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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, a medical technology firm, has appointed Donald Gregg as the new Vice President of Sales and Operations for its Monitoring Solutions Division. He is tasked with leading the development and marketing of the CM-1500 Blood Volume Monitor, which received FDA clearance in 2020. CEO Thomas Sandgaard expressed confidence in Gregg's ability to enhance product offerings and sales strategies. The division aims to set new standards for detecting internal bleeding. Gregg's extensive background includes roles at Smith Medical and Medtronic, where he achieved significant sales growth.
Zynex, Inc. (Nasdaq: ZYXI) has announced it will host its first quarter earnings investor webcast on April 29, 2021, at 2:15 p.m. MT (4:15 p.m. ET). The company specializes in non-invasive medical devices for pain management and rehabilitation. Participants can register through the provided link or dial in 10-15 minutes prior to the webcast. Founded in 1996, Zynex designs electrotherapy devices and has developed a proprietary NeuroMove device for stroke recovery.
Zynex, Inc. (NASDAQ: ZYXI) reported a remarkable 140% year-over-year order growth for Q1 2021. The company confirmed revenue estimates for the quarter between $23.0 million and $24.5 million, alongside an estimated Adjusted EBITDA loss of $0.5 million to $1.5 million. For the full year 2021, Zynex anticipates revenues between $135.0 million and $150.0 million, marking a 68% to 87% increase from 2020's revenue of $80.1 million. The company is actively expanding its sales team to promote its prescription-strength NexWave device as a safe alternative for pain management.
Zynex, Inc. (NASDAQ: ZYXI) has announced its relocation to a new corporate headquarters in Englewood, Colorado, expanding its space from 86,000 square feet to 110,754 square feet. The new lease, effective May 3, 2021, spans 84 months and includes an option for an additional 56,158 square feet. CEO Thomas Sandgaard highlighted competitive lease rates and significant rent credits that enhance the company's financial position. This move aligns with Zynex's growth in manufacturing and sales of non-invasive medical devices for pain management and rehabilitation.
Zynex, Inc. (NASDAQ: ZYXI) has initiated a $10.0 million share buyback program aimed at enhancing shareholder value. Announced on March 8, 2021, the program will commence immediately and conclude by September 8, 2021, or once the buyback limit is reached. Zynex's leadership, including President and CEO Thomas Sandgaard, expressed confidence in the company's growth prospects and stated that the current market valuation does not reflect its true value. The buybacks will be funded through existing cash and are expected to have no material impact on the company’s capital levels.
Zynex reported a remarkable 76% revenue increase for 2020, totaling $80.1 million. Fourth quarter revenue also surged by 81% to $25.6 million, with a net income of $1.8 million and adjusted EBITDA of $3.4 million. The company maintains a strong cash position with $39.2 million on hand. For 2021, Zynex projects revenue between $135 million and $150 million, indicating a potential growth of 68% to 87% compared to 2020. Despite anticipated challenges in Q1 due to seasonal factors, the company expects profitability to improve throughout the year.
Zynex, Inc. (Nasdaq: ZYXI), a leader in medical technology, announced an earnings webcast for Q4 and full-year 2020 on February 25, 2021, at 2:15 p.m. MT (4:15 p.m. ET). The webcast will cover their financial performance, although specific metrics were not disclosed in the PR. Stakeholders can register to attend the event online or via the provided dial-in numbers. Zynex specializes in non-invasive medical devices for pain management and rehabilitation.
Zynex, Inc. (NASDAQ: ZYXI) has promoted Anna Lucsok to Chief Operating Officer of Zynex Medical as of January 28, 2021, succeeding Joseph Papandrea. Lucsok, who previously served as Vice President of Reimbursement and Sales Operations, has extensive experience in healthcare operations and has significantly contributed to the company's sales and patient experience improvements. CEO Thomas Sandgaard expressed gratitude for Papandrea's contributions and optimism for Lucsok's leadership in driving growth and success in the company's operations.
Zynex, Inc. (NASDAQ: ZYXI) announced the filing for a provisional patent for a noninvasive sepsis monitor aimed at improving early detection of sepsis, a critical condition affecting over 1.7 million adults annually in the U.S. The monitor is designed to significantly enhance patient monitoring by providing advanced warnings of deteriorating health conditions due to sepsis. This innovation is expected to save lives and complement Zynex's existing CM-1500 Blood Volume Monitor, enhancing their product portfolio in medical technology.
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