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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 remarkable 117% year-over-year growth in orders for Q4 2020, concluding the year with a 96% increase in orders despite the challenges posed by COVID-19. The company anticipates Q4 revenue between $25.5 million and $26.5 million, with an Adjusted EBITDA estimate of $3.1 million to $4.1 million. Zynex's full-year revenue is projected to be $80 million to $81 million, up 76% to 78% from last year. The company also increased its sales force to over 500 reps, aiming for approximately 600 by year-end 2021.
Zynex, Inc (NASDAQ: ZYXI) announced the acquisition of a second U.S. Utility patent for its Blood Volume Monitor Device, enhancing protection for its non-invasive technology. Inventor Thomas Sandgaard has assigned the patent to Zynex Monitoring Solutions. This innovation aims to address the critical need for managing patient blood volume in surgical contexts, particularly regarding internal bleeding in recovery and intensive care units. The FDA-cleared CM-1500 device is currently in full production.
Zynex, Inc. (NASDAQ: ZYXI) has been recognized as the 13th fastest-growing medical device company in North America by Deloitte's 2020 Technology Fast 500, with a remarkable revenue growth of 242% from 2016 to 2019. In 2019, Zynex reported revenues of $45.5 million and projects 2020 revenues between $80.0 million and $81.0 million. This accolade highlights Zynex's commitment to innovation in non-invasive medical devices, including pain management and stroke rehabilitation products.
Zynex, Inc. (NASDAQ: ZYXI) announced its participation in the Piper Sandler 32nd Annual Virtual Healthcare Conference set for November 23 to December 3. Registered attendees can access presentations via the conference site, while 1X1 meetings are scheduled from December 1-3 and can be requested through Piper Sandler. Founded in 1996, Zynex specializes in non-invasive medical devices for pain management, stroke rehabilitation, and cardiac monitoring. For more details, visit Zynex.com.
Zynex reported third-quarter 2020 results with revenue reaching $20.0 million, a 69% year-over-year increase. The company achieved a net income of $1.3 million with diluted EPS at $0.04. Orders surged 96% compared to the same quarter in 2019. Adjusted EBITDA was $2.4 million, with working capital increasing to $50.3 million. For the full year, Zynex estimates revenue between $80 million and $81 million, reflecting an increase of 76% to 78% over 2019. The company remains optimistic despite COVID-19 challenges, emphasizing growth strategies and sales force expansion.
Zynex, Inc. (NASDAQ: ZYXI) announced the appointment of Neil Friery as President and COO of its Monitoring Solutions Division. This division focuses on non-invasive medical devices, including the CM-1500 Blood Volume Monitor, which received FDA clearance earlier this year. Founder and CEO Thomas Sandgaard expressed confidence in Friery's leadership, anticipating advancements in early detection technology for internal bleeding. Friery brings experience from Zimmer Biomet, where he significantly increased revenue in the Surgical Division.
Zynex, a medical technology company, announced its 2020 third quarter earnings investor webcast scheduled for October 27, 2020, at 2:15 p.m. MT (4:15 p.m. ET). The company specializes in non-invasive medical devices for pain management and rehabilitation. Interested participants can register via their provided link or dial in. Zynex is also known for its proprietary NeuroMove device for stroke recovery and plans to develop a new blood volume monitor for hospitals. For further inquiries, contact details are provided.
Zynex, Inc. (NASDAQ: ZYXI) reported a 96% year-over-year order growth for Q3 2020, and 87% sequential growth. However, orders were below previous projections due to COVID-19 impacts. The revenue estimate for Q3 is now $20.0 to $20.5 million, down from $22.3 to $22.8 million. Full-year revenue is projected between $80 to $81 million, reflecting a 76% to 78% increase from last year. Adjusted EBITDA estimates have been revised down to $12.5 to $13.5 million due to increased hiring of sales reps, linked to the pandemic's effects on revenue.
Zynex, Inc. (NASDAQ: ZYXI) announced the lease of a new 50,488 square foot warehouse facility to accommodate its expanding manufacturing and inventory needs. The company reported an order growth of 84% in 2019 and 76% in the first half of 2020, despite COVID-19 challenges. The new facility, located close to headquarters, will enhance inventory capacity by three to five times and support growing operations. The lease lasts 65 months, commencing upon completion of tenant improvements or by January 15, 2021.
Zynex, Inc. (NASDAQ: ZYXI), a leader in non-invasive medical devices, announced it has reached 400 sales representatives in the U.S., surpassing its target of 400 ahead of the September 30 deadline. The company aims to increase this number to 500 by the end of 2020 and over 600 by the end of 2021. CEO Thomas Sandgaard highlighted the opportunity presented by increased unemployment due to COVID-19, improving rep productivity, and positioning the NexWave device as a non-opioid treatment option. Zynex focuses on advocating for pain management solutions to reduce addiction risks.
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