Zynex Reports Revenue and Profit in Third Quarter, 2009
Tue Nov 17, 10:06 AMLITTLETON, 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 third quarter of 2009. Revenue increased 113% to $4,690,715 and net income increased to $458,640 for the quarter.
Net rental and sales income for the quarter ended September 30, 2009 increased 113% to $4,690,715 compared with $2,198,738 for the same quarter of 2008. Gross profit for the three months ended September 30, 2009 was $3,793,487 or 80.9% of net revenue compared to 79.4% for the 2008 third quarter. Net income for the third quarter of 2009 increased to $458,640 compared to a net loss of $366,419 for the same period one year ago. Net cash provided by operating activities was $1,761,624 for the nine months ended September 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. Our earnings per share (EPS trailing twelve months as of September 30, 2009) is now 7 cents per share which we consider a very positive development.”
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Third Quarter Ended September 30 |
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| 3 Months | 9 Months | ||||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||
| Net Sales and Rental Income | $ | 4,690,715 | $ | 2,198,738 | $ | 13,269,637 | $ | 7,827,919 | |||||||||||||||
| Net Income (Loss) | $ | 458,640 | $ | (366,419 | ) | $ | 2,118,054 | $ | 152,301 | ||||||||||||||
| Net Income per share - Basic | $ | 0.02 | $ | (0.01 | ) | $ | 0.07 | $ | 0.01 | ||||||||||||||
| Common Shares Used in Computing per Share Amount – Basic | 30,086,784 | 29,311,220 | 29,997,276 | 28,722,456 | |||||||||||||||||||
| Net Income (Loss) per share - Diluted | $ | 0.02 | $ | (0.01 | ) | $ | 0.07 | $ | 0.00 | ||||||||||||||
| Common Shares Used in Computing per Share Amount – Diluted | 30,282,030 | 29,311,220 | 30,223,547 | 30,576,626 | |||||||||||||||||||
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, and 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
158.94 (1.43%)
