v3.26.1
Results of operation
6 Months Ended
Jun. 30, 2026
Results of operation  
Results of operation

24.Results of operation

Revenue and cost of goods sold

In the six months ended June 30, 2026, the Company generated revenue for the amount of €14.0 million (2025: €2.4 million). In the three months ended June 30, 2026, the Company generated revenue for the amount of €7.7 million (2025: €1.3 million).

The contract liability included in the consolidated balance sheet is related to revenue attributed to the additional replenishment of disposable patches which is recognized when control of the patches is transferred to the customer or patient quarterly following the patient implants and the revenue attributed to the future deliveries of the patient-related components in the United States. The current contract liability amounts to €1.0 million (2025: €0.9 million) while the non-current contract liability amounts to €0.7 million (2025: €0.7 million). The revenue recognized in the six months ended June 30, 2026 that was included in the contract liability balance at the beginning of the period amounts to €324,000 (2025: €165,000).

The sales based on country of customer for the three months ended and six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30

​

For the six months ended June 30

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Sales US

 

5,197

 

—

 

9,451

 

—

Sales Germany

 

1,391

 

1,175

 

2,615

 

2,104

Sales UAE

 

469

 

—

 

814

 

32

Sales England

 

481

 

—

 

658

 

—

Sales Switzerland

 

24

 

—

 

357

 

—

Sales Netherlands

 

—

 

—

 

39

 

—

Sales Austria

 

37

 

165

 

37

 

268

Sales Spain

 

3

 

—

 

3

 

—

Sales Italy

 

73

 

—

 

73

 

—

Total sales

 

7,675

 

1,340

 

14,047

 

2,404

​

For the six month period ended June 30, 2026, the Company had no customers with individual sales larger than 10% of the total revenue (2025: two customers).

For the three month period ended June 30, 2026, the Company had no customers with individual sales larger than 10% of the total revenue (2025: two customers).

Cost of goods sold for the three and six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the six months ended

​

​

June 30,

​

June 30,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Purchases of goods and services (*)

 

2,452

​

843

​

4,872

 

1,512

Inventory movement

 

639

​

(353)

​

954

 

(616)

Total cost of goods sold

 

3,091

​

490

​

5,826

 

896

(*)

Including purchases of raw material, direct labour allocation, indirect labour allocation, fees of subcontractors, warranty and shipping cost (direct)

Operating expenses

The tables below detail the operating expenses for the six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating

​

​

​

​

​

​

expense for the

(in EUR 000)

  ​ ​ ​

Total cost

  ​ ​ ​

Capitalized

  ​ ​ ​

period

Research and development

 

18,506

 

(159)

 

18,347

Selling, general and administrative expenses

 

30,992

 

—

 

30,992

Other income/(expense)

 

(40)

 

11

 

(29)

For the six months ended June 30, 2026

 

49,458

 

(148)

 

49,310

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Operating 

​

​

​

​

​

​

expense for the

(in EUR 000)

​

Total cost

​

Capitalized

​

period

Research and development

 

20,602

 

(1,554)

 

19,048

Selling, general and administrative expenses

 

23,063

 

—

 

23,063

Other income/(expense)

 

(171)

 

56

 

(115)

For the six months ended June 30, 2025

 

43,494

 

(1,498)

 

41,996

​

The tables below detail the operating expenses for the three months ended June 30, 2026 and 2025:

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​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Operating 

​

​

​

​

​

​

expense for the 

(in EUR 000)

​

Total cost

​

Capitalized

​

period

Research and development

 

9,543

 

—

 

9,543

Selling, general and administrative expenses

 

15,618

 

—

 

15,618

Other income/(expense)

 

6

 

5

 

11

For the three months ended June 30, 2026

 

25,167

 

5

 

25,172

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Operating 

​

​

​

​

​

​

expense for the 

(in EUR 000)

​

Total cost

​

Capitalized

​

period

Research and development

 

10,750

 

(691)

 

10,059

Selling, general and administrative expenses

 

10,672

 

—

 

10,672

Other income/(expense)

 

(56)

 

25

 

(31)

For the three months ended June 30, 2025

 

21,366

 

(666)

 

20,700

​

Research and Development expenses

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the six months ended 

​

​

June 30,

​

June 30,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Staff costs

 

3,050

​

3,700

​

5,775

 

8,280

Consulting and contractors’ fees

 

2,234

​

3,004

​

4,246

 

3,877

Q&A regulatory

 

91

​

43

​

99

 

119

Depreciation and amortization expense

 

1,470

​

418

​

2,746

 

829

Travel

 

352

​

434

​

737

 

713

Manufacturing and outsourced development

 

803

​

1,292

​

1,912

 

2,600

Clinical studies

 

1,049

​

1,396

​

2,073

 

3,250

IT

 

150

​

39

​

218

 

68

Rent

 

252

​

104

​

461

 

227

Other expenses

​

92

​

320

​

234

​

639

Capitalized costs

 

—

​

(691)

​

(154)

 

(1,554)

Total research and development expenses

 

9,543

​

10,059

​

18,347

 

19,048

​

Before capitalization of €154,000  for the six months ended June 30, 2026 and €1.6 million for the six months ended June 30, 2025, research and development expenses decreased by €2.1 million or 10.2 %, from €20.6 million for the six months ended June 30, 2025, to €18.5 million for the six months ended June 30, 2026. The decrease is mainly due to a decrease in clinical study expenses and in R&D activities. Additionally, following FDA approval in August 2025 and the finalization of one of the clinical studies in April 2026, the amortization of the related intangible assets commenced leading to an increase in depreciation and amortization expense.

Research and development expenses decreased by €1.2 million or 11.2%, from €10.8 million before capitalization of €0.7 million for the three months ended June 30, 2025, to €9.5 million for the three months ended June 30, 2026, due to a decrease in clinical study expenses and in R&D activities.

Selling, General and Administrative expenses

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the six months ended 

​

​

June 30,

​

June 30,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Staff costs

 

8,942

​

6,326

​

17,718

 

13,270

Consulting and contractors’ fees

 

3,816

​

2,527

​

7,053

 

5,734

Legal fees

 

995

​

217

​

2,540

 

479

Rent

 

101

​

124

​

138

 

230

Depreciation and amortization expense

 

342

​

356

​

782

 

719

IT

 

413

​

587

​

812

 

1,045

Travel

 

814

​

410

​

1,577

 

1,168

Insurance fees

 

103

​

108

​

213

 

221

Impairment loss on trade receivables

 

39

​

—

​

37

 

—

Other

 

53

​

17

​

122

 

197

Total selling, general and administrative expenses

 

15,618

​

10,672

​

30,992

 

23,063

​

Selling, general and administrative expenses increased by €7.9 million or 34.4 % from €23.1 million for the six months ended June 30, 2025 to €31.0 million for the six months ended June 30, 2026, mainly due to an increase of costs to support U.S. commercialization of the Genio system following FDA approval in August 2025 and an increase in legal costs related to IP litigation. Consulting and contractor fees for the six months ended June 30, 2026, also includes a provision recognized under IAS 37 for the estimated future costs related to the replenishment of certain consumable components, reflecting a constructive obligation arising from business practices.

Selling, general and administrative expenses increased by €4.9 million or 46.3 % from €10.7 million for the three months ended June 30, 2025 to €15.6 million for the three months ended June 30, 2026, mainly due to an increase of costs to support U.S. commercialization of the Genio system following FDA approval in August 2025 and an increase in legal costs related to IP litigation.

Other operating income / ( expenses)

The Company had other operating income of €29,000 for the six months ended June 30, 2026 compared to other operating income of €115,000 for the six months ended June 30, 2025.

The Company had other operating expenses of €11,000 for the three months ended June 30, 2026 compared to other operating income of €31,000 for the three months ended June 30, 2025.

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​

​

​

​

​

​

​

​

For the three months ended

​

For the six months ended

​

​

June 30, 

​

June 30, 

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Recoverable cash advances

 

​

​

​

​

  ​

 

  ​

Initial measurement and re-measurement

 

12

​

7

​

30

 

25

R&D incentives

 

(18)

​

49

​

10

 

110

Capitalization of R&D incentive

 

(5)

​

(25)

​

(11)

 

(56)

Other income/(expenses)

 

—

​

—

​

—

 

36

Total Other Operating Income/(Expenses)

 

(11)

​

31

​

29

 

115

​

The other operating income for the six month period ended June 30, 2026, contains the R&D incentive in Australia and as from 2023 the tax incentive in Belgium as well. The incentives to be received relate to development expenses incurred by the subsidiary in Australia and Belgium. For the six month period ended June 30, 2026, €11,000 (2025: €56,000) has been deducted from the expenses capitalized in relation to this R&D incentive.