Zynex Inc
NASDAQ:ZYXI
Zynex Inc
Zynex, Inc. engages in the design, manufacture, and marketing of medical devices. The company is headquartered in Englewood, Colorado and currently employs 774 full-time employees. The company went IPO on 2002-11-27. The Company’s devices are intended for pain management to reduce reliance on drugs and medications and provide rehabilitation and through the utilization of non-invasive muscle stimulation, electromyography technology, interferential current (IFC), neuromuscular electrical stimulation (NMES) and transcutaneous electrical nerve stimulation (TENS). The Company’s products include Zynex Medical Products, which includes NexWave, NeuroMove, InWave, and E-Wave; Private Labeled Supplies, which includes Electrodes and Batteries; Distributed Complementary, which includes Comfortrac/Saunders, JetStream, Knee Braces and LSO Back Braces, and Zynex Monitoring Solutions Products, which includes CM-1500, CM-1600, NiCO CO-Oximeter, and HemeOx tHb Oximeter. CM-1500 is a Zynex fluid monitoring system.
Zynex, Inc. engages in the design, manufacture, and marketing of medical devices. The company is headquartered in Englewood, Colorado and currently employs 774 full-time employees. The company went IPO on 2002-11-27. The Company’s devices are intended for pain management to reduce reliance on drugs and medications and provide rehabilitation and through the utilization of non-invasive muscle stimulation, electromyography technology, interferential current (IFC), neuromuscular electrical stimulation (NMES) and transcutaneous electrical nerve stimulation (TENS). The Company’s products include Zynex Medical Products, which includes NexWave, NeuroMove, InWave, and E-Wave; Private Labeled Supplies, which includes Electrodes and Batteries; Distributed Complementary, which includes Comfortrac/Saunders, JetStream, Knee Braces and LSO Back Braces, and Zynex Monitoring Solutions Products, which includes CM-1500, CM-1600, NiCO CO-Oximeter, and HemeOx tHb Oximeter. CM-1500 is a Zynex fluid monitoring system.
Revenue Collapse: Q3 net revenue was $13.4 million, down sharply from $50 million in the prior year, mainly due to a TRICARE payment suspension and payer claim denials.
Deep Losses: The company posted a net loss of $42.9 million, or $1.42 per share, hurt by a $30.7 million noncash asset impairment charge.
Liquidity Pressure: Cash burn was $6.3 million in Q3, with $13.3 million in cash remaining as of September 30. $60 million in convertible debt is due May 2026.
Cost Cuts: Sales and marketing expenses dropped 54% to $9.5 million, driven by workforce reductions.
Leadership Overhaul: A new management team and board members have been brought in, focusing on compliance, operational turnaround, and exploring strategic alternatives.
Proactive Engagement: Management is engaging with government agencies on compliance issues and with debt holders on restructuring.
Operational Reforms: New patient-focused fulfillment policies and productivity initiatives are underway, with early signs of stabilizing order volumes.
