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Zynex Announces 2019 Second Quarter Earnings

- Revenue increased 36% year over year to $10.3 million

- Orders increased 65% year over year

- Net income $2.2 million; Diluted EPS $0.06

- Adjusted EBITDA $2.8M

- Twelfth consecutive quarter of positive net income

Zynex

News provided by

Zynex, Inc.

Jul 31, 2019, 16:04 ET

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ENGLEWOOD, Colo., July 31, 2019 /PRNewswire/ -- Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today reported financial results for its second quarter ended June 30, 2019.

Second Quarter Financial Results Summary:
For the second quarter, the Company reported net revenue of $10.3 million, a 36% increase over Q2-2018. Gross margins were 81% in the second quarter of 2019 and net income was $2.2 million.

Adjusted EBITDA was $2.8 million in the second quarter of 2019 and 2018.

The Company generated $2.4 million of cash from operations during the second quarter of 2019. As of June 30, 2019, the Company had working capital of $11.9 million compared to $7.3 million at December 31, 2018. Cash on hand was $10.1 million at the end of the second quarter.

President and CEO Commentary:
Thomas Sandgaard, CEO, said: "We followed our strong first quarter with continued growth in the second quarter with revenue of $10.3 million and net income of $2.2 million. Orders grew 65% compared to the second quarter of 2018 and were 48% higher year to date compared to the first half of 2018.

In the second quarter, we continued to expand our sales force.  We expect the addition of new sales reps to have an impact on order and revenue growth this year and going forward.

We continue to 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."

Third Quarter 2019 Guidance:
The estimate range for third quarter revenue is between $10.7 and $11.2 million with Adjusted EBITDA between $2.4 and $2.9 million as we continue to aggressively invest in growing our sales force. The revenue estimate is approximately 32% to 38% above last year's third quarter revenue of $8.1 million.

Conference Call and Webcast Details:
Wednesday, July 31, 2019 at 2:15 p.m. MT – 4:15 p.m. ET

To register and participate in the webcast, interested parties should click on the following link or dial in approximately 10-15 minutes prior to the webcast:

https://www.webcaster4.com/Webcast/Page/1487/31127 

US PARTICIPANT DIAL IN (TOLL FREE):

1-844-825-9790

INTERNATIONAL DIAL IN:

1-412-317-5170

Canada Toll Free:

1-855-669-9657

Non-GAAP Financial Measures
Zynex reports its financial results in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition, the Company is providing in this news release financial information in the form of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, other income/expense and stock compensation). Management believes these non-GAAP financial measures are useful to investors and lenders in evaluating the overall financial health of the Company in that they allow for greater transparency of additional financial data routinely used by management to evaluate performance. Adjusted EBITDA can be useful for investors or lenders as an indicator of earnings available to service debt. Non-GAAP financial measures should not be considered in isolation from or as an alternative to the financial information prepared in accordance with GAAP.

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
Certain statements in this release are "forward-looking" or projections and as such are subject to numerous risks and uncertainties. The company makes no express or implied representation or warranty as to the completeness of this information or, in the case of projections, as to their attainability or the accuracy and completeness of the assumptions from which they are derived. 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 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.

Contact:
Zynex, Inc.
(303) 703-4906

Investor Relations Contact:
Amato and Partners, LLC
Investor Relations Counsel
[email protected]

ZYNEX, INC.

CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS)

(unaudited)







June 30,


December 31,


2019


2018




(as adjusted)

ASSETS





Current assets:





Cash


$             10,054


$              10,128

Accounts receivable, net


3,540


2,791

Inventory, net


1,325


837

Prepaid expenses and other


833


568

                                               Total current assets


15,752


14,324






Property and equipment, net


822


819

Operating lease asset


4,323


3,050

Financing lease asset


9


19

Deposits


342


314

Long term deferred income taxes


591


725

                                               Total assets


$             21,839


$              19,251






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable and accrued expenses


1,829


1,552

Lease liability - operating leases


965


671

Lease liability - financing leases


14


14

Income taxes payable


-


688

Dividends payable


11


2,270

Accrued payroll and related taxes


1,009


908

Deferred insurance reimbursement


-


880

                                              Total current liabilities


3,828


6,983

Long-term liabilities:





Lease liability - operating leases


3,940


2,967

Lease liability - financing leases


4


10

                                              Total liabilities


7,772


9,960






Stockholders' equity:





    Preferred stock


-


-

    Common stock


34


34

    Additional paid-in capital


8,592


8,157

    Treasury stock


(3,846)


(3,675)

    Accumulated earnings


9,376


4,864

                                              Total Zynex, Inc. stockholders' equity


14,156


9,380

                                              Non-controlling interest


(89)


(89)

                                              Total stockholders' equity


14,067


9,291

                                              Total liabilities and stockholders' equity


$             21,839


$              19,251

ZYNEX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)













For the Three Months Ended
June 30,


For the Six Months Ended
June 30,




2019


2018


2019


2018


NET REVENUE










Devices


$                      2,288


$                      1,673


$                      4,263


$                      3,261


Supplies


8,009


5,900


15,230


11,189


Total net revenue


10,297


7,573


19,493


14,450












COSTS OF REVENUE AND OPERATING EXPENSES










Costs of revenue - rental, product & supply


1,948


1,330


3,732


2,566


Sales and marketing


3,081


1,457


5,554


2,763


General and administrative


2,684


2,071


5,367


4,450


Total costs of revenue and operating expenses


7,713


4,858


14,653


9,779












Income from operations


2,584


2,715


4,840


4,671












Other income (expense)










   Deferred insurance reimbursement


-


-


880


-


   Interest expense


-


(37)


-


(153)


Other income (expense), net


-


(37)


880


(153)












Income from operations before income taxes


2,584


2,678


5,720


4,518


  Income tax expense


422


260


1,208


179


Net Income


$                      2,162


$                      2,418


$                      4,512


$                      4,339












Net income per share:










Basic


$                        0.07


$                        0.07


$                        0.14


$                        0.13












Diluted


$                        0.06


$                        0.07


$                        0.13


$                        0.13






















Weighted average basic shares outstanding


32,326


32,620


32,279


32,610


Weighted average diluted shares outstanding


33,953


34,169


33,837


34,291


ZYNEX, INC.

Reconciliation of GAAP to Non-GAAP Measures

(in thousands)

(unaudited)










For the Three Months Ended June 30,


For the Six Months Ended June 30,


2019


2018


2019


2018









Net income

$                            2,162


$                            2,418


$                            4,512


$                            4,339

Depreciation and Amortization

76


42


142


68

Stock-based compensation expense

158


53


297


116

   Other (income)/expense, net

-


37


(879)


153

   Income tax expense (benefit)

422


260


1,208


179

Adjusted EBITDA

$                            2,818


$                            2,810


$                            5,280


$                            4,855

% of Net Revenue

27%


37%


27%


34%

 

SOURCE Zynex, Inc.

Related Links

https://www.zynex.com

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