Thomas Sandgaard, founder and CEO of Zynex said: “We processed 2,807 patient files for our electrotherapy product line in February, which represents a 10% increase over January of this year, and 210% higher than orders received in the February 2015 period. Like January, February is typically a slower month in the medical industry due to patient deductible resets.
We are currently experiencing minor bottlenecks keeping pace with the large increase in orders for the NexWave electrotherapy device received over the past several months. Our lender has continued to advance funds to accommodate expanded production and receivables needed to support our recent growth.
We are also actively working to expand our banking relationships to further scale operations during the second half of 2016. We are gaining confidence in the market opportunity ahead for our electrotherapy product line and anticipate that we can grow orders further in the coming months as we gain operational efficiency and access to additional capital.”
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. For additional information, please visit: Zynex.com.
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 or augment our liquidity in order to continue our business, the success of our compound pharmacy and international expansion efforts, 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 Annual Report on Form 10-K for the year ended December 31, 2014.