Zynex Reports Preliminary Third Quarter 2022 Results

Rhea-AI Summary

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.

Positive

• Record order growth of 34% year-over-year in Q3 2022.
• Q3 revenue guidance between $40.0 million and $43.0 million.
• Strong cash collections allowing completion of a $10 million stock buyback program.

Negative

• None.

ENGLEWOOD, Colo., Oct. 11, 2022 /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 preliminary results for third quarter 2022 and reiterated full year guidance.

"Our record order growth continued in the third quarter of 2022, as August, and subsequently September, saw the highest number of monthly orders in the Company's history yet again. Third quarter orders were also the highest in company history growing 34% compared to Q3 2021 and 12% sequentially over Q2 2022. Additionally,cash collections remained strong during the quarter, enabling us to complete the second $10 million stock buy back program of 2022," said Thomas Sandgaard, CEO of Zynex.  "We are confirming our previous estimates for third quarter revenue between $40.0 to $43.0 million and adjusted EBITDA between $7.0 and $9.0 million."

"We are thrilled with the performance of the business quarter after quarter, and pleased that we can remain profitiable despite macro headwinds that continue to impact many of our peers in the sector," said Sandgaard. "This accomplishment is due to the hard work of our team and the continued productivity we've seen in our sales force, and we look forward to continued growth in the coming quarters."

The Company reiterates its full year 2022 guidance of $150 to $170 million in revenue and adjusted EBITDA between $25 and $35 million.

About Zynex, Inc. 
Zynex, founded in 1996, markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation as well as developing noninvasive patient fluid, pulse oximetry and sepsis monitoring systems. 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 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 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 were Zynex's Q3 2022 preliminary results regarding orders?

Zynex reported a 34% increase in orders compared to Q3 2021, marking the highest order growth in the company's history.

What is Zynex’s revenue forecast for Q3 2022?

Zynex's revenue forecast for Q3 2022 is between $40.0 million and $43.0 million.

What is Zynex’s full-year revenue guidance for 2022?

Zynex reiterated its full-year revenue guidance of $150 to $170 million.

How did Zynex perform in terms of EBITDA for Q3 2022?

Zynex anticipates an adjusted EBITDA between $7.0 million and $9.0 million for Q3 2022.