ENGLEWOOD, Colo., Oct. 31,
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 its Board of Directors (the "Board") has initiated a
process to evaluate potential strategic alternatives to maximize
shareholder value. As part of the process, the Board will
evaluate, together with its advisors, a range of potential
strategic alternatives which may include, any take private offers,
a sale, merger or other business combination, a divestiture, a
recapitalization, or other strategic transactions, or continuing to
operate as a public, independent company.
The Board has retained Cantor Fitzgerald & Co. as its
financial advisor, and Goodwin Procter LLP as its legal advisor to
assist with this review process.
"With continued strong financial performance including,
greater than 170% revenue growth over the last four years,
increased profit margins and cash flow positive operations and a
strong balance sheet, we believe we are in a strong financial and
operating position, yet our stock continues to trade well below a
comparable industry value," said Thomas Sandgaard, President
and CEO. "The Board believes that it is in the interests of
our stockholders to explore strategic alternatives.
Regardless of the outcome, the entire organization will remain
committed to growing our business and improving the lives of our
patients."
The Board has not set a timetable for the conclusion of
this review, nor has it made any definitive decisions relating to
potential strategic alternatives at this time. There can be no
assurance that the review will result in any transaction or other
strategic change or outcome. The Company does not intend to comment
further until it determines that further disclosure is appropriate
or necessary.
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.
Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of The Private Securities Litigation Reform Act
of 1995, as amended. These statements include, but are not limited
to, implied and express statements relating to Zynex conducting
a review of strategic alternatives; the strategic
alternatives that may be available to Zynex or our ability to
consummate any strategic alternative; the impact on our
business or stock price from our review of strategic alternatives;
our results of operations and the plans, strategies and objectives
for future operations; the timing and scope of a process to explore
strategic alternatives; 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, including, but are not
limited to: volatility and uncertainty in the capital markets for
medical technology companies; availability of suitable parties with
which to conduct a potential strategic transactions; whether Zynex
will be able to pursue a strategic transaction, or whether any
transaction, if pursued, will be completed on attractive terms; the
structure and scope of the strategic alternative review
process; whether the objectives of the strategic
alternative review process will be achieved; the terms, structure,
benefits and costs of any strategic transaction; the timing of any
transaction and whether any transaction will be consummated at all;
the risk that the strategic alternatives review and its
announcement could have an adverse effect on the ability of Zynex
to retain customers and retain and hire key personnel and maintain
relationships with customers, suppliers, employees, shareholders
and other business relationships and on its operating results and
business generally; the risk the strategic alternatives review
could divert the attention and time of Zynex's management, the risk
of any unexpected costs or expenses resulting from the review; the
risk of any litigation relating to the review; any unfavorable
economic conditions could have an adverse effect on our business;
our ability to successfully market and sell our products and
services; and risks and uncertainties discussed in our most recent
annual and quarterly reports filed with the United States
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,
2022 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.
Investor Relations Contact:
Quinn Callanan, CFA or Brian Prenoveau, CFA
MZ Group –
MZ North
America
ZYXI@mzgroup.us
+949 694
9594
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SOURCE Zynex