Zynex, Inc. (OTCBB:ZYXI), a provider of pain management systems and electrotherapy products for medical patients with functional disability, has been ranked number 132nd on Deloitte’s 2010 Technology Fast 500 list for revenue growth between 2005 and 2009. The same list categorizes companies into various industries and Zynex ranked 8th in growth among all Medical Equipment companies in the US and Canada. The list also indicates that Zynex is the fastest growing medical equipment company in the Rocky Mountain region as well as the 3rd fastest growing company in Colorado among all technology companies. The Deloitte Technology Fast 500 list can be found on www.fast500.com.
Zynex’s revenue grew 790% during the period from 2005 to 2009 with revenue in 2009 of $18,681,000 and net income of $2,382,000.
Thomas Sandgaard, Zynex’s CEO commented: “I am obviously very proud of this ranking especially having achieved it entirely through organic growth and in a rough economic climate. I am also very excited to see our growth in 2010 continue at a rapid rate.”
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 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. Zynex has also announced the development of two new business units, Zynex Monitoring Solutions and Zynex NeuroDiagnostic.
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, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, 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, 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 filings with the Securities and Exchange Commission including the “Risk Factors” section of our 10-K Report for the year ended December 31, 2009.
Thomas Sandgaard, CEO