ENGLEWOOD, Colo., Dec. 23, 2021 /PRNewswire/ -- Zynex, Inc.
(NASDAQ: ZYXI), an innovative medical technology company
specializing in the manufacture and sale of noninvasive medical
devices for pain management, rehabilitation, and patient
monitoring, today announced it has acquired 100% of Kestrel Labs,
Inc., a laser-based, noninvasive patient monitoring technology
company. Kestrel Labs' laser-based products include the NiCO™
CO-Oximeter, a multi-parameter pulse oximeter, and HemeOx™, a total
hemoglobin oximeter that enables continuous arterial blood
monitoring. Both NiCO and HemeOx are yet to be presented to the FDA
for market clearance.
The transaction closed on December 22,
2021 at an approximate value of $31.0
million, consisting of $16.0
million in cash which is being financed through Bank of
America N.A. and approximately $15.0
million in Zynex common stock.
Kestrel Labs' proprietary NiCO CO-Oximeter laser-based
photoplethysmography patient monitoring technology identifies,
measures, and monitors four crucial species of hemoglobin, which
include O2Hb (oxygenated hemoglobin), RHb (reduced hemoglobin),
COHb (carboxyhemoglobin), and metHb (methemoglobin). In addition,
Kestrel Labs' technology is designed to measure O2Hb regardless of
skin pigmentation or COHb level, and with unprecedented accuracy.
HemeOx measures total hemoglobin (tHb) and oxygen saturation, two
critical parameters that typically require invasive arterial blood
sampling for measurement. Total hemoglobin is a very commonly
ordered blood test in healthcare, and HemeOx measures it with the
continuous and noninvasive ease of a pulse oximeter at the patient
bedside.
"I am very excited to add several laser-based pulse oximetry
monitoring products to our portfolio of noninvasive blood, fluid,
and sepsis monitors," said Thomas
Sandgaard, Founder, Chairman, and CEO of Zynex. "We will
begin integrating Kestrel Labs' two main products into our existing
monitoring portfolio and seek regulatory clearance. Kestrel Labs'
laser-based technology allows it to measure distinct parameters,
including for the first time the ability to distinguish between
hemoglobin bound to carbon monoxide (COHb) rather than to oxygen,
which would lead to better quality of care."
"Our proprietary laser-based technology will complement Zynex's
current patient monitoring portfolio," said Jonas Pologe, Co-Founder and former CEO of
Kestrel Labs. "We are thrilled about the potential synergies and
believe the combination of our technologies will advance the future
of patient monitoring. Zynex's proven ability to commercialize
products and grow profitably, combined with Zynex Monitoring
Solutions' portfolio of hospital monitoring products, create a
clear road map for success."
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 and sepsis monitoring systems. For
additional information, please visit: www.zynex.com.
About Kestrel Labs:
Kestrel Labs, Inc. is a medical device company focused on the
research, development, and commercialization of valuable, new, and
innovative medical technologies. Kestrel Labs' work focuses on
extending photoplethysmography (the science behind pulse oximetry)
to the measurement of additional blood analytes and hemodynamic
parameters. This noninvasive and continuous medical monitoring
technique holds the promise of a new generation of monitoring
devices, helping to bring central laboratory analyzer functionality
and accuracy to the point-of-care, whether it be the hospital
bedside, a physician's office, or settings outside the conventional
healthcare environment. Please visit Kestrel Labs, Inc. on the
web at www.KestrelLabs.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, 2020 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 (800) 495-6670
Investor Relations Contact:
Gilmartin Group
Investor Relations Counsel
ir@zynex.com
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SOURCE Zynex