ENGLEWOOD, Colo., Nov. 1, 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 that its
board of directors approved a program to repurchase up to
$20.0 million of the Company's common
stock. The program will commence on November
1, 2023, and is scheduled to terminate on the earlier of
November 1, 2024, or when the
$20.0 million limit is reached.
"Zynex recently announced strong earnings," said Thomas Sandgaard, Founder and CEO of Zynex.
"This stock buyback program reflects our belief in the strength of
our business and our continued focus on stockholder returns."
The Company may repurchase stock from time to time in open
market and negotiated transactions, effective November 1, 2023, and is scheduled to terminate
on the earlier of November 1, 2024,
or when the $20.0 million limit is
reached. These transactions will be made in compliance with
the SEC's Rule 10b-18 and subject to
market conditions, available liquidity, cash flow, applicable legal
requirements, and other factors. The specific prices, numbers of
shares, and timing of purchase transactions will be determined by
the Company from time to time. This program does not
obligate the Company to acquire any particular amount of
common stock, and the program may be suspended or discontinued at
any time.
The Company expects to finance the purchases with existing
cash balances.
Zynex, Inc. had approximately 41.9 million shares issued and
33.9 million shares outstanding as of October 30, 2023.
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.
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 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; 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,
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