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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, Inc. (NASDAQ: ZYXI) reported a strong performance in Q4 2021, achieving an 18% year-over-year order growth and an estimated revenue of $40.0 to $43.0 million. The company expects a significant increase in Adjusted EBITDA, estimating $12.5 to $13.5 million for Q4, marking a 280% year-over-year increase. For 2021, Zynex estimates total revenues between $130.0 and $133.0 million, a rise of 62% to 66% from 2020. The successful acquisition of Kestrel Labs and sales rep productivity enhancement are additional noteworthy achievements.
Zynex, Inc. (NASDAQ: ZYXI) has initiated enrollments in a clinical trial for its fluid monitoring system, CM-1500, aimed at enhancing performance characterization during apheresis blood donation. Conducted at Vitalant Research Institute, the trial will monitor changes in the device's patented Relative Index. The CM-1500 received FDA clearance in February 2020, and the company is focused on building clinical evidence for this technology. Zynex is also preparing for the next-generation device (CM-1600) FDA submission, reinforcing its commitment to innovate in non-invasive monitoring solutions.
Zynex, Inc. (NASDAQ: ZYXI) has filed for a utility patent for its innovative noninvasive sepsis monitor, following a provisional patent application in January 2021. The monitor aims to provide advanced warning of sepsis onset, which affects over 1.7 million adults in the U.S. annually and results in approximately 300,000 deaths. CEO Thomas Sandgaard highlighted the monitor's potential to improve patient outcomes by measuring conditions noninvasively and facilitating timely intervention.
Zynex, Inc. (NASDAQ: ZYXI) announced the submission of a 510(k) application to the FDA for its CM-1600 fluid monitoring system, enhancing the existing CM-1500 model. This next-generation device features wireless connectivity and aims to optimize fluid management in patients at risk of hemorrhagic events. CEO Thomas Sandgaard emphasized its potential for improved patient care. The FDA submission is a critical step in advancing the technology, which promises superior accuracy in monitoring before, during, and after surgeries.
Zynex (NASDAQ: ZYXI) announced the acquisition of Kestrel Labs for approximately $31 million, finalized on December 22, 2021. The deal comprises $16 million in cash and $15 million in Zynex stock. Kestrel Labs specializes in laser-based patient monitoring technologies, including the NiCO CO-Oximeter and HemeOx, both pending FDA clearance. The acquisition aims to enhance Zynex's noninvasive monitoring portfolio, potentially leading to improved patient care by offering continuous and accurate hemoglobin monitoring.
Zynex (NASDAQ: ZYXI) has commenced enrollments for a hemodialysis clinical trial using its CM-1500 fluid monitoring system, which received FDA clearance in February 2020. Conducted at DaVita Clinical Research clinics, the trial aims to assess changes in the device's patented Relative Index during hemodialysis. This initiative seeks to refine Zynex's medical technology and advance its monitoring division. The study targets operating and recovery rooms where fluid balance is crucial, expected to complete enrollments by Q1 2022.
ENGLEWOOD, Colo., Nov. 24, 2021 /PRNewswire/ -- Zynex, a medical technology company, announced its participation in the Piper Sandler 33rd Annual Virtual Healthcare Conference. The event will feature presentations from November 22 to December 2, 2021, accessible to registered attendees. One-on-one meetings will take place from November 29 to December 2, with requests managed through Piper Sandler. Zynex specializes in non-invasive devices for pain management and rehabilitation, including its NeuroMove device for stroke recovery.
Zynex, Inc. (NASDAQ: ZYXI) has been recognized as the 7th fastest-growing medical device company in revenue growth in the U.S. and Canada according to Deloitte's 2021 Technology Fast 500. The company reported a staggering 242% revenue increase from 2017 to 2020, culminating in $80.1 million in 2020. For 2021, Zynex estimates its revenue will reach between $130.0 million and $133.0 million. This accolade highlights Zynex’s commitment to innovation and growth in the medical technology sector.
Zynex, Inc. (NASDAQ: ZYXI) has declared a one-time special cash dividend of $0.10 per share and a 10% stock dividend. These dividends are payable to all common stockholders of record as of the close of business on January 6, 2022, with payments expected on or about January 21, 2022. The cash dividend is projected to total approximately $3.5 million, while the stock dividend will issue about 3.5 million additional shares. CEO Thomas Sandgaard emphasized the company's strong financial position and commitment to rewarding shareholders.
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