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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 reported a strong first quarter for 2022, with revenue increasing 29% year-over-year to $31.1 million. Net income soared 296% to $1.4 million, resulting in a diluted EPS of $0.03. Adjusted EBITDA surged 897% to $3.1 million. The company announced a $10 million share buyback program signaling confidence in its long-term strategy. For 2022, Zynex estimates full-year revenue between $150-$170 million and adjusted EBITDA of $25-$35 million.
Zynex, a medical technology company, will release its first quarter 2022 financial results on April 28, 2022. The conference call and webcast will be held at 4:15 p.m. ET to discuss the results and provide a corporate update. Zynex specializes in non-invasive medical devices for pain management and patient monitoring. For further details on the event, interested parties can register through a provided link.
Zynex, Inc. (NASDAQ: ZYXI) announced a $10 million share buyback program, effective from April 12, 2022 to April 11, 2023, aimed at enhancing shareholder value. CEO Thomas Sandgaard expressed confidence in the company’s growth potential, stating that the current market value does not reflect its true value. The buybacks will occur in the open market and will be funded through existing cash balances, without a significant impact on capital levels. As of April 8, 2022, the company had approximately 39.8 million shares outstanding.
Zynex, Inc. (NASDAQ: ZYXI) reported preliminary Q1 2022 revenue ranging from $30.5 to $31.5 million, reflecting a 26% year-over-year increase, and adjusted EBITDA of $3.0 to $4.0 million, an approximately 900% rise. The company maintains its full-year 2022 guidance of $150 to $170 million in revenue and adjusted EBITDA between $25 and $35 million. The pain management division achieved a 3% growth in orders year-over-year despite a reduced sales force. New product additions, including knee braces, boosted orders significantly, with the highest orders recorded in March 2022.
Zynex reported strong financial results for Q4 and full year 2021, with a 63% increase in annual revenue to $130.3 million and a 58% rise in Q4 revenue to $40.4 million. Net income surged 398% in Q4 to $8.9 million, yielding a diluted EPS of $0.23. The company achieved its 6th consecutive year of profitability with a cash balance of $42.6 million. For 2022, revenue guidance is set between $150-$170 million, despite challenges in hiring sales representatives due to labor market conditions.
Zynex, a medical technology company, announced it does not expect material revenue changes in 2022 following United Healthcare's decision to switch its prescription coverage. CEO Thomas Sandgaard emphasized that most of Zynex's business comes from out-of-network coverage, minimizing the impact of this shift. The mutual decision to terminate the contract allows Zynex to continue offering its NexWave device as a non-addictive pain solution. A conference call will take place on February 24, 2022, to discuss fourth-quarter and full-year results.
Zynex, Inc. (Nasdaq: ZYXI) announced it will report its fourth quarter and full-year 2021 financial results on February 24, 2022. Management will host a conference call and webcast at 2:15 p.m. MT / 4:15 p.m. ET to discuss these results and provide a corporate update. The company specializes in non-invasive medical devices for pain management and rehabilitation. Interested participants can register for the webcast through the provided link.
Zynex, a medical technology company, announced the addition of post-operative and osteoarthritis knee braces to its product line, enhancing its offerings in pain and rehabilitation. With over 10.4 million knee injuries annually, these braces can reduce pain and improve mobility for patients. The company aims to diversify its revenue and has begun training its nationwide sales force on these new products, which are commonly reimbursed by health insurers. CEO Thomas Sandgaard expressed optimism for the expansion, indicating a strategic focus on orthopedic solutions.
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