Zynex, Inc. (ZYXI) experienced a downfall of 6.5% in premarket. However, the last trading session closed at $11.23 with a decrease of 8.1%.
Ranking in Revenue Growth – What’s up?
On 18th November 2021, ZYXI announced that the company is ranked 7th in revenue growth among all medical device firms in the United States and Canada. The Technology Fast 500 honors prominent technology pioneers every year, and this year is no different. The finest and brightest were able to pivot, innovate, evolve, and develop in the face of many problems emerging from the epidemic. Lastly, the company congratulates the winning companies and, more importantly, the exceptional workers who have contributed to their success.
It’s an honor for ZYXI to be named to Deloitte’s 2021 Technology Fast 500 for the third year in a row for revenue growth. This recognition genuinely represents the Zynex team’s strong commitment. Not only this, but the company expressed its gratitude to everyone for their devotion and hard work. The company is grateful for this recognition and anticipates a significant sales increase in the coming years ahead.
Anniversary Celebration – Latest Updates
ZYXI announced that it had celebrated its 25th anniversary on 3rd November 2021. The firm was formed in 1996 in a one-bedroom apartment in Boulder, Colorado, by current CEO and Chairman Thomas Sandgaard. With its prescription-strength electrotherapy solutions, the Company’s objective has always been to improve the standard of living of people in pain.
The company has grown from a modest start-up to a firm with over 750 people who serve tens of lots of patients over the last 25 years. The company is happy to reach such a level of success. Lastly, ZYXI expects to set new revenue and profit records in 2021.
Third Quarter 2021 Results – Earnings Disclosed!
ZYXI released third-quarter 2021 results on 2nd November 2021. The company reported net revenue of $34.8 million whereas the orders climbed to 70%. Furthermore, net income came out to be $6.1 million with adjusted EBITDA equivalent to $9.3 million. When compared to June 30, 2021, the Company’s working capital was $59.6 million, with a 13% increase. At the conclusion of the third quarter, the company had $35.4 million in cash on hand. Last but not least, the cash surged by more than 9% throughout the quarter.
ZYXI is enthusiastic about the 70% increase in orders which they expect to continue to drive revenue growth in 2021 and 2022. Moreover, the company had $34.8 million in sales and $6.1 million in net income in the third quarter. As the team continues to utilize the investments they have made in the sales organization over the last couple of years, they are happy with the continuing revenue growth and resulting profitability.