Zynex Reports 83% Order Growth for July and August

Rhea-AI Summary

Zynex, a medical technology company, reported an 83% increase in aggregate orders for July and August 2020 compared to the previous year, surpassing the 37% growth in Q2 2020. The company’s full-year revenue estimate is $80 to $85 million, marking a 76% to 87% rise from 2019's $45.5 million. Zynex emphasizes the demand for its NexWave device as a non-opioid pain management solution, and continues expanding its sales force across the U.S. The estimated adjusted EBITDA for 2020 is $15 to $18 million.

Positive

• 83% year-over-year order growth in July and August.
• Full-year revenue estimate of $80 to $85 million, up 76% to 87% from last year.
• Estimated adjusted EBITDA of $15 to $18 million for 2020.
• Continued expansion of sales force to enhance market reach.

Negative

• None.

ENGLEWOOD, Colo., Sept. 3, 2020 /PRNewswire/ -- Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in manufacturing and selling non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today announced order growth for July and August 2020.

Aggregate orders in July and August were 83% above the prior year July and August aggregate and well above the 37% growth in the second quarter of 2020.

Thomas Sandgaard, CEO of Zynex said: "In June, as many cities re-opened their doors for business, we have seen consistent order growth and it has continued in the third quarter as we posted 83% year-over-year order growth in July and August as we move closer to pre-COVID-19 sales rep productivity levels. We don't typically give order growth updates on a monthly basis but we thought it was important to share our progress as business returns to normal. Our continued order growth during this pandemic shows the strength of relationships our sales force has with many prescribers and the need for them to prescribe non-opioid, non-addictive prescription strength solutions for their patients in pain."

The Company's full year 2020 revenue estimate is between $80 and $85 million which is approximately 76% to 87% above last year's full year revenue of $45.5 million.

2020 full year estimated adjusted EBITDA is $15.0 to $18.0 million.

Our prescription-strength NexWave device is a healthy alternative to prescribing opioids as the first line of defense when treating pain. We continue to add additional sales reps in territories throughout the US that we have not covered previously.

We continue to advocate for pain patients, and for physicians to prescribe our NexWave technology as the first line of defense in treating chronic and acute pain without side effects. We are dedicated to promoting our technology in an effort to remove patient addiction and other side effects from prescription opioids."

About Zynex 
Zynex, founded in 1996, markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation; and the Company's proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients. Zynex is also developing a new blood volume monitor for use in hospitals and surgery centers.  For additional information, please visit: 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, forecasts, 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 CE 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 goods 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 our Annual Report on Form 10-K for the year ended December 31, 2019 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.
(303) 703-4906

Investor Relations Contact:
Amato and Partners, LLC
Investor Relations Counsel
admin@amatoandpartners.com

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SOURCE Zynex

FAQ

What is Zynex's order growth for July and August 2020?

Zynex reported an 83% increase in aggregate orders for July and August 2020 compared to the same period in the prior year.

What are Zynex's revenue projections for 2020?

Zynex estimates its full-year revenue will be between $80 million and $85 million.

How does Zynex's 2020 revenue estimate compare to last year?

The revenue estimate represents a 76% to 87% increase over last year's revenue of $45.5 million.

What is the estimated adjusted EBITDA for Zynex in 2020?

Zynex's estimated adjusted EBITDA for 2020 is between $15 million and $18 million.

What role does the NexWave device play in Zynex's product offerings?

The NexWave device is presented as a non-opioid, non-addictive solution for pain management.