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Zynex Reports Fourth Quarter and Full Year 2024 Financial Results

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Zynex (NASDAQ: ZYXI) reported its Q4 and full-year 2024 financial results, showing mixed performance. Full-year 2024 highlights include a 4% revenue increase to $192.4 million, net income of $3.0 million (EPS $0.09), and operating cash flow of $12.7 million.

However, Q4 2024 showed challenges with revenue declining to $46.0 million from $47.3 million year-over-year, resulting in a net loss of ($0.6) million. A significant development is Tricare's temporary payment suspension, affecting 20-25% of annual revenue. In response, Zynex is implementing a 15% staff reduction and other cost-cutting measures, expected to save approximately $35 million annually.

The company received FDA clearance for its new TensWave device and completed positive clinical trials for the NiCO laser pulse oximeter at Duke University. For Q1 2025, Zynex projects revenue of at least $30 million with an expected loss per share of ($0.30) or better.

Zynex (NASDAQ: ZYXI) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. I punti salienti dell'anno intero 2024 includono un aumento del fatturato del 4% a 192,4 milioni di dollari, un utile netto di 3,0 milioni di dollari (EPS 0,09) e un flusso di cassa operativo di 12,7 milioni di dollari.

Tuttavia, il quarto trimestre del 2024 ha mostrato delle difficoltà con un fatturato in calo a 46,0 milioni di dollari rispetto ai 47,3 milioni di dollari dell'anno precedente, risultando in una perdita netta di ($0,6) milioni. Un sviluppo significativo è la sospensione temporanea dei pagamenti da parte di Tricare, che influisce sul 20-25% del fatturato annuale. In risposta, Zynex sta attuando una riduzione del personale del 15% e altre misure di contenimento dei costi, che si prevede porteranno a un risparmio di circa 35 milioni di dollari all'anno.

L'azienda ha ricevuto l'approvazione della FDA per il suo nuovo dispositivo TensWave e ha completato trial clinici positivi per il pulsossimetro laser NiCO presso la Duke University. Per il primo trimestre del 2025, Zynex prevede un fatturato di almeno 30 milioni di dollari con una perdita per azione prevista di ($0,30) o migliore.

Zynex (NASDAQ: ZYXI) informó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto. Los aspectos destacados del año completo 2024 incluyen un aumento del 4% en los ingresos a 192,4 millones de dólares, una ganancia neta de 3,0 millones de dólares (EPS 0,09) y un flujo de efectivo operativo de 12,7 millones de dólares.

Sin embargo, el cuarto trimestre de 2024 mostró desafíos con una disminución de los ingresos a 46,0 millones de dólares desde 47,3 millones de dólares en comparación con el año anterior, resultando en una pérdida neta de ($0,6) millones. Un desarrollo significativo es la suspensión temporal de pagos de Tricare, que afecta entre el 20 y el 25% de los ingresos anuales. En respuesta, Zynex está implementando una reducción del 15% en su personal y otras medidas de reducción de costos, que se espera ahorren aproximadamente 35 millones de dólares anuales.

La compañía recibió la aprobación de la FDA para su nuevo dispositivo TensWave y completó ensayos clínicos positivos para el oxímetro de pulso láser NiCO en la Universidad de Duke. Para el primer trimestre de 2025, Zynex proyecta ingresos de al menos 30 millones de dólares con una pérdida esperada por acción de ($0,30) o mejor.

자이넥스 (NASDAQ: ZYXI)는 2024년 4분기 및 연간 재무 결과를 발표하였으며, 혼합된 성과를 보였습니다. 2024년 전체 하이라이트에는 4%의 수익 증가로 1억 9240만 달러, 순이익 300만 달러 (EPS 0.09), 운영 현금 흐름 1270만 달러가 포함됩니다.

그러나 2024년 4분기에는 수익이 전년 대비 4730만 달러에서 4600만 달러로 감소하여 순손실이 ($60만) 발생했습니다. 중요한 발전으로는 Tricare의 일시적인 지불 중단이 있으며, 이는 연간 수익의 20-25%에 영향을 미칩니다. 이에 따라 자이넥스는 15%의 인력 감축과 기타 비용 절감 조치를 시행하고 있으며, 연간 약 3500만 달러를 절감할 것으로 예상됩니다.

회사는 새로운 TensWave 장치에 대한 FDA 승인을 받았으며, 듀크 대학교에서 NiCO 레이저 맥박 산소 측정기에 대한 긍정적인 임상 시험을 완료했습니다. 2025년 1분기에는 최소 3000만 달러의 수익을 예상하며, 주당 손실은 ($0.30) 또는 그보다 나은 수준이 될 것으로 보입니다.

Zynex (NASDAQ: ZYXI) a annoncé ses résultats financiers pour le quatrième trimestre et l'année entière 2024, montrant des performances mixtes. Les points forts de l'année entière 2024 comprennent une augmentation des revenus de 4% à 192,4 millions de dollars, un bénéfice net de 3,0 millions de dollars (EPS 0,09) et un flux de trésorerie opérationnel de 12,7 millions de dollars.

Cependant, le quatrième trimestre 2024 a montré des défis avec des revenus en baisse à 46,0 millions de dollars, contre 47,3 millions de dollars l'année précédente, entraînant une perte nette de ($0,6) millions. Un développement significatif est la suspension temporaire des paiements de Tricare, affectant 20 à 25 % des revenus annuels. En réponse, Zynex met en œuvre une réduction de 15 % de son personnel et d'autres mesures de réduction des coûts, qui devraient permettre d'économiser environ 35 millions de dollars par an.

L'entreprise a reçu l'approbation de la FDA pour son nouvel appareil TensWave et a terminé des essais cliniques positifs pour le oxymètre de pouls laser NiCO à l'Université de Duke. Pour le premier trimestre 2025, Zynex prévoit des revenus d'au moins 30 millions de dollars avec une perte par action attendue de ($0,30) ou mieux.

Zynex (NASDAQ: ZYXI) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Die Höhepunkte des Gesamtjahres 2024 umfassen einen Umsatzanstieg von 4% auf 192,4 Millionen Dollar, ein Nettoergebnis von 3,0 Millionen Dollar (EPS 0,09) und einen operativen Cashflow von 12,7 Millionen Dollar.

Im vierten Quartal 2024 gab es jedoch Herausforderungen, da der Umsatz auf 46,0 Millionen Dollar von 47,3 Millionen Dollar im Vorjahr zurückging, was zu einem Nettoverlust von ($0,6) Millionen führte. Eine bedeutende Entwicklung ist die vorübergehende Zahlungsunterbrechung von Tricare, die 20-25% des Jahresumsatzes betrifft. Als Reaktion darauf implementiert Zynex eine Reduzierung des Personals um 15% und andere Kostensenkungsmaßnahmen, die voraussichtlich jährlich etwa 35 Millionen Dollar einsparen werden.

Das Unternehmen erhielt die FDA-Zulassung für sein neues TensWave-Gerät und schloss positive klinische Studien für den NiCO-Laser-Puls-Oximeter an der Duke University ab. Für das erste Quartal 2025 prognostiziert Zynex einen Umsatz von mindestens 30 Millionen Dollar mit einem erwarteten Verlust pro Aktie von ($0,30) oder besser.

Positive
  • 16% year-over-year increase in FY 2024 orders
  • Positive operating cash flow of $12.7 million in 2024
  • Strong gross margin maintained at 80% for FY 2024
  • FDA clearance received for new TensWave device
  • Successful completion of NiCO laser pulse oximeter clinical trials
Negative
  • Q4 2024 net loss of $0.6 million compared to $1.2 million profit in Q4 2023
  • Tricare payment suspension affecting 20-25% of annual revenue
  • 15% workforce reduction implemented
  • Q4 revenue declined 2.7% year-over-year to $46.0 million
  • Adjusted EBITDA decreased to $10.9M in 2024 from $22.3M in 2023
  • Net income dropped to $3.0M in 2024 from $9.7M in 2023

Insights

Zynex's Q4 and FY 2024 results reveal significant operational challenges despite modest top-line growth. The company's annual revenue increased by 4% to $192.4 million, but net income plummeted 69% to $3.0 million ($0.09 EPS vs $0.27 in 2023). Q4 was particularly concerning, with revenue declining 2.7% year-over-year and a $0.6 million net loss.

The primary driver of this deterioration is Tricare's temporary payment suspension pending claims review—critical since Tricare represents 20-25% of annual revenue. This payment interruption has forced aggressive cost-cutting measures, including a 15% workforce reduction and other expense cuts expected to save $35 million annually.

Q1 2025 guidance suggests continued pressure with projected revenue of at least $30 million (a significant sequential decline) and an expected loss of $0.30 per share. The company maintains $39.6 million in cash, but operating cash flow decreased from $17.8 million in 2023 to $12.7 million in 2024.

While Zynex's fundamentals show some strength—80% gross margins, 16% order growth year-over-year, and FDA clearance for its new TensWave device—the Tricare situation creates substantial revenue uncertainty. Management appears to be taking appropriate cost-control measures, but until the Tricare issue is resolved (with a meeting scheduled for April), Zynex faces significant headwinds that will impact at least first-half 2025 performance.

Zynex's clinical and product development progress represents a bright spot amid financial challenges. The FDA clearance for the TensWave device expands their pain management portfolio at a important time when the company needs new revenue streams. More significantly, the successful completion of the NiCO laser pulse oximeter trial at Duke University addresses a critical healthcare disparity—the documented inaccuracy of conventional LED pulse oximeters in patients with darker skin pigmentation.

This technological advancement positions Zynex favorably in the patient monitoring segment, where precision measurement can directly impact clinical decision-making and patient outcomes. The laser-based technology represents a meaningful improvement over current standards and could eventually capture market share from existing pulse oximetry devices if the company can navigate its near-term financial constraints.

However, Zynex's product innovations are operating against a challenging backdrop. The company is clearly pivoting to a more defensive posture, prioritizing expense management over aggressive expansion. The 15% workforce reduction, primarily affecting corporate departments rather than R&D, suggests management is trying to preserve innovation capacity while eliminating administrative overhead.

The payer diversification strategy mentioned in the release is prudent but faces timing challenges—new payer relationships typically take 6-12 months to materially impact revenue. This creates a potential gap between the Tricare revenue disruption and the realization of new payer revenue that will likely constrain Zynex's ability to commercialize its new technologies in the immediate term.

ENGLEWOOD, Colo., March 11, 2025 /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 reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

Key Highlights and Business Update

  • FY 2024 orders increased 16% year-over-year
  • FY 2024 net revenue increased 4% to $192.4 million
  • FY 2024 net income of $3.0 million; Diluted EPS $0.09
  • FY 2024 cash flow from operations of $12.7 million
  • Received FDA Clearance for new TensWave device

Management Commentary 

"In the fourth quarter of 2024 we continued our steady growth in orders and delivered another year of revenue growth and profitability," said Thomas Sandgaard, President and CEO of Zynex. "We generated $12.7 million of positive cash flow from operations and $10.9 million of Adjusted EBITDA in 2024.

"Our fourth quarter revenue was less than expected. The shortfall was due to slower than normal payments from certain payers and we were recently notified that Tricare has temporarily suspended payments as they review prior claims. We continue to be in-network and have maintained good relations with Tricare. We have a meeting with Tricare in April and believe we have good evidence to get payments reinstated.  TriCare currently represents approximately 20-25% of our annual revenue. As directed by Tricare, we continue to support both existing patients and new patients as we receive their prescriptions.

"Due to the temporary payment suspension and lack of clarity on the timing of a resolution, we are restructuring our staff to align with current revenue. We are decreasing our overall staff by approximately 15%, which primarily affects employees in our corporate departments. This staff reduction along with other expense reductions made during the second half of 2024 and the first quarter of 2025 will result in savings of approximately $35 million annually. Although these processes are never easy, it is critical for us to be prudent and conservative in adapting to external changes and execute these expense adjustments immediately.  We are confident that long-term, our pain management business is still solid with significant growth potential.

"We continue to accelerate our payer expansion and expect it to offset some of the near-term revenue challenges. Building relationships with new payers is a process, but we have been working on expansion in several areas during 2024 and expect those to start yielding results in 2025.

"Additionally, we completed the NiCO laser pulse oximeter human clinical trial at Duke University with positive results. The NiCO pulse oximeter utilizes highly precise laser technology to measure fractional blood oxygenation levels, compared to LED-based pulse oximeter products which have been shown to incorrectly estimate oxygen levels in several populations, most prominently in individuals with darker skin pigmentation.

"We maintain a flexible and healthy balance sheet and it's important to note over the past few years we have been able to buy back over $80 million worth of shares on the open market, directly increasing shareholder value.

"Over the long term we believe we will remain a leader of holistic, non-invasive approaches to pain management and patient monitoring and continue to pursue additional lines of revenue that improve patient outcomes and overall health," concluded Sandgaard.

Fourth Quarter 2024 Financial Results

Net revenue was $46.0 million for the three months ended December 31, 2024, compared to $47.3 million in the prior year quarter.

Gross profit in the quarter ended December 31, 2024, was $36.0 million, or 78% of revenue, as compared to $37.0 million or 78% of revenue, in 2023.

Sales and marketing expense for the three months ended December 31, 2024, decreased 11% to $19.3 million from $21.7 million for the same period in 2023, primarily due to decreased headcount in the sales force.

General and administrative expenses for the three months ended December 31, 2024, were $17.3 million, versus $13.0 million in the prior year period.

Net loss for the three months ended December 31, 2024, totaled ($0.6) million, or ($0.02) per basic and diluted share, as compared to net income of $1.2 million, or $0.04 per basic and diluted share, in the quarter ended December 31, 2023.

Adjusted EBITDA for the three months ended December 31, 2024, was $0.6 million, as compared to $9.9 million in the quarter ended December 31, 2023.

Cash flows from operations for the three months ended December 31, 2024, was $2.4 million. As of December 31, 2024, the Company had working capital of $58.3 million. Cash and cash equivalents were $39.6 million at December 31, 2024, up 5% from September 30, 2024.

Full Year 2024 Financial Results

Net revenue was $192.4 million for the year ended December 31, 2024, a 4% increase compared to $184.3 million in 2023.

Gross profit in the year ended December 31, 2024, was $152.9 million, or 80% of revenue, as compared to $146.0 million or 79% of revenue, in 2023.

Sales and marketing expense for the year ended December 31, 2024, decreased slightly to $86.6 million from $86.7 million for 2023, primarily due to decreased headcount in the sales force.

General and administrative expenses for the year ended December 31, 2024, were $60.4 million, versus $48.5 million in the prior year.

Net income for the year ended December 31, 2024, totaled $3.0 million, or $0.09 per basic and diluted share, as compared to net income of $9.7 million, or $0.27 per basic and diluted share, in 2023.

Adjusted EBITDA for the year ended December 31, 2024, was $10.9 million, as compared to $22.3 million in the year ended December 31, 2023.

Cash flows from operations for the year ended December 31, 2024, was $12.7 million and $17.8 million for the year ended December 31, 2023.

First Quarter 2025 Guidance

The Company expects Q1 2025 net revenue of at least $30 million. Loss per share is expected to be ($0.30) per share or better. The Company expects quarterly revenues to increase throughout the year with the usual seasonality typically experienced. The reduction in expenses which were undertaken throughout the second half of 2024 and more aggressively during Q1 2025 will show a significant impact on the bottom line in Q2 and going forward.

Conference Call and Webcast Details

Tuesday, March 11, 2025, at 4:15 PM Eastern Time (2:15 PM Mountain Time)
To register and participate in the webcast, interested parties should click on the following link or dial in approximately 10-15 minutes prior to the webcast: 4Q 2024 Webcast Link
U.S. & Canada dial-in number: 800-836-8184
International number: 646-357-8785

Non-GAAP Financial Measures

Zynex reports its financial results in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition, the Company is providing in this news release financial information in the form of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, other income/expense, stock compensation, restructuring, receivables adjustment and non-cash lease charges). Management believes these non-GAAP financial measures are useful to investors and lenders in evaluating the overall financial health of the Company in that they allow for greater transparency of additional financial data routinely used by management to evaluate performance. Adjusted EBITDA can be useful for investors or lenders as an indicator of available earnings. Non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the financial information prepared in accordance with GAAP.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended. our results of operations and the plans, strategies and objectives for future operations; the timing and scope of any potential stock repurchase; and other similar statements.

Words such as "anticipate," "believe," "continue," "could," "designed," "endeavor," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "preliminary," "will," "would" and similar expressions are intended to identify forward-looking statements. The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions. 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 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 fourth 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; market conditions; the timing, scope and possibility that the repurchase program may be suspended or discontinued; economic factors, such as interest rate fluctuations; and other risks described in our filings with the Securities and Exchange Commission.

These and other risks are 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, 2024, as well as our quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statements contained in this press release represent Zynex's views only as of today and should not be relied upon as representing its views as of any subsequent date. Zynex explicitly disclaims any obligation to update any forward-looking statements, except to the extent required by law.

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.

Investor Relations Contact:
Brian Prenoveau, CFA
MZ Group – MZ North America
ZYXI@mzgroup.us
+561 489 5315

ZYNEX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS)

(unaudited)




December 31, 


December 31, 



2024


2023

ASSETS







Current assets:







Cash and cash equivalents


$

39,631


$

44,579

Accounts receivable, net



18,022



26,838

Inventory, net



13,919



13,106

Prepaid expenses and other



3,607



3,332

Total current assets



75,179



87,855








Property and equipment, net



3,084



3,114

Operating lease asset



9,820



12,515

Finance lease asset



1,141



587

Deposits



408



409

Intangible assets, net of accumulated amortization                                        ‍



7,247



8,158

Goodwill



20,401



20,401

Deferred income taxes



4,799



3,865

Total assets


$

122,079


$

136,904








LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:







Accounts payable and accrued expenses



7,091



8,433

Operating lease liability



4,030



3,729

Finance lease liability



287



196

Income taxes payable





633

Accrued payroll and related taxes



5,456



5,541

Total current liabilities



16,864



18,532

Long-term liabilities:







Convertible senior notes, less issuance costs



58,567



57,605

Operating lease liability



10,151



14,181

Finance lease liability



789



457

Total liabilities



86,371



90,775








Stockholders' equity:







Common stock



32



33

Additional paid-in capital



93,088



90,878

Treasury stock



(87,186)



(71,562)

Retained earnings



29,774



26,780

Total stockholders' equity



35,708



46,129

Total liabilities and stockholders' equity


$

122,079


$

136,904

 

ZYNEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)



For the  Quarter Ended
December 31,


For the Years Ended
December 31, 


2024


2023


2024


2023

NET REVENUE












Devices

$

14,809


$

16,279


$

59,612


$

58,822

Supplies


31,165



31,005



132,742



125,500

Total net revenue


45,975



47,284



192,354



184,322













COSTS OF REVENUE AND OPERATING EXPENSES












Costs of revenue - devices and supplies


9,983



10,271



39,429



38,366

Sales and marketing


19,262



21,677



86,581



86,659

General and administrative


17,292



13,038



60,354



48,517

Total costs of revenue and operating expenses


46,537



44,986



186,364



173,542













Income (loss) from operations


(563)



2,298



5,990



10,780













Other income (expense)












Gain on disposal of assets






19



39

Change in fair value of contingent consideration




(1)





2,854

Interest expense, net


(615)



(366)



(2,382)



(1,094)

Other income (expense), net


(615)



(367)



(2,363)



1,799













Income (loss) from operations before income taxes


(1,178)



1,931



3,627



12,579

Income tax expense (benefit)


(563)



716



633



2,847

Net income (loss)

$

(615)


$

1,215


$

2,994


$

9,732













Net income (loss) per share:












Basic

$

(0.02)


$

0.04


$

0.09


$

0.27

Diluted

$

(0.02)


$

0.04


$

0.09


$

0.27













Weighted average basic shares outstanding


31,885



33,595



31,941



35,555

Weighted average diluted shares outstanding


32,187



34,013



32,299



36,142

 

ZYNEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(AMOUNTS IN THOUSANDS)

(unaudited)










For the Years Ended December 31, 



2024


2023

CASH FLOWS FROM OPERATING ACTIVITIES:







Net income


$

2,994


$

9,732

Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation



2,901



2,684

Amortization



1,881



1,536

Non-cash reserve charges





(91)

Stock-based compensation



2,989



2,296

Non-cash lease expense



(1,033)



904

Benefit for deferred income taxes



(934)



(2,303)

Change in fair value of contingent consideration





(2,854)

Gain on disposal of assets



(19)



(39)

Change in operating assets and liabilities:







Short-term investments





(190)

Accounts receivable



8,816



8,225

Prepaid and other assets



(67)



(1,150)

Accounts payable and other accrued expenses



(2,072)



269

Inventory



(2,736)



(1,445)

Deposits



1



182

Net cash provided by operating activities



12,721



17,756








CASH FLOWS FROM INVESTING ACTIVITIES:







Purchase of property and equipment



(578)



(1,206)

Purchase of short-term investments





(9,810)

Maturity of short-term investments





10,000

Proceeds on sale of fixed assets





50

Net cash used in investing activities



(578)



(966)








CASH FLOWS FROM FINANCING ACTIVITIES:







Payments on finance lease obligations



(334)



(128)

Cash dividends paid



(9)



(3)

Purchase of treasury stock



(15,625)



(37,924)

Excise tax payments on net treasury stock purchases



(473)



Proceeds from issuance of convertible senior notes, net of issuance costs





57,018

Proceeds from the issuance of common stock on stock-based awards



22



86

Principal payments on long-term debt





(10,667)

Taxes withheld and paid on employees' equity awards



(672)



(737)

Net cash provided by (used in) financing activities



(17,091)



7,645








Net increase (decrease) in cash and cash equivalents



(4,948)



24,435

Cash and cash equivalents at beginning of year



44,579



20,144

Cash and cash equivalents at end of year


$

39,631


$

44,579

 

ZYNEX, INC.


RECONCILIATION OF GAAP TO NON-GAAP MEASURES


(AMOUNTS IN THOUSANDS)


(unaudited)





 For the Three Months Ended
December 31, 


 For the Year Ended
December 31, 



2024


2023


2024


2023



 Adjusted EBITDA:










 Net income (loss)

$           (615)


$           1,215


$              2,994


$               9,732



 Depreciation and Amortization*

503


423


1,872


1,660



 Stock-based compensation expense

644


676


2,989


2,296



    Interest expense and other, net

615


366


2,363


1,055



    Change in value of contingent consideration

-


1


-


(2,854)



    Non-cash lease expense **

-


362


-


1,340



    Non-cash receivables adjustment ***

-


6,183


-


6,183



    Income tax expense (benefit) 

(563)


716


633


2,847



 Adjusted EBITDA 

$            584


$            9,942


$             10,851


$             22,259



 % of Net Revenue

1 %


21 %


6 %


12 %













 * Depreciation does not include amounts related to units on lease to third parties which are depreciated and included in cost of goods sold.



 ** Amount expensed under building lease agreements in excess of cash payments due to abated rent  


*** Amount of non-recurring reduction in net revenue, booked as a charge against revenue, related to slow collecting receivables from a prior period




















Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/zynex-reports-fourth-quarter-and-full-year-2024-financial-results-302398958.html

SOURCE Zynex, Inc.

FAQ

What caused Zynex (ZYXI) revenue decline in Q4 2024?

Q4 revenue declined due to slower payer payments and Tricare's temporary payment suspension pending claims review. Tricare represents 20-25% of annual revenue.

How much will Zynex's (ZYXI) staff reduction save annually?

The 15% staff reduction and other expense cuts are expected to save approximately $35 million annually.

What are Zynex's (ZYXI) Q1 2025 financial projections?

Zynex expects Q1 2025 revenue of at least $30 million with a loss per share of ($0.30) or better.

How did Zynex (ZYXI) perform in full-year 2024?

FY2024 saw 4% revenue growth to $192.4M, net income of $3.0M (EPS $0.09), and operating cash flow of $12.7M.
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