ENGLEWOOD, Colo., Jan. 9, 2020 /PRNewswire/ -- Zynex, Inc. (NASDAQ:
ZYXI), an innovative medical technology company specializing in
manufacturing and selling non-invasive medical devices for pain
management, stroke rehabilitation, cardiac monitoring and
neurological diagnostics, today announced orders and an increased
revenue and adjusted EBITDA estimate for the fourth quarter
2019.
Orders in the fourth quarter were 129% above the number of
orders in the fourth quarter of 2018 and 31% sequentially above the
third quarter of 2019. In the third quarter of 2019, orders grew
95% year-over-year.
Due to the accelerating increase in orders and strong
collections on orders received in prior periods the Company has
updated its previous estimate for fourth quarter revenue to between
$14.0 and $14.5 million. The Company previously provided
guidance for revenue in the fourth quarter 2019 of between
$12.3 and $12.8 million. The updated guidance places the
full year revenue estimate between $45.3 and $45.8
million.
The updated revenue estimate is now approximately 50% to 55%
above last year's fourth quarter revenue of $9.3 million.
Fourth quarter 2019 estimated adjusted EBITDA has been updated
to between $3.6 and $4.1 million. The earlier estimate was between
$2.3 and $2.8
million.
Thomas Sandgaard, CEO of Zynex
said: "The significant investment the past two years in increasing
our sales force is clearly providing the intended results. Our
prescription-strength NexWave device is a healthy alternative to
prescribing opioids as the first line of defense when treating
pain. We continue to add additional sales reps in territories
throughout the US that we have not covered previously.
We advocate for pain patients, and for physicians to prescribe
our NexWave technology as the first line of defense in treating
chronic and acute pain without side effects. We are dedicated to
promoting our technology in an effort to remove patient addiction
and other side effects from prescription opioids."
About Zynex
Zynex, founded in 1996, markets and sells its own design of
electrotherapy medical devices used for pain management and
rehabilitation; and the Company's proprietary NeuroMove device
designed to help recovery of stroke and spinal cord injury
patients. Zynex is also developing a new blood volume monitor for
use in hospitals and surgery centers. For additional
information, please visit: Zynex.com.
Safe Harbor Statement
This press 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 can be identified by
words such as: "anticipate," "intend," "plan," "goal," "seek,"
"believe," "project," "estimate," "expect," "strategy," "future,"
"likely," "may," "should," "will" and similar references to future
periods. Examples of forward looking statements, include
among others, statements we make around guidance related to orders,
sales and revenue, expected operating results, such as revenue
growth and earnings, growth and financial results.
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 FDA clearance and 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 goods on
time and to our specifications, implementation of our sales
strategy including a strong direct sales force and other risks
described in our filings with the Securities and Exchange
Commission including the "Risk Factors" section of our Annual
Report on Form 10-K for the year ended December 31,
2018 as well as Forms 10-Q, 8-K and 8-K/A, press releases and
the Company's website.
Any forward-looking statement made by us in this press
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.
(303) 703-4906
Investor Relations Contact:
Amato and Partners, LLC
Investor Relations Counsel
admin@amatoandpartners.com
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SOURCE Zynex