SeeThruEquity Issues Update on Zynex, Inc.


NEW YORK, NY / ACCESSWIRE / March 7, 2018 / SeeThruEquity, a leading independent equity research and corporate access firm focused on small-cap and micro-cap public companies, today announced it has issued an update on Zynex, Inc. (OTCQB: ZYXI).

The report is available here: ZYXI March Update Note.

Based in Lone Tree, CO, Zynex, Inc. (OTCQB: ZYXI, "Zynex") produces medical devices that utilize electrotherapy to treat pain and rehabilitation. The company's flagship product, NexWave™, is an FDA-cleared electrotherapy medical device that offers non-invasive, non-addictive treatment of chronic and acute pain. With a growing active installed base of over 50,000 devices, NexWave™ provides Zynex with a high margin revenue stream with recurring attributes from supplies and consumables. Beyond NexWave™, Zynex offers additional solutions for pain management, neuro-monitoring and stroke recovery. Zynex is in the process of completing an impressive turnaround, and appears well-positioned for growth. Upcoming catalysts include continued execution in NexWave™ and possible regulatory clearance for the CM1500, a new class 2 device targeting the large unmet need for post-surgery blood volume monitoring. Zynex has also announced its intention to uplist shares to a national exchange - likely the NYSE American or Nasdaq CM - which has the potential to raise its visibility in its industry as well as among institutional investors restricted from investing in OTC companies.

Highlights from the update include:

Zynex reports better than expected 4Q17 results

On February 28, 2018, Zynex released positive 4Q17 results, which came in higher than our estimates and the high end of the company's pre-announcement in January. Highlights were as follows:

Increasing estimates on strong results

Zynex continues to report accelerating momentum in the market as management reported final 2017 results that were above the high end of its pre-announcement, as well as our raised estimates. Zynex grew revenues by 178% annually during 4Q17 to $8.1mn, and exhibited robust profitability with Adjusted EBITDA margins of nearly 48% and GAAP EPS of $0.10 per share. Indeed the quarter marked the sixth consecutive quarter of profitability for Zynex, as the company continues to benefit from demand for supplies and new device sales for its lead product NexWave. For the full year the company generated revenues of $23.1mn with Adjusted EBITDA, of $9.5mn and basic GAAP EPS of $0.23 ($0.22 fully diluted).

Raising estimates and price target

We are raising our price target and estimates following strong results. We now expect Zynex to generate FY2018 revenues of $31.5mn with GAAP EPS of $0.31. Our price target increases to $6.50, which represents a fair value multiple of 21.3x our 2018E EPS estimate of $0.31.

Please review important disclosures on our website at

About Zynex, Inc.

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.

About SeeThruEquity

Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.

SeeThruEquity is approved to contribute its research reports and estimates to Thomson One Analytics (First Call), the leading estimates platform on Wall Street, as well as Capital IQ and FactSet. SeeThruEquity maintains one of the industry's most extensive databases of opt-in institutional and high net worth investors. The firm is headquartered in Midtown Manhattan in New York City.

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SOURCE: SeeThruEquity