Zynex Reports Revenue and Profit in Second Quarter, 2009
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LITTLETON, Colo.--(Business Wire)--
Zynex, Inc. (OTCBB:ZYXI), a provider of pain management systems and
electrotherapy products for medical patients with functional disability, reports
its financial results for the second quarter of 2009. Revenue increased 43% to
$4,346,588 and net income increased to $708,622 for the quarter.
Net rental and sales income for the quarter ended June 30, 2009 increased 43% to
$4,346,588 compared with $3,040,460 during the same quarter of 2008. Gross
profit for the three months ended June 30, 2009 was $3,569,944 or 82.1% of net
revenue compared to 90.9% a year ago. Income from operations was $1,106,622, an
increase of 62% compared to last year and net income increased 145% to $708,622.
Net cash provided by operating activities was $588,257 for the six months ended
June 30, 2009.
Thomas Sandgaard, President and CEO of Zynex, said: "We are excited to see our
net revenue, net income and positive cash flow from operations continue to grow
in 2009 compared to the same period in 2008. We have also seen a significant
decrease in accounts payable compared to year-end 2008 and we believe our
stronger balance sheet will become helpful in our future growth."
Consolidated Statements of Operations (unaudited)
Second Quarter 2009 and 2008 Ended June 30,
3 Months, 6 Months,
2009 2008 2009 2008
Net Sales and rental Income $ 4,346,588 $ 3,040,460 $ 8,578,922 $ 5,629,180
Net Income $ 708,622 $ 289,037 $ 1,659,414 $ 519,720
Net Income Per Common Share - Basic $ 0.02 $ 0.01 $ 0.06 $ 0.02
Common Shares Used in Computing Per Share Amount - Basic 29,995,364 29,132,219 29,951,778 28,424,838
Net Income Per Common Share - Diluted $ 0.02 $ 0.01 $ 0.05 $ 0.02
Common Shares Used in Computing Per Share Amount - Diluted 30,340,987 30,277,702 30,390,143 29,976,696
About Zynex
Zynex, Inc. (founded in 1996) engineers, manufactures, markets and sells its own
design of electrotherapy medical devices in two distinct markets: standard
digital electrotherapy products for pain relief and pain management; and the
NeuroMove(TM) for stroke and spinal cord injury (SCI) rehabilitation. Zynex's
product lines are fully developed, FDA-cleared, commercially sold, an have been
developed to uphold the Company's mission of improving the quality of life for
patients suffering from impaired mobility due to stroke, spinal cord injury, or
debilitating and chronic pain.
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject
to numerous risks and uncertainties. Actual results may vary significantly from
the results expressed or implied in such statements. Factors that could cause
actual results to materially differ from forward-looking statements include, but
are not limited to, the need to obtain additional capital in order to grow our
business, larger competitors with greater financial resources, the need to keep
pace with technological changes, our dependence on the reimbursement from
insurance companies for products sold or rented to our customers, acceptance of
our products by health insurance providers, acceptance of our products by
hospitals and clinicians, 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, the uncertain outcome of pending
material litigation and other risks described in our 10-K Report for the year
ended December 31, 2008.
Zynex, Inc.
Thomas Sandgaard, CEO, 303-703-4906
www.zynexmed.com
Copyright Business Wire 2009
http://www.businesswire.com/news/home/20090817005313/en
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