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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) has been recognized in The Power 500 Healthcare Technology Companies, ranking 27th among medical device firms. This accolade underscores Zynex's role as a leader in the healthcare technology sector, particularly in non-invasive medical devices for pain management and rehabilitation. CEO Thomas Sandgaard emphasized that this recognition is a testament to the company's operational performance and commitment to improving patient health. Zynex aims for continued innovation and growth in its offerings.
Zynex, Inc. (NASDAQ: ZYXI) reported record order growth for Q4 2022, with orders increasing by 48% compared to Q4 2021. This significant growth resulted in a 23% increase in full-year orders. CEO Thomas Sandgaard highlighted a 11% rise in orders over Q3 2022 as well. The company confirmed expected Q4 revenue between $48.0-$51.0 million and adjusted EBITDA of $10.0-$12.0 million. For the full year, revenue estimates are between $157.4-$160.4 million and adjusted EBITDA between $26.7-$28.7 million. The positive financial performance underscores Zynex's strong sales strategy and product demand.
Zynex, a medical technology company, announced a new $10 million share buyback program effective from November 1, 2022, to October 31, 2023. This move follows a prior $20 million repurchase already conducted in 2022. CEO Thomas Sandgaard stated the buyback reflects the company's strong balance sheet and aims to enhance shareholder value. The buyback will be executed under SEC regulations and is expected to be funded by existing cash without materially impacting capital levels. As of November 1, 2022, Zynex had 41.6 million shares issued.
Zynex, Inc. (Nasdaq: ZYXI) reported strong third-quarter 2022 results, achieving a 19% revenue increase year-over-year to $41.5 million. The company posted a net income of $4.9 million with a diluted EPS of $0.13 and an Adjusted EBITDA of $8.1 million. Cash from operations was $7.4 million. Zynex completed a $10 million share buyback, totaling $20 million year-to-date. Guidance for Q4 estimates revenue between $48-$51 million, anticipating a 23% increase from Q4 2021.
Zynex, Inc. (NASDAQ: ZYXI) will report its third quarter 2022 financial results on October 27, 2022, at 4:15 p.m. ET. A conference call and webcast will follow to discuss the results and provide corporate updates. Founded in 1996, Zynex specializes in non-invasive medical devices for pain management and rehabilitation. This announcement is part of their regular updates on financial performance.
Zynex, Inc. (NASDAQ: ZYXI) reported record order growth for Q3 2022, with a 34% increase compared to Q3 2021 and a 12% rise sequentially over Q2 2022. The company anticipates Q3 revenue between $40.0 million and $43.0 million, alongside an adjusted EBITDA of $7.0 million to $9.0 million. Zynex reaffirmed its full-year revenue guidance of $150 to $170 million and adjusted EBITDA of $25 to $35 million, attributing its success to strong cash collections and a productive sales force despite macroeconomic challenges.
Zynex, Inc. (NASDAQ: ZYXI) announced the initiation of a large-scale clinical trial for its CM-1600 blood loss detection system, in partnership with ClinCept, LLC., and LifeSouth Community Blood Center. This trial aims to evaluate the device's specificity and sensitivity during whole blood donation processes, with expected enrollment of 227 subjects, set to complete by early 2023. CEO Thomas Sandgaard highlighted the importance of these trials in building trust for their patented Relative Index. The results could significantly impact clinical application and market acceptance of the CM-1600.
Zynex, Inc. (Nasdaq: ZYXI), a leader in non-invasive medical devices, will participate in the H.C. Wainwright Annual Global Investment Conference on September 12, 2022, at 7am ET. The event will be held virtually, with access available through the company's investor relations website. Founded in 1996, Zynex specializes in pain management and rehabilitation devices, along with innovative patient monitoring systems. Investors can follow the company's updates through its official site.
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