ZYXI stock is moving higher in pre-market trading on January 9, 2020, after the company reported awesome financial results.
Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in manufacturing and selling non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today announced orders and an increased revenue and adjusted EBITDA estimate for the fourth quarter 2019.
Orders in the fourth quarter were 129% above the number of orders in the fourth quarter of 2018 and 31% sequentially above the third quarter of 2019. In the third quarter of 2019, orders grew 95% year-over-year.
Due to the accelerating increase in orders and strong collections on orders received in prior periods the Company has updated its previous estimate for fourth quarter revenue to between $14.0 and $14.5 million. The Company previously provided guidance for revenue in the fourth quarter 2019 of between $12.3 and $12.8 million. The updated guidance places the full year revenue estimate between $45.3 and $45.8 million.
The updated revenue estimate is now approximately 50% to 55% above last year’s fourth quarter revenue of $9.3 million.
Fourth quarter 2019 estimated adjusted EBITDA has been updated to between $3.6 and $4.1 million. The earlier estimate was between $2.3 and $2.8 million.
Thomas Sandgaard, CEO of Zynex said: “The significant investment the past two years in increasing our sales force is clearly providing the intended results. Our prescription-strength NexWave device is a healthy alternative to prescribing opioids as the first line of defense when treating pain. We continue to add additional sales reps in territories throughout the US that we have not covered previously.
We 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.”
On January 7, 2020, Zynex, Inc. (NASDAQ: ZYXI) announced that it has signed an addendum to its corporate headquarters building lease expanding the footprint to 86,000 square feet, a 36% increase.
Thomas Sandgaard, CEO said: “Our order and revenue growth has put pressure on expanding our corporate headquarters and we were fortunate to have a Right of First Refusal to add additional space with our existing building. We moved in two years ago and have since doubled our square footage due to expanding shipments and employee additions. We are well prepared for future growth as we continue to add sales representatives across the country at a rapid rate.”
On November 14, 2019, Zynex, Inc. (NASDAQ: ZYXI) announced it has been ranked 18th in revenue growth among all medical device companies in the U.S. and Canada on Deloitte’s 2019 Technology Fast 500. Zynex was ranked 488th for revenue growth between 2015 and 2018 across all companies in North America. Zynex’s revenues grew 174% over that period, with 2018 revenue reaching $31.9 million. The company estimates 2019 revenue between $43.6 and $44.1 million.
“It is an honor to be recognized this year by Deloitte’s 2019 Technology Fast 500 for revenue growth,” said Thomas Sangaard, CEO and founder of Zynex Inc. “This award truly reflects the strong commitment of our Zynex team and gives me an opportunity to thank everyone here for their dedication and hard work. We appreciate this award and look forward to continued revenue growth in the years ahead.”
Now in its 25th year, Deloitte’s Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, and energy tech companies—both public and private—in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2015 to 2018.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000, and current-year operating revenues of at least $5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
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