Q3 2024 Zynex Inc Earnings Call Transcript
Key Points
- Zynex Inc (ZYXI) reported a 13% year-over-year increase in orders for the third quarter of 2024.
- The company achieved FDA clearance for its new TensWave device, enhancing its product portfolio in non-opioid pain management.
- Zynex Inc (ZYXI) has a strong cash position with a balance of $37.6 million, up 22% from the previous quarter.
- The company is making significant progress in its Patient Monitoring division, with the NiCO pulse oximeter nearing FDA submission.
- Zynex Inc (ZYXI) continues to diversify its revenue streams, with non-NexWave private label rehab products making up over 31% of total orders.
- Net revenue for the third quarter was essentially flat at $50 million compared to $49.9 million in the same quarter of 2023.
- Device revenue decreased to $14.9 million from $16.9 million in the third quarter of the previous year.
- Net income declined to $2.4 million or $0.07 per diluted share, down from $3.6 million or $0.10 per diluted share in 2023.
- Adjusted EBITDA decreased to $5.1 million from $7.3 million in the third quarter of 2023.
- The company experienced a deceleration in order growth due to sales rep pruning, impacting the overall growth rate.
Good afternoon, ladies and gentlemen, and welcome to the Zynex third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to Quinn Callanan from MZ North America.
Thank you, operator, and good afternoon, everyone. Earlier today, Zynex released financial results for the third quarter ended September 30, 2024. A copy of the press release is available on the company's website. Joining me on today's call are Thomas Sandgaard, Chairman, President and Chief Executive Officer; Dan Moorhead, Chief Financial Officer; and Donald Gregg, President of Zynex Monitoring Solutions.
Before we begin, I'd like to remind you that during this conference call, the company will make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC, including, without limitation, the company's 2023
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
