted direct-to-consumer (DTC) effort and I applaud our European commercial team for their execution. I look forward to a further increase in therapy penetration from our partnership with ResMed in Germany.”

Fourth Quarter and Full Year 2023 Results

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION – CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022 (in thousands)

	For the three months ended December 31,				For the year ended December 31,
	2023		2022		2023		2022
Revenue	€1,824		€1,307		€4,348		€3,084
Cost of goods sold	(726)		(465)		(1,656)		(1,150)
Gross profit	€1,098		€842		€2,692		€1,934
Research and Development Expense	(7,321)		(4,575)		(26,651)		(15,861)
Selling, General and Administrative Expense	(4,893)		(5,363)		(21,687)		(18,855)
Other income/(expense)	279		46		544		283
Operating loss for the period	€(10,837)		€(9,050)		€(45,102)		€(32,499)
Financial income	582		(4,609)		4,174		6,763
Financial expense	(964)		1,153		(3,729)		(4,320)
Loss for the period before taxes	€(11,219)		€(12,506)		€(44,657)		€(30,056)
Income taxes	326		(790)		1,445		(1,169)
Loss for the period	€(10,893)		€(13,296)		€(43,212)		€(31,225)
Loss attributable to equity holders	€(10,893)		€(13,296)		€(43,212)		€(31,225)
Other comprehensive income/(loss)
Items that may not be subsequently reclassified to profit or loss (net of tax)
Remeasurements of post-employment benefit obligations, net of tax	81		70		81		70
Items that may be subsequently reclassified to profit or loss (net of tax)
Currency translation differences	(32)		(82)		(120)		(96)
Total other comprehensive income/(loss)	€(39)		€(12)		€(39)		€(26)
Total comprehensive loss for the year, net of tax	€(10,844)		€(13,308)		€ (43,251)		€ (31,251)
Loss attributable to equity holders	€(10,844)		€(13,308)		€ (43,251)		€ (31,251)
Basic loss per share (in EUR)	€(379)		€(514)		€(1,545)		€(1,209)
Diluted loss per share (in EUR)	€(379)		€(514)		€(1,545)		€(1,209)

 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION – CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2023 AND DECEMBER 31, 2022 (in thousands)

	As at December 31
	2023		2022
ASSETS
Non-current assets
Property, plant and equipment	€4,188		€2,460
Intangible assets	46,608		39,972
Right of use assets	3,788		3,159
Deferred tax asset	56		47
Other long-term receivables	1,166		173
	€55,806		€45,811
Current assets
Inventory	3,315		882
Trade receivables	2,758		1,463
Other receivables	3,212		1,775
Other current assets	1,318		1,284
Financial assets	36,138		76,968
Cash and cash equivalents	21,610		17,888
	€68,351		€100,260
Total assets	€124,157		€146,071
EQUITY AND LIABILITIES
Capital and reserves
Capital	4,926		4,440
Share premium	246,127		228,275
Share based payment reserve	7,661		5,645
Other comprehensive income	137		176
Retained loss	(160,829)		(118,212)
Total equity attributable to shareholders	€98,022		€120,324
LIABILITIES
Non-current liabilities
Financial debt	8,373		8,189
Lease liability	3,116		2,586
Pension liability	9		−
Provisions	185		59
Deferred tax liability	9		−
	€11,692		€10,834
Current liabilities
Financial debt	364		388
Lease liability	851		719
Trade payables	6,155		4,985
Current tax liability	1,988		3,654
Other payables	5,085		5,167
	€14,443		€14,913
Total liabilities	€26,135		€25,747
Total equity and liabilities	€124,157		€146,071

Revenue

Revenue was €1.8 million for the fourth quarter ending December 31, 2023, compared to €1.3 million for the fourth quarter ending December 31, 2022. Revenue for the full year of 2023 was €4.3 million, compared to €3.1 million for the full year of 2022. The increase in revenue was attributable to the Company’s commercialization of the Genio® system, primarily in Germany.

Cost of Goods Sold

Cost of goods sold was €726,000 for the three months ending December 31, 2023, representing a gross profit of €1.1 million, or gross margin of 60%. This compares to total cost of goods sold of €465,000 in the fourth quarter of 2022, for a gross profit of €842,000, or gross margin of 64.4%.

For the full year ending December 31, 2023, total cost of goods sold was €1.7 million, representing a gross profit of €2.7 million, or gross margin of 62%. This compares to total cost of goods sold of €1.2 million for the full year of 2022, for a gross profit of €1.9 million, or gross margin of 62.7%.

Research and Development

For the full year ending December 31, 2023, research and development expenses were €26.7 million, versus €15.9 million for the full year of 2022.

Operating Loss

Total operating loss for the fourth quarter and full year 2023 was €10.8 million and €45.1 million, respectively, versus €9.1 million and €32.5 million in the fourth quarter and full year 2022, respectively. This was driven by the acceleration in the Company’s R&D spending, as well as ongoing commercial and clinical activities.

Cash Position
As of December 31, 2023, cash and financial assets totaled €57.7 million, compared to €94.9 million on December 31, 2022. Total cash burn was approximately €4.6 million per month during 2023.

Full year report 2023
Our independent auditor has not yet completed the audit of the financial statements for the year ended December 31, 2023. When published, the Nyxoah financial report for the full year of 2023 will be available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation
A webcast of the call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah’s Q4 2023 earnings call webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.

If you plan to ask a question, please use the following link: Nyxoah’s Q4 2023 earnings call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA and US commercialization approval.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward-looking statements
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 22, 2023, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
David DeMartino, Chief Strategy Officer
david.demartino@nyxoah.com
+1 310 310 1313

Attachment

• ENGLISH_Q4 2023 Earnings PR_FINAL

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