ENGLEWOOD, Colo., Sept. 11,
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 $10.0 million of the
Company's common stock. The program will commence on September 13, 2023, and is scheduled to terminate
on September 12, 2024, or when the
$10.0 million limit is reached.
"We are focused on continuing to deliver strong returns for our
shareholders, and continuing the repurchase program shows our
confidence in the Company's outlook and future cash flow," said
Thomas Sandgaard, Founder and CEO of
Zynex. "Our consistent operating performance allows us an
opportunity to invest in Zynex and return value to our shareholders
simultaneously."
The Company may repurchase stock from time to time in open
market and negotiated transactions, effective immediately through
the next twelve months. These transactions will be made in
compliance with the SEC's Rule 10b-18, 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 in its sole discretion. 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, including in the event the Company would be deemed to be
acquiring its shares under Rule 13e-3 of the Securities Exchange
Act of 1934, as amended.
The Company expects to finance the purchases with existing
cash balances, which is not expected to have a material impact on
capital levels.
Zynex, Inc. had approximately 41.7 million shares issued and
35.1 million shares outstanding as of September 8, 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 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,
2022 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.
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