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Zynex Inc (NASDAQ: ZYXI), founded in 1996, is a trailblazer in the medical technology sector. The company designs, manufactures, and markets non-invasive medical devices aimed at pain management, rehabilitation, and patient monitoring. Operating through its subsidiaries, Zynex Medical, Zynex Monitoring Solutions, and Zynex NeuroDiagnostics, the company has a diverse product portfolio and a strong commitment to improving the quality of life for its patients.
Zynex Medical leads the charge in developing electrotherapy devices for home use, aiding in the treatment of chronic and acute pain while also facilitating muscle activation and rehabilitation. Their product lineup includes the likes of NexWave, NeuroMove, InWave, and E-Wave, all of which are FDA/CE cleared and commercially available.
Zynex Monitoring Solutions focuses on cardiac monitoring devices used in hospital settings. Although still in development, these products aim to revolutionize patient care by providing advanced monitoring solutions that are non-invasive and highly effective.
Zynex NeuroDiagnostics specializes in the development of devices for electromyography (EMG) and electroencephalography (EEG) applications within neurology. These cutting-edge diagnostic tools are designed to assist healthcare professionals in diagnosing and treating neurological conditions.
The company has made significant strides in recent years. In 2024, Zynex was recognized as the 9th among the Top 25 Medical Device Companies by The Healthcare Technology Report. This recognition underscores the company's influence and innovation within the medical technology landscape.
In terms of financial performance, Zynex has shown robust growth. For the fiscal year 2023, the company reported net revenues of $184.3 million, reflecting a 17% increase from the previous year. This growth is attributed to a 43% increase in device orders, highlighting the expanding reach and effectiveness of Zynex's sales strategy.
In addition to financial success, Zynex has introduced new products aimed at diversifying its revenue streams. The Zynex Pro Hybrid LSO, a versatile 3-in-1 spinal orthosis, and the Zynex DynaComp Cold Compression, a device combining cold therapy and compression, are recent additions that have received positive market feedback.
Looking ahead, Zynex is poised for continued growth and innovation. The company anticipates a 23% increase in net revenue for 2024, driven by new product introductions and an expanding direct sales force. With a focus on non-invasive, holistic approaches to pain management and patient care, Zynex aims to set new standards in the medical technology industry.
Zynex (NASDAQ: ZYXI) has announced a new partnership to conduct business with Veterans Affairs Medical Centers (VAMCs) across the United States. This collaboration gives Zynex access to the VA's extensive healthcare network, which spends over $112 billion annually on healthcare and serves over 9 million enrolled veterans.
The partnership encompasses 171 VAMCs and over 1,100 outpatient facilities, plus approximately 700 Military Treatment Facilities operated by the Department of Defense. Currently, less than 1% of Zynex's sales come from VAMCs, presenting a significant growth opportunity for the company's non-opioid pain management solutions.
Zynex (NASDAQ: ZYXI) has completed its clinical verification trial for the NiCO™ pulse oximeter at Duke University, marking a important milestone before FDA 510(k) submission. The device uses innovative laser technology to directly measure blood oxygenation levels, unlike traditional LED pulse oximeters that only provide estimates.
The NiCO technology aims to address accuracy issues present in current LED pulse oximeters, particularly for individuals with darker skin pigmentation. This development represents Zynex's strategic entry into the multi-billion dollar pulse oximetry market. The company will now proceed with final safety testing before submitting for FDA clearance.
Zynex (NASDAQ: ZYXI) has joined the Open Oximetry Project's Collaborative Community as an industry member. The project, led by UC San Francisco's Center for Health Equity in Surgery and Anesthesia, aims to improve pulse oximeter safety and accuracy across all populations. Zynex Monitoring Solutions is developing the NiCO™ pulse oximeter, which uses laser technology instead of traditional LED technology for more accurate blood oxygenation measurement, particularly addressing known inaccuracies in measuring oxygen levels in individuals with darker skin pigmentation. The company is in final verification studies before FDA 510(k) submission, targeting entry into the multi-billion dollar pulse oximetry market.
Zynex (NASDAQ: ZYXI) reported Q3 2024 financial results with net revenue of $50.0 million and net income of $2.4 million ($0.07 per diluted share). Orders increased 13% year-over-year, while revenue per sales rep grew 25% to $530,000. The company received FDA clearance for its new TensWave device. Gross profit was $39.8 million (80% margin), compared to $40.4 million (81%) in 2023. Cash flow from operations was $7.1 million, with cash and equivalents at $37.6 million. For Q4 2024, Zynex expects revenue of at least $53.6 million and diluted EPS of $0.09. Full-year 2024 guidance projects revenue of at least $200 million.
Zynex, Inc. (NASDAQ: ZYXI), a medical technology company specializing in non-invasive devices for pain management, rehabilitation, and patient monitoring, has announced its upcoming third quarter 2024 earnings call. The call is scheduled for Thursday, October 24, 2024, at 4:15 PM Eastern Time.
Key details for the earnings call include:
- Financial results will be released in a press release before the call
- Zynex management will host the call, followed by a Q&A session
- U.S. & Canada dial-in: 800-836-8184
- International dial-in: 646-357-8785
- Webcast link will be available
Participants are advised to call 5-10 minutes before the start time. A webcast link will also be provided on the Zynex investor relations website for those who prefer to stream the call.
Zynex (NASDAQ: ZYXI), a leading medical technology company, has announced its participation in the HC Wainwright Global Investment Conference from September 9-11, 2024. The company, known for its non-invasive medical devices for pain management, rehabilitation, and patient monitoring, will present a fireside chat on September 10 at 11:30 AM ET at the Lotte New York Palace Hotel.
The presentation will be webcast live and accessible to interested parties. Additionally, Dan Moorhead, CFO of Zynex, will be available for one-on-one meetings on September 9 and 10. This event provides an opportunity for investors and analysts to gain insights into Zynex's operations and future prospects in the medical technology sector.
Zynex Inc. (NASDAQ: ZYXI) has received FDA clearance for its new TensWave device, a prescription-only pain management solution. This portable device utilizes TENS therapy to provide effective pain relief without medication. The TensWave complements Zynex's flagship NexWave device, offering a high-quality TENS option that meets specific insurance reimbursement criteria.
CEO Thomas Sandgaard emphasized that TensWave fills a market gap and aligns with Zynex's commitment to comprehensive pain management. The device is designed for patients whose insurance plans exclusively cover TENS therapy, broadening Zynex's product portfolio and enhancing patient support. This FDA clearance marks another milestone in Zynex's mission to improve patient outcomes through innovative medical technology.
Zynex (NASDAQ: ZYXI) reported Q2 2024 financial results with revenue increasing 11% to $49.9 million. Key highlights include:
- Q2 2024 orders up 20% year-over-year, marking the ninth consecutive quarter of record orders
- Net income of $1.2 million; Diluted EPS $0.04
- Year-to-date cash flow from operations up 20% to $3.2 million
- $2.2 million in share repurchases during Q2
The company revised its 2024 guidance, now expecting revenue growth of approximately 9% compared to 2023. For Q3 2024, Zynex estimates revenue of at least $50 million and Diluted EPS of at least $0.05. The full year 2024 outlook projects net revenue of at least $200 million with Diluted EPS of at least $0.20 per share.
Zynex (NASDAQ: ZYXI), a medical technology company specializing in non-invasive devices for pain management, rehabilitation, and patient monitoring, has scheduled its second quarter 2024 earnings call for Thursday, July 25, 2024, at 4:15 PM Eastern Time. The company will release its financial results for the quarter ended June 30, 2024, prior to the call.
Investors can access the call via phone or webcast. The U.S. & Canada dial-in number is 800-930-7718, while the international number is 646-394-9830. A webcast link will also be available on the company's investor relations website. Participants are advised to join the call 5-10 minutes before the start time.
Zynex (NASDAQ: ZYXI), a leading medical technology firm, has been honored with multiple awards by Top Workplaces and U.S. News & World Report for 2024-2025. The Top Workplaces program recognized Zynex in its 2024 Manufacturing list, adding to its earlier USA and Regional awards, highlighting workplace culture excellence. U.S. News & World Report acknowledged Zynex with three accolades: Best in Pharmaceuticals and Health Products, Best Companies, and Best in the West based on metrics like pay, benefits, work/life balance, job stability, and career opportunities. These recognitions emphasize Zynex's commitment to employee well-being and professional development. CEO Thomas Sandgaard reaffirmed the company's focus on fostering a supportive work environment to drive business success, including order growth and new product approvals.
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