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Here are 1-3 brief analogies to describe Zynex (ZYXI):

• ResMed for pain management devices: Similar to how ResMed provides prescription devices and recurring consumables for sleep apnea, Zynex offers prescription electrotherapy devices and consumables for chronic pain management.
• Dexcom for pain management: Like Dexcom's continuous glucose monitors for diabetes, Zynex provides specialized, prescription-based medical devices and recurring supplies for managing chronic pain.
• The Gillette of prescription pain management devices: Zynex employs a "razor and blades" business model, where an initial prescription device (like a razor) generates ongoing, high-margin revenue from consumable electrodes and batteries (like blades).

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• NexWave Electrotherapy Device: A multi-modal electrotherapy device used for pain management and muscle re-education, combining TENS, NMES, and IFC therapies.
• NeuroMove Device: An electromyography (EMG) driven stimulation device designed for neurological rehabilitation, particularly for stroke recovery and muscle re-education.
• Zynex Monitoring Solutions: A suite of patient monitoring devices, including continuous non-invasive blood pressure monitors, primarily used in hospital settings.
• Electrodes and Supplies: Consumable accessories such as electrodes, batteries, and lead wires necessary for the operation of their electrotherapy and monitoring devices.

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Zynex (ZYXI) primarily sells its medical devices to **other companies** within the healthcare sector, rather than directly to individuals. Due to the fragmented nature of their customer base, Zynex does not report any single customer accounting for more than 10% of its total revenue, and therefore does not disclose specific major customer names or symbols in its public filings.

Instead, Zynex serves a broad network of healthcare providers. Its major categories of customers include:

• Physician Offices and Clinics: This encompasses a wide range of specialized medical practices such as pain management clinics, orthopedic offices, physical therapy centers, and chiropractic clinics. These customers primarily purchase and prescribe Zynex's electrotherapy devices (e.g., NexWave) for patient pain management and rehabilitation.
• Hospitals: Large healthcare institutions and hospital systems are customers for Zynex's patient monitoring devices (e.g., CM-1500, HemoFlow), which are utilized in critical care, operating rooms, and other clinical settings to monitor fluid and blood parameters.
• Healthcare Distributors: Zynex also works with various healthcare distributors to reach hospitals and other clinical facilities, particularly for its monitoring devices. These distributors act as direct customers, purchasing Zynex products for subsequent sale and distribution to end-user healthcare providers.

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• Xacti Med (private company)

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Steven Dyson, Chief Executive Officer

Steven Dyson assumed the role of CEO at Zynex, Inc. on August 18, 2025. He brings over two decades of experience in the medical technology sector. Prior to joining Zynex, Dyson served as a senior executive at Apax Partners, a global private equity firm, where he focused on scaling and exiting high-profile healthcare companies across Europe, North America, and Asia. His career also includes transformative roles at companies such as Kinetic Concepts (KCI), Rodenstock, Unilabs, Healthium Medtech, and Neuraxpharm.

Vikram Bajaj, Chief Financial Officer

Vikram Bajaj was appointed CFO of Zynex, Inc. on August 18, 2025. He has over 20 years of finance leadership experience within the med-tech sector, with a specialized background in mergers and acquisitions (M&A) and capital markets. His previous roles include CFO of Vyaire Medical and Kepro, and Head of Corporate Development at Kinetic Concepts (KCI). Bajaj began his career in public accounting with Arthur Andersen and later worked as an investment banker at J.P. Morgan, where he advised healthcare companies on M&A, equity, and debt capital markets.

Thomas Sandgaard, Chairman of the Board

Thomas Sandgaard is the Founder of Zynex, Inc., which he established in 1996. He served as the company's CEO for many years before transitioning to Chairman of the Board on August 18, 2025. Sandgaard has a deep understanding of the healthcare industry and was instrumental in Zynex's growth and strategy. He is also the Founder and CEO of Sandgaard Capital, a privately held family office and diversified investment company with expertise in capital markets, real estate, private equity, and alternative investments. His prior experience includes senior management positions at ITT, Siemens, GN Danavox, Dataco, and Philips, focusing on international sales, distribution, technology transfers, mergers, and marketing in semiconductor, telecommunications, data communications, and medical equipment industries. Sandgaard previously owned Charlton Athletic Football Club, which he acquired in 2020 and sold in 2023.

Anna Lucsok, Chief Operating Officer

Anna Lucsok serves as the Chief Operating Officer at Zynex Medical, a position she has held since 2021. She is a seasoned executive with extensive experience in the medical equipment and supplies manufacturing industry. Her background at Zynex Medical also includes leadership roles such as Vice President of Reimbursement and Billing Manager. Ms. Lucsok holds a Bachelor of Science in Health Care Administration from Colorado State University-Global Campus and an Associate's Degree in Medical Billing and Coding. Her expertise encompasses account management, revenue cycle management, and strategic planning.

Donald Gregg, President of Zynex Monitoring Solutions

Donald Gregg is the President of Zynex Monitoring Solutions and is part of the executive leadership team.

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The key risks to Zynex (ZYXI) are as follows:

1. Financial Restructuring and Negative Profitability: Zynex has initiated Chapter 11 financial restructuring to stabilize its financial position, stemming from significant challenges such as negative earnings, declining margins, and poor business operations. The company's financial health is precarious, with an operating margin of -34.35% and a net margin of -68.35%, indicating substantial losses. Its current ratio of 0.47 points to financial distress, and an Altman Z-Score of -4.87 suggests a high risk of bankruptcy within two years.
2. Legal and Regulatory Turmoil: Zynex is facing a class-action lawsuit alleging that it inflated revenue through an "oversupplying scheme" where it routinely sent patients excessive and unnecessary products. This has led to a significant drop in its stock price and is compounded by ongoing investigations by the SEC and various government bodies. Furthermore, Tricare, a crucial payer, temporarily suspended payments while reviewing past claims, raising concerns about the company's billing methodologies.
3. Dependence on Reimbursement and Regulatory Clearances: The company's revenue is highly reliant on reimbursement from health insurance companies, and any adverse changes in reimbursement policies could significantly reduce its income. Operating within the heavily regulated healthcare sector, Zynex also faces risks from evolving political and regulatory influences. Additionally, the company's ability to market new products and continue selling existing ones is contingent upon obtaining and maintaining regulatory clearances from the FDA; a failure to do so could materially impact its business.

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The addressable markets for Zynex's main products and services are as follows:

Pain Management and Rehabilitation

Zynex specializes in electrotherapy devices such as Transcutaneous Electrical Nerve Stimulation (TENS) units and Neuromuscular Electrical Stimulation (NMES) devices for pain relief, muscle stimulation, and rehabilitation, including products like NexWave and TensWave.

• The global pain management device market is projected to reach $5.68 billion by 2032.
• The annual addressable market for home electrotherapy products in the U.S. is estimated to be approximately $500 million to $1 billion.

Patient Monitoring

This division includes non-invasive fluid and blood volume monitors (such as CM-1500 and CM-1600), pulse oximetry, and sepsis monitoring systems, as well as devices for neurological diagnosis.

• The total addressable market for patient monitoring, encompassing Hemodynamic Monitoring, Pulse Oximetry, and Sepsis monitoring, is approximately $3.7 billion globally.
• The global Neurodiagnostics market size was valued at $9.9 billion in 2023 and is forecasted to grow to $21.5 billion by 2032.

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1. Continued Growth in Pain Management Division: Zynex expects its pain management division, which includes its flagship NexWave device and other orthopedic products, to return to a normal top-line growth rate of approximately 20% in 2025. This growth is supported by sustained order growth and increased productivity among its sales representatives.
2. Commercialization of New Patient Monitoring Products: A significant driver of future revenue is the anticipated commercialization of new patient monitoring solutions, particularly the NiCO laser-based pulse oximeter. This device, which addresses issues with existing technologies for darker skin tones and monitors multiple hemoglobin types, is expected to receive FDA clearance and begin generating revenue in the second half of 2025. Zynex also has other pre-revenue hospital monitoring products in its pipeline.
3. Diversification of Pain Management Product Offerings: The company is actively diversifying its pain management portfolio by introducing new products such as braces and cold therapy devices, as well as private-label rehabilitation products. This strategy aims to create new revenue streams and achieve more stable, long-term growth.
4. Expansion and Optimization of Sales Force: Following a period of strategic sales force restructuring to enhance productivity, Zynex plans to rebuild and expand its sales team, targeting a return to approximately 800 representatives. This expansion, coupled with a focus on increasing sales efficiency and leveraging open territories, is expected to fuel renewed growth.

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Share Repurchases

• Zynex repurchased $38.4 million of its common stock in 2023.
• In Q1 2024, the company repurchased $13.4 million of its common stock.
• As of Q1 2024, Zynex had repurchased a total of $78.5 million of common stock over the preceding twenty-four months.
• The board authorized an additional $20.0 million share repurchase program, commencing March 4, 2024, and scheduled to terminate by March 4, 2025, or when the limit is reached.

Share Issuance

• Information on the specific dollar amount of shares issued for cash or other considerations by Zynex in the last 3-5 years is not explicitly detailed in the provided search results.

Inbound Investments

• No information is available regarding large strategic investments made in Zynex by third-parties, such as private equity firms, over the last 3-5 years.

Outbound Investments

• In December 2021, Zynex acquired 100% of Kestrel Labs, Inc., a company specializing in laser-based, non-invasive patient monitoring technology, with all related activities integrated into Zynex Monitoring Solutions (ZMS).
• Zynex has invested in the development of its Zynex Monitoring Solutions (ZMS) division, focusing on patient monitoring devices such as the CM-1500 fluid volume monitoring system (FDA cleared in February 2020), the CM-1600 wireless monitoring system (510k application filed in December 2021), and the NiCO CO-Oximeter (anticipated FDA submission, initially in Q3 2023, later delayed).
• Expenses related to ZMS operations were approximately $7.1 million in 2022 and $2.6 million in 2021.

Capital Expenditures

• Zynex had planned capital expenditures of approximately $2.0 million for 2023.
• Projected annual capital expenditures are $1 million from 2025 to 2029.