Zynex Inc. develops, manufactures, markets, and sells non-invasive medical devices used for pain management, rehabilitation, and patient monitoring. Company updates have focused on financial results, payer and billing procedures, revenue and cash-flow performance, sales-force changes, and product activity in patient monitoring, including pulse oximetry.
Zynex news also covers governance and corporate-status developments, including board and leadership changes, compliance initiatives, strategic alternatives, and the company's court-supervised financial restructuring. Later regulatory disclosures document that the reorganization became effective and that the prior publicly traded common stock was cancelled.
Summary not available.
Zynex reported strong financial results for Q4 and full year 2021, with a 63% increase in annual revenue to $130.3 million and a 58% rise in Q4 revenue to $40.4 million. Net income surged 398% in Q4 to $8.9 million, yielding a diluted EPS of $0.23. The company achieved its 6th consecutive year of profitability with a cash balance of $42.6 million. For 2022, revenue guidance is set between $150-$170 million, despite challenges in hiring sales representatives due to labor market conditions.
Zynex, a medical technology company, announced it does not expect material revenue changes in 2022 following United Healthcare's decision to switch its prescription coverage. CEO Thomas Sandgaard emphasized that most of Zynex's business comes from out-of-network coverage, minimizing the impact of this shift. The mutual decision to terminate the contract allows Zynex to continue offering its NexWave device as a non-addictive pain solution. A conference call will take place on February 24, 2022, to discuss fourth-quarter and full-year results.
Zynex, Inc. (Nasdaq: ZYXI) announced it will report its fourth quarter and full-year 2021 financial results on February 24, 2022. Management will host a conference call and webcast at 2:15 p.m. MT / 4:15 p.m. ET to discuss these results and provide a corporate update. The company specializes in non-invasive medical devices for pain management and rehabilitation. Interested participants can register for the webcast through the provided link.
Zynex, a medical technology company, announced the addition of post-operative and osteoarthritis knee braces to its product line, enhancing its offerings in pain and rehabilitation. With over 10.4 million knee injuries annually, these braces can reduce pain and improve mobility for patients. The company aims to diversify its revenue and has begun training its nationwide sales force on these new products, which are commonly reimbursed by health insurers. CEO Thomas Sandgaard expressed optimism for the expansion, indicating a strategic focus on orthopedic solutions.
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.