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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) announced its participation in an analyst-led fireside chat at RBC Capital Markets' 2024 Medical Device Strategy & Innovation Call on June 13, 2024. The discussion will feature Shagun Singh, Medical Supplies & Devices Analyst at RBC Capital Markets, and Thomas Sandgaard, Chairman, President & CEO of Zynex. The event, set for 11:00 AM to 12:00 PM ET, will be available via webcast with registration required. A replay will be accessible for two weeks post-event.
Zynex, Inc. (NASDAQ: ZYXI) will present at the RBC Capital Markets Global Healthcare Conference on May 15, 2024. The presentation will cover the company's non-invasive medical devices for pain management, rehabilitation, and patient monitoring. Dan Moorhead, CFO, will be available for one-on-one meetings. The event will be held at the InterContinental Barclay Hotel in New York, NY, and webcast live.
Zynex, Inc. (NASDAQ: ZYXI) has announced that two of its executives, Anna Lucsok, Chief Operating Officer, and Steve Fox, Vice President of Sales, have been recognized among the Top 25 Medical Device Executives by The Healthcare Technology Report. This recognition showcases the high caliber of talent within Zynex, emphasizing their expertise in managing product portfolios and leading departments.
Zynex, Inc. (NASDAQ: ZYXI) reported Q1 2024 revenue of $46.5 million, a 10% increase. Despite revenue underperformance due to delayed payments from insurers post a cyber incident, Zynex remains confident in its full-year revenue forecast. The company saw a net income of $10,000 and repurchased $13.4 million of common stock. New FDA approvals, product launches, and revenue diversification through therapy products show promising growth prospects for Zynex in 2024.
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