Zynex Leases New Facility to Accommodate Growth

Rhea-AI Summary

Zynex, Inc. (NASDAQ: ZYXI) announced the leasing of a new 41,000 square foot facility to support the growth of its Zynex Monitoring Solutions (ZMS) division. This expansion reflects a 94% increase in headcount over the past year, emphasizing the company's commitment to advancing its patient monitoring devices. The 66-month lease will commence on July 1, 2023, and the facility is conveniently located near Zynex's headquarters in Englewood, Colorado. Thomas Sandgaard, CEO, stated that the additional space is crucial for upcoming regulatory submissions and future business developments.

Positive

• Leased a new 41,000 sq ft facility for ZMS growth.
• 94% increase in headcount in the monitoring division over the past year.
• Facility located near headquarters for operational efficiency.

Negative

• None.

ENGLEWOOD, Colo., Feb. 21, 2023 /PRNewswire/ -- Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, rehabilitation, and patient monitoring, today announced the lease of a new 41,000 square foot facility to accommodate Zynex Monitoring Solution's (ZMS) current and expected future growth.

"The considerable expansion of ZMS has led to the need for additional office, lab and production space," said Thomas Sandgaard, CEO and Founder of Zynex. "In the past year we've increased headcount in the monitoring division by 94%, and the growth is indicative of our commitment to the commercialization of our patient monitoring devices. We are looking forward to several upcoming regulatory submissions and believe the additional space will support the division for future developments."

The new ZMS facility is located within a quarter mile of Zynex Medical Headquarters on Maroon Drive in Englewood, Colorado, and the 66-month lease begins on July 1, 2023.

About Zynex, Inc.
Zynex, founded in 1996, develops, manufactures, markets, and sells medical devices used for pain management and rehabilitation as well as non-invasive fluid, sepsis, and laser-based pulse oximetry monitoring systems for use in hospitals. For additional information, please visit: www.zynex.com.

Safe Harbor Statement
This release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward looking statements. The Company makes no express or implied representation or warranty as to the completeness of forward-looking statements or, in the case of projections, as to their attainability or the accuracy and completeness of the assumptions from which they are derived. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain C.E. marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement for our products from health insurance companies, our dependence on third party manufacturers to produce our products on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the impact of COVID-19 on the global economy and other risks described in our filings with the Securities and Exchange Commission including but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2021 as well as our quarterly reports on Form 10-Q and current reports on Form 8-K.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contact: Zynex, Inc. (800) 495-6670
Investor Relations Contact:
Gilmartin Group
Investor Relations Counsel
ir@zynex.com

 

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SOURCE Zynex

FAQ

What is the significance of Zynex's new facility lease announced on February 21, 2023?

Zynex's new 41,000 sq ft facility will support the rapid growth of its Zynex Monitoring Solutions division and is critical for regulatory submissions.

How many employees has Zynex added to its monitoring division?

Zynex has increased its monitoring division headcount by 94% in the past year.

When does the lease for Zynex's new facility begin?

The lease for the new facility starts on July 1, 2023.

Where is Zynex's new facility located?

The new facility is located within a quarter mile of Zynex's headquarters in Englewood, Colorado.

What is the expected duration of the new facility lease for Zynex?

The new lease is set for a duration of 66 months.