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ZYXI

Zynex, Inc.

ZYXI

Zynex, Inc. • NASDAQ
$1.26 ▼ -20.75% (-0.33)
Market Cap $38.29 M
52w High $8.72
52w Low $0.38
Dividend Yield 0%
P/E -0.52
Volume 8.69M
Outstanding Shares 30.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.36M ▼ $52.041M ▲ $-42.914M ▼ -321.213% ▼ $-1.42 ▼ $-43.909M ▼
Q2-2025 $22.29M ▼ $25.518M ▼ $-20.033M ▼ -89.874% ▼ $-0.66 ▼ $-9.25M ▲
Q1-2025 $26.578M ▼ $31.306M ▼ $-10.396M ▼ -39.115% ▼ $-0.33 ▼ $-12.001M ▼
Q4-2024 $45.974M ▼ $36.554M ▲ $-615K ▼ -1.338% ▼ $-0.019 ▼ $850K ▼
Q3-2024 $49.966M $35.987M $2.382M 4.767% $0.075 $4.914M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.259M ▼ $45.322M ▼ $86.694M ▲ $-41.372M ▼
Q2-2025 $17.543M ▼ $85.935M ▼ $84.674M ▼ $1.261M ▼
Q1-2025 $23.852M ▼ $105.759M ▼ $84.985M ▼ $20.774M ▼
Q4-2024 $39.631M ▲ $122.079M ▼ $86.371M ▼ $35.708M ▼
Q3-2024 $37.63M $126.059M $90.286M $35.773M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-42.914M ▼ $-6.308M ▼ $-18K ▲ $2.042M ▲ $-4.284M ▲ $-6.326M ▼
Q2-2025 $-20.033M ▼ $-6.2M ▲ $-29K ▲ $-80K ▲ $-6.309M ▲ $-6.229M ▲
Q1-2025 $-10.396M ▼ $-10.503M ▼ $-168K ▲ $-5.108M ▼ $-15.779M ▼ $-10.671M ▼
Q4-2024 $-615K ▼ $2.445M ▼ $-216K ▼ $-228K ▲ $2.001M ▼ $2.229M ▼
Q3-2024 $2.382M $7.074M $-72K $-268K $6.734M $7.002M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Device
Device
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Supplies
Supplies
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that the core business is gaining traction. Profitability at the gross margin level looks healthy, suggesting the products themselves are priced well relative to their cost. However, operating profit and net income are modest and have not kept pace with revenue growth. Earnings per share have drifted down recently, indicating that higher selling, administrative, and growth-related costs are putting pressure on the bottom line. In short, this is a growing business with solid product-level economics but relatively thin overall profitability that is sensitive to cost control and reimbursement dynamics.

Balance Sheet

Balance Sheet The balance sheet is relatively compact, typical of a specialized medical device company. Cash has stayed fairly stable over time, which is reassuring, but total debt has climbed meaningfully compared with earlier years. Shareholders’ equity has edged down recently, implying leverage has increased and the financial cushion has thinned. The company does not look distressed based on this snapshot, but there is less room for error than a few years ago, and continued reliance on debt would increase financial risk if growth slows or reimbursement issues persist.

Cash Flow

Cash Flow Operating cash flow is consistently positive but not very large relative to the size of the business. Free cash flow has been positive largely because capital spending requirements are low, which is a plus for flexibility. That said, the cash generation does not leave a huge buffer for setbacks, especially in light of reimbursement challenges and the need to fund a growing sales force and new product launches. Any hiccups in collections, such as delays from insurers or payers, can quickly show up in tighter day‑to‑day liquidity.

Competitive Edge

Competitive Edge Zynex operates in a niche where it has carved out a recognizable position: non‑narcotic pain management through electrotherapy devices, supported by a direct sales force and recurring consumable supplies. The three‑in‑one NexWave device and the more basic TensWave give it a layered product range that can match different insurance and pricing situations. Its focus on opioid‑sparing pain relief is strategically aligned with a major, long‑lasting healthcare trend. However, it competes against both low‑cost commodity devices and much larger medical technology players in monitoring. Its reliance on prescriptions and insurance reimbursement, and recent issues like the Tricare payment suspension, highlight that payer decisions and policy shifts are key competitive and financial risks.

Innovation and R&D

Innovation and R&D The company’s growth story leans heavily on innovation, especially in non‑invasive patient monitoring. It has already secured regulatory clearance for fluid volume monitors and is pushing forward with a pipeline that includes the NiCO pulse oximeter, HemeOx hemoglobin monitor, and a sepsis monitoring technology with patent protection. These projects target clear clinical pain points, such as more accurate monitoring in diverse skin tones and reducing invasive blood draws. If successfully approved, validated, and adopted, they could meaningfully broaden Zynex’s addressable market beyond pain management. The flip side is execution risk: regulatory delays, clinical performance, salesforce training, and hospital purchasing cycles can all slow or limit the impact of this pipeline, and R&D investment must be balanced with the company’s relatively tight profitability and cash flow.

Summary

Zynex shows a pattern of steady revenue growth built on a focused, non‑invasive pain management business with solid product margins and recurring consumables. Overall profitability, however, is modest and has been under pressure, while the balance sheet carries more debt and a slimmer equity cushion than in the past. Cash flow is positive but not abundant, leaving some vulnerability to reimbursement or operational disruptions. Strategically, the company has an appealing position in non‑opioid pain therapy and a potentially high‑impact pipeline in patient monitoring, backed by patents and ongoing regulatory work. The medium‑ to long‑term outcome depends heavily on how well Zynex can commercialize its monitoring innovations and manage payer and regulatory challenges, all while keeping costs and leverage at levels that its current cash generation can comfortably support.

NEWS

November 17, 2025 · 5:15 PM UTC

Zynex Reports Third Quarter 2025 Financial Results

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November 14, 2025 · 8:15 AM UTC

Zynex Announces Strategic Initiatives: Engagement of Province, Appointment of Paul Aronzon to Board of Directors, and Formation of Special Committee

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November 14, 2025 · 8:00 AM UTC

Zynex Sets Third Quarter 2025 Earnings Call

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October 14, 2025 · 6:07 PM UTC

Zynex Announces Appointment of Bret Wise to Board of Directors as Audit Committee Chair

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September 27, 2025 · 8:30 AM UTC

ZYNEX INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. is Investigating Zynex, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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