Le Lézard
Classified in: Health, Business, Covid-19 virus
Subjects: ERN, ERP

Zynex Announces 2022 Second Quarter Earnings


ENGLEWOOD, Colo., July 28, 2022 /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 reported financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights:

Second Quarter 2022 Financial Results Summary:

For the second quarter, the Company reported net revenue of $36.8 million, an 18% increase over second quarter of 2021. Gross margins were 80% and net income was $3.3 million, a 19% increase from Q2 2021.

As of June 30, 2022, the Company had working capital of $51.8 million. Cash on hand was $26.9 million at the end of the second quarter.

President and CEO Commentary:

"In Q2, we posted another quarter of top line growth and increased profitability. Our reps are becoming highly efficient and revenue projections reflect our confidence in the sales force to produce exceptional results. The record orders we posted in second quarter will put us in a position to realize strong results in the second half of 2022," said Thomas Sandgaard, President and CEO. "Additionally, we completed an initial $10 million share buyback program and announced another $10 million program to signal our ability to drive shareholder value."

Third Quarter and Full Year 2022 Guidance:

Zynex is reaffirming its full year 2022 revenue estimates in the range of $150-$170 million and Adjusted EBITDA between $25-$35 million.

The estimated range for third quarter 2022 revenue is between $40-$43 million, an increase of approximately 20% from Q3 2021. Adjusted EBITDA for the third quarter 2022 is estimated to range between $7-$9 million.

Conference Call and Webcast Details:

Thursday, July 28, 2022 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://app.webinar.net/mV4arKMJQLl

US Participant Dial In (TOLL FREE): 1-844-825-9790
International Participant Dial In: 1-412-317-5170
Canada Participant Dial In (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, stock compensation, restructuring and non-cash lease charges). 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 available earnings. 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, 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, forecasts, 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 goods 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, 2021 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 Contact
Gilmartin Group
650 Fifth Ave., Suite 2720
New York, NY 10019
[email protected]

ZYNEX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS)

                                                                          (unaudited)






          June 30,

           2022


December 31,



2021

ASSETS





Current assets:





Cash


$26,877


$42,612

Accounts receivable, net


27,824


28,632

Inventory, net


14,572


10,756

Prepaid expenses and other


1,357


689

                                               Total current assets


70,630


82,689






Property and equipment, net


2,277


2,186

Operating lease asset


14,719


16,338

Finance lease asset


329


389

Deposits


591


585

Intangible assets, net of accumulated amortization


9,525


9,975

Goodwill


20,401


20,401

Deferred income taxes


1,103


711

                                               Total assets


$           119,575


$           133,274






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable and accrued expenses


5,236


4,739

Cash dividends payable


16


3,629

Operating lease liability


3,391


2,859

Finance lease liability


123


118

Income taxes payable


160


2,296

Current portion of debt


5,333


5,333

Accrued payroll and related taxes


4,564


3,897

                                              Total current liabilities


18,823


22,871

Long-term liabilities:





Long-term portion of debt, less issuance costs


7,949


10,605

Contingent consideration


9,600


9,700

Operating lease liability


13,941


15,856

Finance lease liability


253


317

                                              Total liabilities


50,566


59,349






Stockholders' equity:





    Common stock


40


41

Additional paid-in capital


81,412


80,397

    Treasury stock


(17,166)


(6,513)

Retained earnings


4,723


-

                                              Total stockholders' equity


69,009


73,925

                                              Total liabilities and stockholders' equity


$            119,575


$           133,274

 

 

 

 

ZYNEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)












For the Three Months
Ended June 30,


For the Six Months

Ended June 30,



2022


2021


2022


2021

NET REVENUE









Devices


$        9,505


$       7,828


$     16,230


$     14,193

Supplies


27,254


23,194


51,612


40,956

Total net revenue


36,759


31,022


67,842


55,149










COSTS OF REVENUE AND
OPERATING EXPENSES









     Costs of revenue - devices and
supplies


7,305


7,267


14,226


13,153

Sales and marketing


16,314


13,752


30,738


27,579

General and administrative


8,776


6,188


16,608


11,683

Total costs of revenue and operating
expenses


32,395


27,207


61,572


52,415










Income from operations


4,364


3,815


6,270


2,734










Other income (expense)









   Gain (loss) on change in fair value of
contingent consideration


(100)


-


100


-

   Interest expense


(115)


(45)


(239)


(54)

Other expense, net


(215)


(45)


(139)


(54)










Income from operations before income
taxes


4,149


3,770


6,131


2,680

  Income tax expense


803


962


1,408


578

Net income


$         3,346


$      2,808


$      4,723


$      2,102










Net income per share:









Basic


$           0.09


$        0.07


$        0.12


$        0.05

Diluted


$           0.08


$        0.07


$        0.12


$        0.05










Weighted average basic shares
outstanding


38,851


38,291


39,305


38,306

Weighted average diluted shares
outstanding


39,893


39,141


40,367


39,192

 

 

 

 

 

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,


2022


2021


2022


2021

Adjusted EBITDA:








Net income

$                 3,346


$                   2,808


$                  4,723


$                    2,102

Depreciation and Amortization*

411


242


807


510

Stock-based compensation expense

535


401


1,124


509

Restructuring/severance**

-


-


-


318

   Interest expense and other, net

215


45


139


54

   Non-cash lease expense ***

227


303


410


303

   Income tax expense

803


962


1,408


578

Adjusted EBITDA

$                 5,537


$                  4,761


$                  8,611


$                   4,374

% of Net Revenue

15 %


15 %


13 %


8 %









* Depreciation does not include amounts related to units on lease to third parties which are depreciated and included in cost of goods sold.

** Severance of former COO Giusseppe Papandrea which was fully expensed in Q1 2021

*** Amount expensed on new company headquarters in excess of cash payments due to abated rent

 

 

 

 

 

SOURCE Zynex


These press releases may also interest you

at 01:30
The global vacation rental market has been categorized as a part of the global specialized consumer services market. The parent market, the global specialized consumer services, covers revenue generated by the consumer service providers, including...

6 déc 2022
Axon Enterprise, Inc. ("Axon") today announced the pricing of its private offering of $600 million aggregate principal amount of 0.50% Convertible Senior Notes due 2027 (the "Notes") to persons reasonably believed to be qualified institutional...

6 déc 2022
Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Veru Inc. ("Veru" or the "Company") in the United States Southern District Court of Florida on behalf of...

6 déc 2022
Allied Market Research published a report, titled, "Anticoccidial Drugs Market by Drug Class (Ionophore, Synthetic Drugs), by Drug Action (Coccidiostatic, Coccidiocidal), by Animal Type (Poultry, Cattle, Others): Global Opportunity Analysis...

6 déc 2022
The medical diagnostics market size is forecast to grow by USD 74.58 billion at a CAGR of 6.15% between 2022 and 2027. The growth of the market will be driven by the high prevalence of infectious diseases. Furthermore, the global adoption of advanced...

6 déc 2022
Brookfield Asset Management Inc. ("Brookfield") and Brookfield Asset Management Ltd. (the "Manager") today jointly announced the expected 2023 dividends for the Corporation (defined below) and the Manager. As previously announced, the transaction...



News published on 28 july 2022 at 16:01 and distributed by: