Welcome to our dedicated page for Zynex news (Ticker: ZYXI), a resource for investors and traders seeking the latest updates and insights on Zynex stock.
Overview of Zynex Inc.
Zynex Inc. (NASDAQ: ZYXI), founded in 1996, is a medical technology company that develops, manufactures, and markets non-invasive medical devices aimed at improving patient outcomes in pain management, rehabilitation, and patient monitoring. With a mission to enhance the quality of life for individuals suffering from chronic pain, impaired mobility, and other debilitating conditions, Zynex operates through three key subsidiaries: Zynex Medical, Zynex Monitoring Solutions, and Zynex NeuroDiagnostics. The company’s innovative product portfolio caters to a diverse range of medical needs, from at-home electrotherapy devices to advanced diagnostic tools and hospital-based monitoring systems.
Core Business Model
Zynex generates revenue primarily through the sale of its FDA- and CE-cleared electrotherapy devices, which are designed for home use by patients suffering from chronic and acute pain. These devices utilize electrical stimulation to manage pain, improve mobility, and support rehabilitation. The company’s flagship products include the NexWave, a multi-modality electrotherapy device, and the newly FDA-cleared TensWave, which focuses on Transcutaneous Electrical Nerve Stimulation (TENS) therapy. Zynex also offers complementary products such as braces, hot/cold therapy devices, and compression systems, enhancing its value proposition as a comprehensive provider of non-invasive pain management solutions.
Subsidiaries and Product Segments
- Zynex Medical: Specializes in electrotherapy devices for pain management and rehabilitation. Its product line is fully developed, FDA/CE-cleared, and commercially available, making it the primary revenue driver for the company.
- Zynex Monitoring Solutions: Focuses on the development of advanced monitoring devices for hospital use, including cardiac monitoring systems and the innovative NiCO™ pulse oximeter, which utilizes laser technology for unparalleled accuracy in measuring blood oxygenation levels.
- Zynex NeuroDiagnostics: Develops devices for neuro-diagnostic applications, such as EMG and EEG systems, aimed at supporting neurological assessments and treatments. This division is currently in the development stage.
Market Position and Competitive Landscape
Zynex operates in the highly competitive medical device industry, where it faces competition from major players like Medtronic and Boston Scientific. However, the company differentiates itself through its focus on non-invasive, drug-free solutions, addressing the growing demand for alternatives to opioid-based pain management. Its strategic entry into the pulse oximetry market and partnerships with institutions like Veterans Affairs Medical Centers further bolster its market position and expand its customer base.
Significance in the Industry
Zynex’s commitment to innovation is evident in its robust R&D initiatives and FDA-cleared products. The company’s emphasis on non-opioid pain management aligns with broader healthcare trends, positioning it as a key player in addressing critical public health challenges. By combining advanced technology with a patient-centric approach, Zynex continues to make significant contributions to the medical device industry.
Zynex, Inc. (NASDAQ: ZYXI) has announced a community blood donation drive to be held on February 1, 2023, at its Englewood, CO headquarters in partnership with Vitalant. This initiative aims to address the critical shortage of blood while providing a unique opportunity for research. Participants will be monitored using Zynex's CM-1600 system during the donation, contributing to an IRB-approved clinical trial assessing the system's efficacy in detecting blood loss. The CM-1600 is currently under FDA review, building upon the CM-1500, which received FDA clearance in February 2020.
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.
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