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Zynex Files Application to Become Listed on the American Stock Exchange
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Consolidated Statement of Operations | ||||
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First Quarter 2008 and 2007 | ||||
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3 Mos Ended March 30, | ||||
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2008 |
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2007 |
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Net Sales and rental Income |
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$3,741,028 |
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$1,336,731 |
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Net Income (loss) |
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$1,192,991 |
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$231,681 |
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Net Income Per Common Share Basic |
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$0.04 |
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$0.02 |
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Common Shares Used in Computing Per Share |
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Amount-Basic |
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27,717,457 |
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26,310,991 |
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Net Income Per Common Share Diluted |
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$0.04 |
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$0.02 |
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Common Shares Used in Computing Per Share |
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Amount-Diluted |
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29,332,966 |
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27,399,773 |
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Consolidated Statement of Operations, Year Ended Dec. 31, | |||||
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2007 |
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2006 |
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Net Sales & Rental income |
$ |
8,048,252 |
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$ |
2,556,809 |
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Net Income (Loss) |
$ |
2,131,350 |
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$ |
(320,370) |
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Net Profit per Common Share - Basic |
$ |
.08 |
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$ |
0.00 |
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Net Profit per Common Share - Diluted |
$ |
.07 |
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$ |
0.00 |
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Common Shares Used in Computing Per Share Amounts - |
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Basic |
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26,595,967 |
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24,026,988 |
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Diluted |
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28,455,447 |
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24,026,988 |
February 6, 2008 9:22 AM ET
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 150% for January of 2008 compared to the same month last year.
Thomas Sandgaard, CEO, said: "We are excited to see an all-time record for our order intake in January."
Zynex received 1,473 orders in January 2008 versus 590 orders twelve months ago and 1,091 orders in December of 2007. Zynex has not yet finalized its results for the fourth quarter of 2007 and first quarter of 2008, including the impact of increased orders. Zynex will state these results in the Form 10-KSB for the 2007 full year and Form 10-Q for the first quarter of 2008.
January 8, 2008 9:20 AM ET
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 238% for December of 2007 compared to the same month last year.
Thomas Sandgaard, CEO, said: "We grew a remarkable 37% from 3rd quarter to this 4th quarter in terms of total orders, 270% higher than 4th quarter of 2006. We engaged an additional six sales representatives during the fourth quarter of 2007 for a total of 51 outside sales representatives as of December 31, 2007. Based on the increases in our sales force during the last 36 months, increased production capacity in our new building and existing recurring rental revenue of our products, we have high hopes for a strong 2008."
Zynex received 1,091 orders in December 2007 versus 323 orders twelve months ago and 1,260 orders in November of 2007. Zynex has not yet finalized its results for the fourth quarter of 2007, including the impact of increased orders. Zynex will state these results in the Form 10-KSB for the 2007 full year.
December 5, 2007 9:24 AM ET
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 245% for November of 2007 compared to the same month last year.
Thomas Sandgaard, CEO, said: "Even though we posted our second-best order intake so far, our production was slowed down by moving to new offices and not having enough products for our sales reps. The shorter month and the holidays also played a role and we hope to continue our growth in the coming months."
Zynex received 1,260 orders in November 2007 versus 365 orders twelve months ago and 1,452 orders in October of 2007. Zynex has not yet finalized its results for the fourth quarter of 2007, including the impact of increased orders. Zynex will state these results in the Form 10-KSB for the 2007 full year.
Zynex announces record revenue and profit.
November 20, 2007
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces a 173% increase in revenue the first nine months of 2007 compared to the same period last year and a profit of $1,197,694 for the period.
Net sales and rental income for the three and nine months ended September 30, 2007, were $2,104,446 and $4,946,384 an increase of $1,360,659 and $3,136,646 or 183% and 173% compared to $743,787 and $1,809,738 for the three and nine months ended September 30, 2006.
Income from operations was $856,144 for the quarter and $1,876,009 for the nine months respectively versus $34,087 and $(50,503) one year ago. Operations generated a cash flow of $437,602 during the first nine months of 2007 which was primarily used to acquire additional equipment. Gross profit margin increased to 92.5% for the quarter and 91.2% for the three quarters.
Selling, general and administrative expenses for the three and nine months ended September 30, 2007 were $1,045,087 and $2,529,281 an increase of $469,057 and $968,947 or 81.4% and 62.1%, compared to $576,030 and $1,560,334 for the same periods in 2006. As a result the net income after taxes was $614,465 for the third quarter and $1,197,694 for the nine months in 2007.
Thomas Sandgaard, CEO states: “We further accelerated our revenue growth compared to the two first quarters of 2007 as well as increasing our gross profit margin and net income. We expect the additions to our sales force in the last several months to continue to positively impact revenues and profitability in future quarters.”
Consolidated Statement of Operations
3 Mos. Ended September 30, 9 Mos. Ended September 30,
2007 2006 2007 2006
Net Sales & Rental income $2,104,446 $743,787 $4,946,384 $1,809,738
Net Income (Loss) $614,465 $22,892 $1,197,694 $(92,751)
Net Income (Loss) per
Common Diluted Share $0.02 $0.00 $0.04 $0.00
Common Shares Used in
Computing Per Share
Amounts—Diluted 29,332,352 24,300,389 28,588,545 23,531,017
November 9, 2007
Zynex expands and moves to larger facility.
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces it has leased additional office space in close proximity to it’s existing location. Zynex has signed a 25-month lease for a 16,553 square-foot mixed office and warehouse at 8022 Southpark Circle, Littleton CO 80120.
Thomas Sandgaard, CEO explains: “Our recent growth has made it necessary for us to lease office and warehouse space to accommodate not only a higher level of activity as well as anticipated future growth. We continue to outsource many functions, such as electronic assembly, in an effort to have as much flexibility in our growth as possible. We expect to move into the new space immediately. We will be filing a Current Report on Form 8-K with the Securities and Exchange Commission that will contain additional information concerning the lease.”
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 326% for October of 2007 compared to the same month last year.
Thomas Sandgaard, CEO, said: "We saw an increased performance by our sales force in October and are especially excited to see a 39% increase over the month prior.”
Zynex received 1,452 orders in October 2007 versus 341 orders twelve months ago and 1,042 orders in September of 2007. Zynex has not yet finalized its results for the third quarter of 2007, including the impact of increased orders. Zynex will state these results in the Forms 10-QSB for the 2007 third quarter.
October 4, 2007
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 232% for September of 2007 compared to the same month last year.
Thomas Sandgaard, CEO, said: "We are excited to see our sales growth continue and be executing our plan of expanding sales and leverage our platform of great products and an infrastructure already in place."
Zynex received 1,042 orders in September 2007 versus 314 orders twelve months ago and 1,021 orders in August of 2007. Zynex has not yet finalized its results for the third quarter of 2007, including the impact of increased orders. Zynex will state these results in the Forms 10-QSB for the 2007 third quarter.
September 6, 2007 9:09 AM ET
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 285% for August of 2007 compared to the same month last year.
Thomas Sandgaard, CEO, said, "We are pleased to see our sales force gain additional traction in the summer period."
Zynex received 1,021 orders in August 2007 versus 265 orders twelve months ago and 715 orders in July of 2007. Zynex has not yet finalized its results for the third quarter of 2007, including the impact of increased orders. Zynex will state these results in the Forms 10-QSB for the 2007 third quarter.
August 20, 2007 9:11 AM ET
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces a 167% increase in revenue the first six months of 2007 compared to the same period last year and a profit of $583,229 for the period.
Net sales and rental income for the three and six months ended June 30, 2007, were $1,505,207 and $2,841,938, an increase of $944,347 and $1,775,987, or 168% and 167%, compared to $560,860 and $1,065,951 for the three and six months ended June 30, 2006.
Income from operations was $580,401 for the quarter and $1,019,865 for the six months respectively versus a loss of $75,473 and $84,589 one year ago. Operations generated a cash flow of $185,380 during the first six months of 2007 which was primarily used to acquire additional equipment. Overall cash decreased during the second quarter primarily due to paying off a note payable to Ascendient Capital LLC.
Selling, general and administrative expenses for the three and six months ended June 30, 2007 were $716,400 and $1,484,194, an increase of $209,714 and $499,890, or 41.4% and 50.8%, compared to $506,686 and $984,304 for the same periods in 2006. As a result the net income after taxes was $351,548 for the second quarter and $583,229 for the six months in 2007.
Thomas Sandgaard, CEO, stated: "We were able to decrease our SG&A expenses in the second quarter compared to first quarter of 2007 while still continuing a significant growth in the second quarter. We expect the additions to our sales force in the last several months to impact positively revenues and profitability in future quarters."
Consolidated Statement of Operations
3 Mos. Ended June 30, 6 Mos. Ended June 30,
2007 2006 2007 2006
----------- ----------- ----------- ---------
Net Sales & Rental income $1,505,207 $560,860 $2,841,938 $1,065,951
Net Income (Loss) $351,548 $(93,208) $583,229 $(115,642)
Net Income (Loss) per
Common Diluted Share $0.01 $0.00 $0.02 $0.00
Common Shares Used in Computing Per Share
Amounts -- Diluted 27,823,336 23,277,197 27,250,434 23,244,065
August 7, 2007
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 321% for July of 2007 compared to the same month last year.
Thomas Sandgaard, CEO, said: "We are pleased to see our growth continue in a month where many prescribing physicians traditionally are on vacation. To further accelerate our growth we have recently hired additional, experienced sales reps for a total of 41 outside sales reps versus 10 reps one year ago."
Zynex received 715 orders in July 2007 versus 170 orders twelve months ago and 713 orders in June of 2007. Zynex has not yet finalized its results for the second and third quarters of 2007, including the impact of increased orders. Zynex will state these results in the Forms 10-QSB for the 2007 second and third quarters.
July 10, 2007 9:19 AM ET
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 363% for June of 2007 compared to the same month last year.
Thomas Sandgaard, CEO, comments: "Our continued strong order intake shows our sustained growth and will contribute to the revenues in future quarters."
Zynex received 713 orders in June 2007 versus 154 orders twelve months ago and 635 orders in May of 2007. Zynex has not yet finalized its results for the second quarter of 2007, including the impact of increased orders. Zynex will state these results in the Forms 10-QSB for the 2007 second quarter.
June 5, 2007 12:42 PM ET
Zynex Announces Increased Orders in May
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 249% for May of 2007 compared to the same month last year.
"We are excited to see a continued strong order intake," said Thomas Sandgaard, CEO.
Zynex received 635 orders in May 2007 versus 182 orders twelve months ago and 641 orders in April of 2007. Zynex has not yet finalized its results for the second quarter of 2007, including the impact of increased orders. Zynex will state these results in the Forms 10-QSB for the 2007 second quarter.
May 21, 2007 9:15 AM ET
Zynex Announces Record Revenue and Profit
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, reported its financial results for the first quarter of 2007. Revenue increased 164.6% to $1,336,731, income from operations was $439,464 and net income $231,681 for the quarter.
Net sales and rental income for the quarter ended March 30, 2007 increased 164.6% to $1,336,731 compared with $505,091 during the same quarter of 2006. Gross profit for the three months ended March 31, 2007 was $1,237,096 or 92.5 % of net revenue. For the three months ended March 31, 2007 this represents an increase of $748,398 or 153.1% from the gross profit of $488,698 or 96.8% of net revenue for the three months ended March 31, 2006.
Thomas Sandgaard, President and CEO of Zynex, said, "Our first quarter orders increased more than three-fold compared to last year's orders, and as we bill for monthly rentals and monthly supplies to our increasing base of patients, we anticipate further increases in our reported revenue. In the first month of the second quarter we continued a strong trend of increased orders." Thomas Sandgaard continues: "The impact of a modest increase in SG&A of only 61%, primarily driven by increased sales commissions, and a substantially higher revenue increase of 164.5% made a dramatic improvement in our bottom-line result."
Consolidated Statement of Operations
First Quarter 2007 and 2006 Ended March 31,
2007 2006
Net Sales and rental Income $1,336,731 $505,091
Net Income (loss) $231,681 $(22,434)
Net Income Per Common Share Basic $0.01 $0.00
Common Shares Used in Computing Per Share Amount-Basic
26,310,911 23,208,748
Net Income Per Common Share Diluted $0.01 $0.00
Common Shares Used in Computing Per Share Amount-Diluted
27,399,773 23,208,748
May 4, 2007 9:16 AM ET
Zynex Announces Increased Orders in April
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 322% for April of 2007 compared to the same month last year and a 6.5% increase over the prior month.
"Our continued increase in orders demonstrates a solid product acceptance, and a continued market penetration as a result of our adding experienced sales persons in the second half of 2006," said Thomas Sandgaard, CEO.
Zynex received 641 orders in April 2007 versus 152 orders twelve months ago and 602 orders in March of 2007. Zynex has not yet finalized its results for the first and second quarters of 2007, including the impact of increased orders. Zynex will state these results in the Forms 10-QSB for the 2007 first and second quarters.
April 18, 2007 9:18 AM ET
Zynex Announces Increased Orders
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 256% for March of 2007 compared to the same month last year and 304% increase in orders for the first quarter of 2007 compared to the same quarter of 2006.
"We are excited to see a strong order intake continue," commented Thomas Sandgaard, CEO, "and further solidifies our position in the market."
Zynex received 602 orders in March 2007 versus 169 orders twelve months ago and 621 orders in February of 2007. First quarter orders in 2007 was 1,812 compared to 449 in first quarter of 2006 and 1,029 in the fourth quarter of 2006. Zynex has not yet finalized its results for the first quarter of 2007, including the impact of increased orders. Zynex will state these results in the Form 10-QSB for the 2007 first quarter.
April 17, 2007 10:30 PM ET
Zynex Announces 2006 Financial Results
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces a 22% increase in revenue.
Net sales and rental income for the twelve months ended December 31, 2006, were $2,556,809 an increase of $458,401 or 22% compared to $2,098,408 for 2005 and a loss of $320,370 versus a profit of $301,064 in the prior year. Gross profit increased $271,201 over 2005, an increase of 13.7%. Gross profit as a percent of net sales and rental income was 88.1% in 2006 compared to 94.4% in 2005.
Thomas Sandgaard, CEO, states: "Our strong increase in orders in late 2006, utilizing our existing company and product platform, is hardly reflected in these numbers, since the majority of our business consists of monthly rental revenue as well as supplies sent to our patients on a monthly basis. It is unfortunate that our 2006 financials have been impacted by an adjustment to the accounts receivable allowance from heavier than expected insurance company deductions against our pre-2006 receivables. If we had estimated a higher allowance for accounts receivable in 2005, the year over year earnings would have reflected what we believe is a more consistent operation. Our cash reserves increased to $265,197 on December 31, 2006 compared to $18,733 on December 31, 2005 and we believe we are adequately capitalized for our near-term growth with increased cash flow from operations."
Orders increased from 1,627 in 2005 to 2,705 in 2006 as a result of adding new, experienced sales reps to our sales force in the second half of 2006. Significantly, the revenue generated from this order increase has and will come from monthly rental billing and monthly supplies sent to the patients. Therefore, only a portion of the revenue for these orders was booked in 2006, and they will continue to generate revenue in 2007.
Zynex Announces Increased Orders
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 328% for February of 2007 compared to the same month last year and a 5% increase in orders compared to the month of January of this year.
"Our continued growth in orders is an important element in executing our strategic plan," commented Thomas Sandgaard, CEO, "and we are excited that our products keep gaining market acceptance."
Zynex received 621 orders in February 2007 versus 145 orders twelve months ago and 590 orders in January of 2007. Zynex has not yet finalized its results for the fourth quarter of 2006 and the 2006 fiscal year, including the impact of increased orders. Zynex will state these results in the Form 10-KSB for the 2006 fiscal year.
February 21, 2007 9:17 AM ET
Zynex Announces New Chief Financial Officer
Zynex Medical Holdings, Inc. ZYNX announces today that it has hired Fritz Allison as its new Chief Financial Officer to replace Pete Leveton.
Zynex has elected Fritz G. Allison, 47, as Chief Financial Officer of Zynex, effective February 19, 2007. Prior to joining Zynex, Mr. Allison served as a Financial Consultant for MSS Technologies, a Phoenix-based provider of business application solutions, since 2004. From 2000 until 2004, Mr. Allison held the roles of Vice-President, Controller and Chief Financial Officer of Orange Glo International, Inc., a manufacturer of cleaning products in the consumer package goods industry. Previous positions include Manager of Corporate Accounting for J.D. Edwards & Co, Controller at Powercom-2000 and International Controller for CH2M Hill International.
Fritz Allison holds a B.A. in Business Administration from the University of Southern California and has been a Certified Public Accountant.
Thomas Sandgaard, CEO, comments: "With the replacement and adding Fritz Allison to our team, we believe we are in a strong position to accommodate our current and immediate growth. He has a relevant background from fast-growing and high-tech companies and will be an important cornerstone for managing our growth."
February 6, 2007 9:16 AM ET
Zynex Announces Increased Orders
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 337% for January of 2007 compared to the same month last year and a 172% increase in orders during 4th quarter of 2006, compared to the 4th quarter of 2005.
Thomas Sandgaard, CEO, stated: "We are pleased to see that our expanded sales force continues to increase sales and rentals and leverage their industry experience to keep building a significant position in the market for Zynex. We expect to see an increase in orders in the foreseeable future when compared to the same periods in 2006."
Zynex received 590 orders in January 2007 versus 135 orders twelve months ago and 1,029 orders in 4th quarter of 2006 versus 378 orders in the 4th quarter of 2005, respectively. Zynex has not yet finalized its results for the fourth quarter of 2006 and the 2006 year, including the impact of increased sales and rentals. Zynex will state these results in the Form 10-KSB for the 2006 year.
Tuesday December 26, 9:54 am ET
Zynex Medical Restates Financials Resulting in Increases in 2005 Profit
LITTLETON, Colo.--(BUSINESS WIRE)--Zynex Medical (OTCBB: ZYNX - News), a provider of pain management systems and electrotherapy products for medical patients with functional disability, announced the restatement of its financial statements for the year ended December 31, 2005 in the 2005 Form 10-KSB of Zynex, and its financial statements for the quarters ended March 31, 2005 and 2006 and June 30, 2005 and 2006 on Forms 10-QSB for those 2006 quarters. Zynex has filed with the Securities and Exchange Commission amended reports with the restated financial statements.
The adjustments in the Form 10-KSB reflect an increase in net income profit of $193,108 to a restated $301,064 for the year 2005. The increase is primarily because of increased inventory values, resulting in a decrease in the cost of goods sold (COGS). The restatement also included adjustments to property and equipment and corresponding changes to other numbers. The restatements were a result of a detailed inventory analysis of the value and quantity of finished goods as well as the value of rented inventory.
In addition, the restated financial statements in the 2006 Forms 10-QSB for the quarters ended March 31, 2006 and June 30, 2006, reflect updated inventory values and COGS for the first and second quarters of 2006 and 2005. The Form 10-QSB pertaining to the third quarter ended September 30, 2006, remains unchanged but included restated financial statements for the three and nine months ended September 30, 2005.
Thomas Sandgaard, CEO, commented: "We believe improvements made to our inventory controls will benefit the company. As we experience growth in orders, we also immediately anticipate higher inventory values".
Monday November 27, 10:49 am ET
ZYNEX MEDICAL ANNOUNCES THIRD QUARTER NET REVENUE INCREASES 23%
Zynex Medical Holdings, Inc. (OTCBB: ZYNX - News), a provider of pain management systems and electrotherapy products for medical patients with functional disability, reported its financial results for the quarter and nine months ended September 30, 2006
Net sales and rental income for the quarter ended September 30, 2006 increased 23% to $743,787, compared with $604,141 during the same quarter of 2005. For the nine-month period, net sales and rental income was $1,809,738, compared with $1,738,566 for the same period of 2005. The increase in net revenue for the quarter and nine-month period was primarily due to an increase in prescription orders for rentals and purchases of the Company's standard electrotherapy products, and was the result of the Company's more than doubling its sales force through the hiring of sixteen industry-seasoned, professional sales representatives during the third quarter.
Gross profit for the quarter ended September 30, 2006 increased 11% to $634,596, compared with $570,736 reported during the same period in 2005. Gross profit for the nine months ended, September 30, 2006 was $1,576,544, compared with $1,663,405 reported during the prior year's comparable period.
Thomas Sandgaard, President and CEO of Zynex said, "Our strong increase in sales this quarter were propelled by our newly acquired sales force. We believe that there is demand in the marketplace for Zynex's pain management and NeuroMove products, and, with our new sales force on board, we are well-positioned for further growth."
Separately, the Company announced, following a detailed inventory analysis, the Company concluded that it had undervalued its inventory in prior periods and that the Company's financial statements (1) for the year ended December 31, 2005 and (2) the quarters ended September 30, 2005, March 31, 2006 and June 30, 2006 should be revised to reflect adjustments to the Company's inventory as of such dates. An adjustment was recorded to decrease accumulated deficit and increase inventory at January 1, 2006 by $193,108. Additionally, adjustments were recorded to decrease cost of sales and rentals by $6,530 and $125,153 for the three and nine months ended September 30, 2005, respectively. The Company will prepare revised financial statements for the year ended December 31, 2005, and for the quarters ended March 31, 2006 and June 30, 2006 and include them in an amended Form 10-KSB and Forms 10-QSB as of such dates. The Company has filed a Form 10-QSB for the quarter ended September 30, 2006.
Consolidated Statement of Operations
Third Quarter 2006 and 2005 Nine Months Ended September 30, 2006 and 2005
3 Mos Ended Sept. 30 9 Mos Ended Sept. 30
2006 2005 2006 2005----------------------------------------------------------------------Net Sales and rental Income $743,787 $604,141 $1,809,738 $1,738,566
----------------------------------------------------------------------Net Income (loss) $22,892 $135,940 $(92,751) $386,058----------------------------------------------------------------------Net Income Per Common Share Basic $- $0.01 $- $0.02
----------------------------------------------------------------------Common Shares Used in Computing Per Share
Amount-Basic 24,095,566 23,141,330 23,531,017 23,095,520----------------------------------------------------------------------Net Income Per Common Share Diluted $- $0.01 $- $0.02
----------------------------------------------------------------------Common Shares Used in Computing Per Share
Amount-Diluted 24,300,389 23,383,878 23,531,017 23,210,830
August 14, 2006 08:48:00 AM ET
Zynex Medical Adds Six Industry Veterans to Sales Force
Zynex Medical Holdings, Inc. ZYNX has hired six new sales representatives, bringing the total number of reps to 26. As previously announced, ten sales reps were hired last month. All 16 new sales professionals are highly experienced in electrotherapy and medical technology sales. Their addition to the Zynex team is expected to significantly broaden the Company's potential client base.
The Company's impetus in more than doubling its sales force is to increase interest in its fully developed, FDA-cleared standard electrotherapy medical products.
"With the hiring of additional salespeople, we have taken yet another step toward increasing our revenues and market penetration in an already successful Zynex business," said Thomas Sandgaard, President and Chief Executive Officer. "We will continue to execute our strategy, add more sales representatives and anticipate the expanded sales force to contribute significantly to the overall growth of our Company."
August 01, 2006 08:30:00 AM ET
Zynex Medical Doubles Sales Force; Expansion of Direct Sales Force Positions Company for Continued Growth
Zynex Medical Holdings, Inc. ZYNX has hired ten additional sales representatives resulting in a doubling of its US sales force over the past two months. The recent hiring was to satisfy an expanding interest in the Company's fully developed, FDA-cleared electrotherapy medical products.
The ten sales representatives joining the Zynex team are seasoned electrotherapy and medical-technology sales veterans. They represent decades of experience, and bring to Zynex a significant client base.
"This is a major milestone for Zynex, as we continue to execute our strategy, expand our reach and grow revenues in an already successful portion of our business," said Thomas Sandgaard, President and Chief Executive Officer. "Now, with the doubling of our sales force, we will be primed to gain a recognizable foothold in the much-larger direct sales market. It is our hope that, no matter where patients live, they will have immediate access to our safe, proven method of pain relief. Our mission is to improve quality of life, and we will now be able to offer our high-end electrotherapy products on a larger scale to truly make a marked difference."
July 11, 2006 09:22:00 AM ET
Zynex Medical Holdings, Inc. Retains the Investor Relations Group
Zynex Medical Holdings, Inc. ZYNX, a medical device company specializing in non-invasive, FDA-cleared electrotherapy devices for pain relief, stroke and spinal cord rehabilitation, has retained The Investor Relations Group, Inc. (IRG), a full-service investor relations firm, to serve as its new investor relations and corporate communications agency.
"The Investor Relations Group will play an integral role in ensuring Zynex Medical reaches the investment community in a strategic, effective manor," said Thomas Sandgaard, President and Chief Executive Officer of Zynex.
IRG will strive to increase investor and industry awareness of Zynex and its products within the United States and world markets by introducing the Company and its Management to pre-qualified fund managers and analysts.
April 19, 2006 10:23:00 AM ET
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced record revenues for the year ended Dec. 31, 2005.
"We are pleased that Zynex has achieved record revenues and that the Company is reaping the benefits of the investments that we made in our sales and marketing programs over the past two years," stated President and Chief Executive Officer Thomas Sandgaard. "Intensified marketing efforts led to greater awareness of the Company's NeuroMove(TM) Stroke Recovery System and related products among medical facilities and physicians. We plan to continue the sales growth through 2006 as we concentrate on expanding our marketing efforts in the U.S. and Europe." April 10, 2006 09:15:00 AM ET Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that its Zynex Medical, Inc., subsidiary has signed a contract with healthcare provider Aetna, Inc. AET, to become a provider for the Aetna Workers Compensation Access (AWCA) program. The contract covers Aetna member benefits at the contracted rate in Colorado and other states where the AWCA program is currently active, including New Jersey, Texas, Pennsylvania, Connecticut, Tennessee, Virginia, Arizona, Georgia, Missouri and Oklahoma. "We are pleased to be expanding our relationship with Aetna through its growing network of workers compensation programs," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "Aetna intends to introduce AWCA networks nationally and we expect to benefit from this expansion program as an in-network provider for our products." Zynex, which has an established relationship with Aetna, is reimbursed by healthcare providers for the Company's products in every state in the nation. In addition to Aetna, Zynex also has contracts with Anthem, Blue Cross and Blue Shield.
March 01, 2006 08:30:00 AM ET
"The study found that after using the NeuroMove for a short period of time, patients who were unable to use their wrist or fingers at all, regained enough movement to progress to the next level of therapy," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "The NeuroMove System provided the patients the ability to undergo Modified Constraint Induced Therapy (mCIMT), a form of physical therapy, where they continued to make progress in their recovery." "This study is one of the first to show that a therapy program can address movement in stroke patients who initially had little or no hand motor control, and it is among the first to effectively combine two singularly efficacious regimes such as the NeuroMove and modified constraint therapy," Dr. Page said. February 27, 2006 08:30:00 AM ET Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that it has engaged Cavendish Scott, which provides quality standards, business management and consulting services, to assist the Company in obtaining European CE marking for its products.
A CE Marking is certification that a product meets the standards established by the 25-nation European Union ("EU") and four-nation European Free Trade Association ("EFTA") and qualifies the product for sale in those countries. Cavendish Scott, based in Stoneham, Mass., specializes in product certifications worldwide and maintains expertise in working with companies that manufacture and market medical devices. November 14, 2005 08:30:00 AM ET
For the nine months ended Sept. 30, 2005, net revenues from sales and rental of products increased 79.9% to $1,738,566, compared with $966,430 in the year-ago period and net income rose to $260,906, or $0.01 per share, compared with a net loss of $(652,964), or $(0.03) per share in the corresponding period a year ago. Gross Profit Margin increased to 88.5% compared with 83.3% for the comparable nine-month period in 2004. Diluted weighted average shares outstanding used in computing per share amounts in both periods were 23,210,830 and 22,588,273, respectively. "Higher gross margins, growing interest in our NeuroMove(TM) Stroke Recovery System, increased marketing activities and an emphasis on cost control and cash management contributed to our third consecutive quarter of profitability," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "The trend of accelerating sales and continuing profitability is expected to continue through the balance of this year and into 2006 as our profit margins, the expansion of our direct sales force in the U.S. and increasing emphasis on international markets continue to generate positive results." Zynex is also pressing forward with its campaign to secure Medicare coverage for the NeuroMove(TM). "We have won over 90% of more than 200 administrative law cases that we have initiated against Medicare to receive reimbursement and coverage on behalf of patients for the NeuroMove(TM) and similar technologies," Mr. Sandgaard stated. "We also recently entered into a Medicaid contract for the Company's products with the State of Minnesota's Department of Human Resources." Other accomplishments during the current fiscal year: -- Expanded international market coverage into countries such as Malaysia and Australia. Zynex also has distribution established in Canada and China. -- Signed a contract covering the Company's products with health insurance provider Aetna, Inc. for policyholders in the State of Colorado. Zynex also maintains national contracts with Anthem and Blue Cross/Blue Shield. -- Continued to receive validation in independent clinical trials for the NeuroMove(TM) as part of a large body of existing clinical research. Additional trials are also currently in progress. -- Entered into a three-year, $400,000 term loan with Silicon Valley Bank that became effective in early October. The loan will help pay off existing obligations and provide additional capital to expand the Company's sales, marketing and support efforts related to its standard electrotherapy products and proprietary NeuroMove(TM) Stroke Recovery System. Safe Harbor Provision 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 its business, larger competitors with greater financial resources, the need to keep pace with technological changes, dependence on reimbursement from insurance companies for products sold or rented to customers, dependence on third party manufacturers to produce the Company's products, the acceptance of its products by hospitals and clinicians and other risks described in the Company's 10-K Report for the year ended December 31, 2004. October 26, 2005 08:00:00 AM ET Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that an independent clinical study published in Neuroscience Letters has found that a combination of treatment utilizing the Company's NeuroMove(TM) system in conjunction with traditional physical therapy may significantly reduce the effects of a stroke.
The study was conducted by the University's James H. Cauraugh, Sang Bum Kim, and Aaron Duley, the results of which were published in Elsevier's Neuroscience Letters. "Identifying unique combination of rehabilitation strategies and positive transfer conditions may significantly decrease the severity of motor disabilities that challenge many stroke survivors," according to the study. "Strong treatment intervention evidence indicates improved motor capabilities when two protocols are simultaneously coupled during training." The study provided evidence that the use of an electromyography (EMG) type device, such as the NeuroMove(TM) Stroke Recovery System, coupled with traditional physical therapy can result in chronic stroke recovery improvements and active stimulation, including decreased reaction time and stable sustained muscle contractions. The NeuroMove(TM) is a sophisticated electromyography device that generates electrical signals designed to routinely trigger muscle movement during stroke recovery therapy. "When the EMG activity reached the target threshold, the device automatically increased the threshold for the next trial," the study noted. " If participants could not generate enough muscle activity to reach the criterion, then the device lowered the activation level slightly. Thomas Sandgaard, President and Chief Executive Officer of Zynex, said the NeuroMove(TM) is a proven technology that increases hand, wrist and finger movement, shoulder and elbow movement and reduces muscle spasms. It enables patients to regain control over lost movements via neuroplasticity, where healthy brain cells take over functions lost with stroke. "Our NeuroMove(TM) technology has been the subject of a number of clinical trials, and we are pleased that the University of Florida study provides further validation of our product," Mr. Sandgaard stated. Zynex' NeuroMove(TM) system increases the functionality of many stroke victims by helping to teach the healthy parts of the brain to compensate for damaged areas. The NeuroMove(TM), which is so sensitive that it measures attempts even below any visible movements, monitors muscle activity and selects signals from the brain indicating that the patient is attempting to move a certain muscle. It then introduces the actual movement through electrical stimulation. Eventually the connection between the brain and muscle can often be reestablished, also called neuroplasticity. Other therapies may also be used with, before or after the NeuroMove(TM) and potentially further enhance the rehabilitation outcome. The NeuroMove(TM) (www.neuromove.com) also can be used to treat spinal cord injuries.
Mr. Sandgaard noted that JH-Enraf, with offices in Petaling Jaya, Malaysia, has an excellent track record in dealing with physiotherapy and rehabilitation products. Zynex' NeuroMove(TM) system increases the functionality of many stroke victims by helping to teach the healthy parts of the brain to compensate for damaged areas. The NeuroMove(TM), which is so sensitive that it measures attempts even below any visible movements, monitors muscle activity and selects signals from the brain indicating that the patient is attempting to move a certain muscle. It then introduces the actual movement through electrical stimulation. Eventually the connection between the brain and muscle can often be reestablished, also called neuroplasticity. Other therapies may also be used with, before or after the NeuroMove(TM) and potentially further enhance the rehabilitation outcome. The NeuroMove(TM) (www.neuromove.com) also can be used to treat spinal cord injuries Pain management products are also an integral part of the Company's business. Zynex offers sophisticated electrotherapy units, led by its best-selling IF8000 model. The units are small, battery-powered devices that augment healing, alleviates swelling and reduce acute and chronic pain by means of electrical currents delivered through adhesive surface electrodes. October 06, 2005 10:23:00 AM ET Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that it has secured a $400,000 credit facility with Silicon Valley Bank, the primary operating subsidiary of Silicon Valley Bancshares SIVB. The new credit line will pay off existing obligations and provide additional capital to expand the Company's sales, marketing and support efforts related to its standard electrotherapy products and proprietary NeuroMove(TM) Stroke Recovery System.
"Zynex is a rapidly growing Denver-area company addressing a large market opportunity. We are pleased to play a role in helping the company meet its objectives and growth plans," said Kevin Grossman, Senior Relationship Manager of Silicon Valley Bank's Boulder Colorado office. The NeuroMove(TM) system increases the functionality of many stroke victims by teaching the healthy parts of the brain to compensate for damaged areas. The NeuroMove(TM), which is significantly more sensitive than most diagnostic equipment, monitors muscle activity and selects signals from the brain indicating that the patient is attempting to move a certain muscle. It then introduces the actual movement through electrical stimulation. Eventually the connection between the brain and muscle can often be reestablished. The NeuroMove(TM) (www.neuromove.com) also can be used to treat spinal cord injuries. September 07, 2005 09:52:00 AM ET Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced clarification of a news release issued on Thursday, Aug. 25 regarding the award of a grant to Case Western Reserve University and to John Chae, M.D., Associate Professor of Physical Medicine and Rehabilitation as Principal Investigator for research on acute stroke victims.
"We are selling our Neuromove(TM) product to the researchers and are pleased that the research will be significant not only to the Company but to those suffering from the effects of stroke," Thomas Sandgaard, President and Chief Executive Officer of Zynex, stated today. "We are pleased to see further research done on this technology at two institutions of the importance and significance of the Case Western Reserve University and the University of Cincinnati."
August 25, 2005 08:25:00 AM ET
"While there have been many clinical studies done on our technology, this is the first extensive study to further demonstrate the effectiveness of the NeuroMove(TM) specifically in comparison to just sensory activation as well as passive electrical stimulation. We are excited to support this research study and we have already received the first of several orders to supply units for the researchers", stated President and Chief Executive Officer Thomas Sandgaard. The NeuroMove(TM) is cleared by the U.S. Food and Drug Administration (FDA) for Stroke Rehabilitation, and was introduced to the market in 2003. .The NeuroMove requires a doctor's prescription and targets the four million stroke survivors in the U.S. alone who live with some degree of reduced mobility. The NeuroMove(TM) system increases the functionality of many stroke victims by teaching the healthy parts of the brain to compensate for damaged areas. The NeuroMove(TM), which is more sensitive than most diagnostic equipment, monitors muscle activity and selects signals from the brain indicating that the patient is attempting to move a certain muscle. It then introduces the actual movement through electrical stimulation. Eventually the connection between the brain and muscle can often be reestablished. The NeuroMove(TM) (www.neuromove.com) also can be used to treat spinal cord injuries. August 17, 2005 (Businesswire)
"We now have contracts with 16 states that enable Zynex to directly bill Medicaid for our products," stated President and Chief Executive Officer Thomas Sandgaard. "Government healthcare plans such as Medicaid are central to our marketing efforts and we are continuing to make further penetration into this market." Most of the Company's electrotherapy products are reimbursed by major healthcare insurers and Medicare and must be prescribed by a physician in order to qualify for reimbursement. LITTLETON, Colo.--(BUSINESS WIRE)--Aug. 12, 2005--Zynex Medical Holdings, Inc. (OTCBB: ZYNX - News), a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced financial results for the second quarter ended June 30, 2005, which included a significant increase in revenues compared to the same quarter in 2004 and the second consecutive quarter of profitability.
For the six months ended June 30, 2005, net revenues from sales and rental of products increased 89.2% to $1,134,426, compared with $599,596 in the corresponding period of 2004. Net income was $131,496, or $0.01 per share, compared with a net loss of ($368,746), or ($0.01) per share, in the first half of 2004. Gross Profit Margin increased to 85.9% from 83.2%. Diluted weighted average shares outstanding used in computing per share amounts in both periods were 23,230.567 and 22,360,430 respectively.
"The investments that we made in product marketing in 2004 contributed to a further increase in revenues and accelerating profits in this our second consecutive quarter of profitability," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "Our increased marketing and sales staff are continuing to devote considerable effort to raising awareness among end users and physicians about the positive role that our NeuroMove(TM) Stroke Recovery System can play in the rehabilitation process." ----------------------------------------------------------------------------------------------------- Thursday, August 4, 2005
Zynex Expands NeuroMove Stroke Recovery Marketing
"Until now most of our revenue for the NeuroMove has largely resulted from visits to the product's website (www.neuromove.com), which averages more than 100,000 hits per month," stated President and Chief Executive Officer Thomas Sandgaard. "Our marketing efforts have proven successful at stroke rehabilitation centers in Rochester, Minn., and St. Louis, Mo., and we are beginning to increase our activity on a nationwide basis. Our center program is particularly attractive because it provides physicians the NeuroMove and enables them to evaluate patients in the clinic and to qualify those patients for home use of the our flagship product."
"There are 300 or more major stroke centers nationwide," Mr. Sandgaard stated. "By targeting direct access to physicians at these centers, there is a great deal of potential which could lead to an acceleration in revenues for the NeuroMove."
The Company's over-all marketing effort targets the four million stroke survivors in the U.S. alone who live with some degree of reduced mobility. The NeuroMove has proven to be an effective treatment for stroke victims and requires a prescription from a physician. ----------------------------------------------------------------------------------------------------- Tuesday, August 2, 2005
Zynex Medical Holdings, Inc. (OTCBB:ZYNX), a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced it has completed field testing of it's new IF8100 inferential current (IFC) device that offers users a new set of treatment modalities for home use based on popular in-clinic parameters. "The IF8100 is built on the same platform as our existing IF8000 model for treating muscle spasms and for pain management and recovery following orthopedic surgery," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "The new IF8100 mimics commonly used modes on large desktop models used in clinics, is easier to program, and has a combo mode that runs each mode automatically for two minutes." Zynex is in the process of preparing the IF8100 for submission to the U.S. Food and Drug Administration (FDA) for approval. All of the Company's products have been approved by the FDA. ----------------------------------------------------------------------------------------------------- Expanding Out of Network Coverage for Company's Products
"Aetna subscribers in the state of Colorado now can receive coverage for Zynex products," stated President and Chief Executive Officer Thomas Sandgaard. "The contract also enables Zynex to have a closer relationship with Aetna, one of the nation's largest provider of health insurance."
Mr. Sandgaard noted that Zynex is reimbursed by healthcare providers, including Aetna, for the Company's products in every state in the nation. The contract with Aetna further broadens the potential user base for Zynex products, and comes at a time when Zynex is expanding its sales and marketing capabilities.
Zynex also has contracts with other major healthcare providers, including Anthem Blue Cross and Blue Shield throughout the US to provide coverage for Zynex Products. ----------------------------------------------------------------------------------------------------- Net revenues from sales and rental of products increased 107.2% to $544,943, compared with $262,941 in the first quarter of 2004. Zynex had a net profit of $56,080, or $0.002 per share, compared with a net loss of $186,992, or $0.01 per share, in the corresponding period a year ago. Diluted weighted average shares outstanding used in computing per share amounts were 23,136,558 and 22,198,915, respectively. Gross Profit Margin increased to 84.0% compared to 82.5% a year ago.
"We are pleased with the Company's return to profitability in the first quarter of 2005 as a result of the investments that we made in 2004 expanding our sales force and bolstering our marketing and support efforts," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "Our strategy already has begun to generate positive results. We anticipate that this trend will continue going forward throughout 2005 and beyond.
"We are seeing accelerating sales for our standard electrotherapy products, which continue to gain market share, and more importantly we are also beginning to make strong inroads for our flagship NeuroMove(TM) stroke recovery product, which represented a significant portion of sales in the quarter. With four million Americans suffering from the debilitating effects of a stroke, we see solid potential for our proprietary and patent pending technology. Sales of the NeuroMove to date have largely been through word-of-mouth and from a high number of inquiries that we receive on our website. We believe this sales effort could ramp up significantly with the marketing initiative we plan to implement this year."
The NeuroMove(TM) system increases the functionality of many stroke victims by teaching the healthy parts of the brain to compensate for damaged areas. The NeuroMove(TM), which is significantly more sensitive than most diagnostic equipment, monitors muscle activity and selects signals from the brain indicating that the patient is attempting to move a certain muscle. It then introduces the actual movement through electrical stimulation. Eventually the connection between the brain and muscle can often be reestablished. The NeuroMove(TM) (www.neuromove.com) also can be used to treat spinal cord injuries. ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- Net revenues from sales and rental of products increased 80% to a record $2,258,808 compared with $1,256,676 in 2004. Net income was 107,956, or $.005 per share, compared with a net loss of (1,049,312), or (0.04) per share, in 2004. Diluted weighted average shares outstanding used in computing per share amounts were 23,506,001 and 22,728,763, respectively. Gross profit in 2005 increased 91.3% to $1,949,181 compared with 1,019,032 in 2004. Gross profit margins for 2005 were 86.3% compared to 81.1% in 2004. The improvement in gross profit and gross profit margin was due to an increase in revenue and increased rental income as a percentage of total revenue without an offsetting increase in the cost of goods sold.
Consolidated Statement of Operations, Year Ended Dec. 31,
2005 2004
Net Sales & Rental income $ 2,258,808 $ 1,256,676
Net Income (Loss) $ 107,956 $(1,049,312)
Net Loss per Common Share -
Basic and Diluted $ .005 $ (0.04)
Common Shares Used in Computing Per Share Amounts –
Diluted 23,506,011 22,728,763
Zynex Becomes Provider for Aetna's Workers Compensation Program
March 17, 2006 08:30:00 AM ET
Zynex Receives Increase in Credit Facility to Finance Growth
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that Silicon Valley Bank, the primary operating subsidiary of SVB Financial Group SIVB, has increased the Company's credit facility by $240,000 to $600,000. The Company will use the additional funds for working capital.
"The availability of an additional $240,000 in funding will enable Zynex to further ramp up our sales, marketing and support efforts in Europe and domestically for our NeuroMove(TM) Stroke Recovery System and related products," stated Zynex President and Chief Executive Officer Thomas Sandgaard
Published Clinical Study Shows Zynex's NeuroMove Stroke Recovery Systems as Enabling Patients to Advance to Physical Therapy
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that stroke victims who took part in an independent published clinical study conducted by researchers at the University of Cincinnati College of Medicine were able to participate in a specialized physical therapy program after being treated with the Company's NeuroMove(TM) Stroke Recovery System.
The study was conducted by Stephen J. Page, Ph.D., and Peter Levine, BA, PTA, both affiliated with the University of Cincinnati's Department of Physical Medicine and Rehabilitation and the Drake Rehabilitation Center. The results of the study were published in the January 2006 edition of the Archives of Physical Medicine and Rehabilitation, the most prominent journal in its field. It is published by the American Congress of Rehabilitation Medicine and the American Academy of Physical Medicine and Rehabilitation.
Zynex Engages Cavendish Scott to Assist Company in Obtaining European CE Marking for Its Products
"Zynex has already established distribution and sales operations for our NeuroMove(TM) Stroke Recovery System and related products in several countries around the world and indications for increased overseas demand are strong," stated President and Chief Executive Officer Thomas Sandgaard. "Obtaining near term CE certification to enter the European market could contribute to an acceleration in sales, possibly beginning as early as late 2006."
Zynex Has Record Increases in Revenue and Income for 3rd Quarter Ended Sept. 30, 2005; Trend in Accelerating Growth Expected to Continue Into 2006
For the three months ended Sept. 30, 2005, net revenues from sales and rental of products increased 64.7% to $604,141, compared with $366,784 in the third quarter of 2004, and net income rose to $129,410, or $0.01 per share, compared with a net loss of $(284,218), or $(0.01) per share, in the corresponding period a year ago. Diluted weighted average shares outstanding used in computing per share amounts in both periods were 23,383,878 and 23,039,007, respectively.
Consolidated Statement of Operations
3 Mos. Ended Sept. 30, 9 Mos. Ended Sept. 30,
2005 2004 2005 2004Net Sales & Rental income $ 604,141 $ 366,784 $1,738,566 $ 966,430Net Income (Loss) $ 129,410 $(284,218) $ 260,906 $(652,964)Net Income (Loss) perCommon Diluted Share $ 0.01 $(0.01) $ 0.01 $(0.03)Common Shares Used inComputing Per ShareAmounts--Diluted 23,383,878 23,039,007 23,210,830 22,588,273 -------
Zynex Medical's NeuroMove(TM) System Cited in New Clinical Study of Stroke Recovery Therapies
The study by the University of Florida's Motor Behavior Laboratory was initiated to determine the effectiveness of two different or "coupled" forms of treatment when applied to stroke victims. It involved 26 male and females, 21 of whom were selected for two experimental groups and five of whom were selected for a control group. The protocol consisted of 90-minute sessions for eight days over a two-week period. One of the experimental groups received treatment with the NeuroMove(TM) Stroke Recovery System, and the other experimental group received treatment utilizing both the NeuroMove(TM) system and traditional physical therapy.
October 14, 2005 08:30:00 AM ET
Zynex Medical Appoints Distributor In Malaysia
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that is has appointed JH Enraf-Nonius (M) Sdn Bhd as the Company's distributor in Malaysia.
"Zynex intends to focus on international markets along with the continued expansion of our sales and marketing campaign in North America for our proprietary NeuroMove(TM) Stroke Recovery System and related electrotherapy products," stated President and Chief Executive Officer Thomas Sandgaard. "JH-Enraf is a well-established distributor in Malaysia and will be an asset to our overseas marketing efforts by providing Zynex an additional outlet in South East Asia for all of our electrotherapy products."
Zynex Medical Establishes $400,000 Credit Facility
"We are pleased to establish this new credit facility and partnership with Silicon Valley Bank," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "This facility will enable Zynex to substantially accelerate its sales and marketing initiatives and the roll-out of our flagship NeuroMove(TM) stroke recovery product."
Zynex Announces Clarification of Grant for Four-Year Study of Company's NeuroMove(TM) Stroke Recovery System
The earlier release stated that "the National Institutes of Health (NIH) has awarded a multi-million dollar grant to fund a multicenter, randomized study of the Company's NeuroMove(TM) technology for acute stroke victims. The four-year study, entitled 'Electrical Stimulation of Upper Limb Recovery in Stroke,' is being conducted at Case Western Reserve University as the lead center and the University of Cincinnati as collaborating center, both of which will be collecting patient data." The Company noted today that the grant was issued directly to the Case Western Reserve University in Cleveland and not to the Company itself and that Dr. John Chae has no relationship with Zynex.
Zynex Announces Multi-Million Dollar NIH Grant to Fund Four-Year Study of Company's NeuroMove(TM) Stroke Recovery System
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that the National Institutes of Health (NIH) has awarded a multi-million dollar grant to fund a multicenter, randomized study of the Company's NeuroMove(TM) technology for acute stroke victims.
The four-year study, entitled "Electrical Stimulation of Upper Limb Recovery in Stroke," is being conducted in collaboration with Case Western Reserve University and the University of Cincinnati, both of which will be collecting patient data. The patients will be followed for six months and outcome measures will include motor impairment, upper limb specific activity limitation and EMG activation patterns. The study is scheduled to include a total of 189 patients over a period of four years and the results will be published after all patients have been evaluated.
Zynex Enters into Medicaid Contract with State of Minnesota
Zynex Medical Holdings, Inc. (OTCBB: ZYNX), a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that it has entered into a Medicaid contract for the Company's products with the State of Minnesota, Department of Human Resources.
Zynex Has 75.1% Increase in Revenues, Acceleration in Profits in 2nd Quarter
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For the three months ended June 30, 2005, net revenues from sales and rental of products increased 75.1% to $589,483, compared with $336,705 in the second quarter of 2004. Net income rose to $75,416, or $0.00 per share, compared with a net loss of ($188,129), or ($0.01) per share, in the corresponding period a year ago. Gross Profit Margin increased to 87.6% compared with 83.8%. Diluted weighted average shares outstanding used in computing per share amounts in both periods were 23,237,948 and 22,521,945, respectively.
Zynex Expands NeuroMove Stroke Recovery Marketing
----------------------------------------------------------------------------------------------------- LITTLETON, Colo.--(BUSINESS WIRE)--Aug. 4, 2005--Zynex Medical Holdings, Inc. (OTCBB: ZYNX - News), a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced the expansion of marketing efforts of its NeuroMove(TM) Stroke Recovery System to major stroke rehabilitation facilities across the US.
Zynex Develops New Pain Management Device
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Zynex Medical Signs Contract with Aetna
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Thursday, July 28Zynex Medical Holdings, Inc. (OTCBB: ZYNX - News), a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that its Zynex Medical, Inc., subsidiary has signed a contract with healthcare provider Aetna, Inc. (NYSE: AET - News).
Zynex Medical Reports 107% Revenue Increase and Profit for 1st Quarter Ended March 31, 2005
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May 16, 2005
Zynex Medical Holdings, Inc. ZYNX, a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced record financial results for first quarter ended March 31, 2005, that include an increase in revenues and a return to profitability.
Zynex Medical Reports Results for Year Ended Dec. 31, 2004;
Expects Return to Profitability on Record Revenue in 1st Qtr 2005
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April 25, 2005
Zynex Medical Holdings (OTCBB: ZYNX), a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced financial results for year ended Dec. 31, 2004, as well as preliminary results for the first quarter ended March 31, 2005.
For the year ended Dec. 31, 2004, net revenues from sales and rental of products totaled $1,256,676 compared with $1,083,912 in 2003. For the year, Zynex had a net loss of $975,878, or ($0.04) per share, compared with a net profit of $40,697, or nil per share, in 2003. Basic and diluted weighted average shares outstanding used in computing per share amounts were 22,728,763 and 22,151,662 respectively.
Much of the loss was attributed to an increase in selling, general and administrative expenses, which rose to $1,907,830 from $762,819, including expansion of the sales, marketing and support area, as well as other expenses related to the Company's reverse acquisition in early 2004 in connection with becoming a public company.
"During 2004, Zynex expended considerable resources transitioning into a publicly traded company and concentrating on the expansion and development of our sales organization, with the end result being a slight 15.9% increase in revenues for the year," stated President and Chief Executive Officer, Thomas Sandgaard. "However, net revenue in the fourth quarter and second half had a 55.9% and 29.6% increase, respectively, year-over-year," he said.
"With these expenses now behind us, for the first quarter of 2005, ended March 31, Zynex expects to report a return to profitability on record revenue of approximately $560,000, a 113% increase over the year ago first quarter, and a 94% increase over the immediately preceding fourth quarter sales," Mr. Sandgaard stated. "We attribute this to accelerating product sales and rental income led by our NeuroMove(TM) stroke recovery system."
Actual results of operations for the first quarter ended March 31 will be announced on or before May 15, 2005.
Zynex Medical Appoints Peter J. Leveton Chief Financial Officer
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April 20, 2005
Zynex Medical Holdings (OTCBB: ZYNX) today announced the appointment of Peter J. Leveton, a seasoned corporate executive, as the Company's Chief Financial Officer, a newly created position.
Mr. Leveton, who has successfully served as Chief Executive Officer, Chief Financial Officer and in other key senior management positions with public and privately owned companies in the medical products and healthcare industries, comes to Zynex most recently from Integrated Financial Systems, Inc., a Denver healthcare financial services firm.
"Peter has a thorough background in all aspects of senior management, operations and finance," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "His knowledge of corporate finance and all-around strategic planning will make him a valuable asset to our management team as we plan and initiate future expansion programs."
"This is an exciting time to be joining Zynex, which is entering a period of anticipated growth with its proprietary line of pain management and non-invasive products for medical patients," Mr. Leveton stated. "I am pleased to have the opportunity to play a central role in planning and implementing the Company's future."
Mr. Leveton's previous positions included Vice President Sales & Marketing with Integrated Financial Systems; Chief Executive Officer with Surgical Acuity, Inc., international manufacturer of dental and medical devices; President and Chief Executive Officer of Romed Corporation, the developer and operator of several outpatient healthcare facilities, and concurrently Vice President and Treasurer of Rose Health Care System; and President and Chief Executive Officer of Earth Sciences, Inc., a publicly owned chemical manufacturing and natural resources company.
Mr. Leveton, 67, holds an MBA from New York University and a BA from Willamette University in Salem, Ore.
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Zynex Medical Appoints The Wall Street Group, Inc. as
Financial Public Relations Counsel
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April 19, 2005
Zynex Medical Holdings (OTCBB: ZYNX) today announced that it has appointed The Wall Street Group, Inc., as its financial public relations advisor.
The Wall Street Group, based in New York City, was founded 46 years ago and is the oldest firm of its kind specializing in developing investment community sponsorship for the shares of growth companies. The firm will concentrate on introducing Zynex to brokers, analysts, money managers, institutional investors and investment bankers.
"The Wall Street Group's excellent reputation within the financial community will enable our Company to increase investor awareness and visibility, particularly among institutional investors," stated Zynex President and Chief Executive Officer Thomas Sandgaard. "The firm's expertise will be invaluable as our Company positions itself for anticipated expansion and future growth."
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Zynex Medical Continues Revenue Growth in February
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March 31, 2005
Zynex Medical Holdings (OTCBB:ZYNX) announces its February 2005 net revenue of $166,720 as part of its preliminary financial results for February of 2005. Compared to the previous month of January and adjusted for the number of days this is an increase of 4%. Revenue in February was 129.5% higher than the same month last year. Please note, revenue is only one component of net income or loss in the Company's financial statements is not indicative of whether Company has achieved any net income or loss for any period. The Company issues financial statements at the end of each quarter.
Thomas Sandgaard, President and CEO of Zynex, said: "We continue to benefit from an increased order intake for our products over the past several months."
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Zynex Medical Announces New Clinical Study
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February 10, 2005
Zynex Medical (OTCBB:ZYNX) announced today the commencement of a new clinical study for the use of its NeuroMove(TM) device for stroke patients at the Texas Institute for Rehabilitation and Research (TIRR).
Thomas Sandgaard, President and CEO of Zynex, said: "Although we already have extensive research published and great results on the use of this technology, this particular study will focus on improvements in the lower extremities and measure improvements such as walking distance and strength. Today's literature mainly covers upper extremity improvements such as hand, wrist and finger function and we therefore find this research will become significant in supporting the success we see every day from the thousands of patients having used and improved their mobility with this technology. We have worked with TIRR and Dr. Gerard Francisco for several years and are confident we will see high-quality research come out of this randomized, double-blinded study."
Sales and marketing of the FDA approved NeuroMove(TM) device is done through Stroke Recovery Systems, a division of Zynex Medical.
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Zynex Medical Announces Revenue Growth
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February 8, 2005
Zynex Medical (OTCBB:ZYNX) announced today a record-high net revenue of $177,702 for the month of January 2005 as part of its preliminary financial results for January of 2005. Gross Profit Margin increased to 87.8%.
Thomas Sandgaard, President and CEO of Zynex, said: "It is very encouraging to see the results of increased order intake the past several months. We continue to see a strong demand for our products and this, combined with an increased control over our expenses, firms our estimate for a positive first quarter result as well as a strong year of growth and a return to profitability."
Zynex Medical Appoints Distributor in China
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January 21, 2005
Zynex Medical (OTCBB: ZYNX) announces today the appointment of Jilin Universal Medical Technologies as distributor of its line of electrotherapy products in mainland China.
Thomas Sandgaard, President and CEO of Zynex, comments: "China has the world's largest population and, with its explosive growth in many sectors, is becoming a significant potential market for our products. Jilin Universal Medical is an established, powerful distribution channel with many strong and highly educated individuals. We expect much from this relationship in the years to come.
"Our recent rapid growth in the domestic market is expected to continue," said Mr. Sandgaard, "and our international expansion, of which the Jilin agreement is a part, will only add to an even stronger, yet stable growth for Zynex."
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Zynex Medical Holdings, Inc. Announces Revenue Gain for
Third Quarter and Nine Months
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November 15, 2004
LITTLETON, CO -- (MARKET WIRE)
Zynex Medical (OTC BB: ZYNX) today reported financial results for its third quarter ended September 30, 2004. Quarterly revenue increased to $366,784, a gain of 14.4% from the year earlier. Nine-month revenues were $966,430, an increase of 7.6% compared to the same period a year earlier. Net profit results in both periods were impacted by the Company's reverse acquisition in early 2004, recorded expenses from options and warrants granted as well as an increase in sales and marketing expenses. The increase in revenue for both the quarter and nine-month period ended September 30, 2004 was due to higher revenues generated from the Company's NeuroMove™ product. A net loss for the quarter of $284,218 was experienced as well as a nine-month net loss of $652,964. Gross profit of the Company's products increased to 83.3% of revenue compared to 80.0% for the same period last year and remained stable at 83.3% for the nine-month period ended September 30, 2004.
Thomas Sandgaard, President & CEO explained: "We are very excited to see a continued increase in revenue in our third quarter. Our order intake in October and early November shows such a significant increase that we feel confident about another positive revenue gain in our fourth quarter. The combination of increases in revenue, gross profit margins and a return to a more normal expense pattern after the reverse acquisition should have a positive impact on our future operations."
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Zynex Medical Announces 11% September Sales Gain
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October 13, 2004
LITTLETON, CO -- (MARKET WIRE)
Zynex Medical Holdings, Inc. (OTC BB: ZYNX) today announced that its September revenues climbed 11.0% over those of August. This improvement continued the gain first reported in August. September dollar volumes were $139,395 versus $125,585 in August. The improvement mirrors, on a monthly basis, the results set by 2004's second quarter over the similar 2003 period. The percentage gain in September compared to a gain of 18.2% in August and comes on top of a larger base than that in August.
Thomas Sandgaard, President and CEO, said: "We are pleased that our expanded marketing effort, which has been financed through the proceeds of our $1.2 million private placement in June, is resulting in increased revenue numbers. Much corporate and management attention was devoted, during the first half of 2004, to the multitude of details surrounding the Company becoming publicly owned. Directing our focus onto increasing revenues in the third quarter has clearly begun to show improved results. We continue to have expectations of another strong increase in revenue in the fourth quarter of this year. The NeuroMoveTM for stroke rehabilitation continues to receive nationwide TV news attention, which has significantly increased the volume of inquiries from potential customers and care-givers."
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Zynex Medical Announces HealthCanada Approval
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October 1, 2004
LITTLETON, CO -- (MARKET WIRE)
Zynex Medical Holdings, Inc. (OTC BB: ZYNX) today announced the approval of its NeuroMove™ stroke rehabilitation device by HealthCanada, the official health agency of the government of Canada. As a result of the review, HealthCanada approved the NeuroMove™ for sale throughout Canada. Our Canadian distributor, Biomation of Ontario, was instrumental in assisting Zynex to obtain this important approval license.
Zynex expects to have its other electrotherapy products, such as the IF8000, TruWave and E-wave approved by HealthCanada later this year or early next year.
Thomas Sandgaard, President and CEO said: "We are pleased to obtain this important approval by HealthCanada, opening another international market to our unique stroke recovery and rehabilitation device. This represents a continuation of our company's program to broaden and penetrate new international markets for our lines of electrotherapy devices. We intend to pursue this distribution route to the fullest possible extent."
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Zynex Medical Announces 18% Sales Gain in August
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September 16, 2004
LITTLETON, CO -- (MARKET WIRE)
Zynex Medical Holdings, Inc. (OTC BB: ZYNX) today announced its August revenues climbed 18.3% over July's, $121,801 versus $102,934. The improvement continues on a monthly basis the pace set by 2004's second quarter over the similar 2003 period, when revenues exceeded the year earlier amount by 18.2%.
Thomas Sandgaard, President and CEO, said: "We are pleased our expanded sales effort, financed through proceeds from our June $1.2 million private placement, is beginning to result in increased revenue numbers. The marketing force personnel expansion that began in June continued through August and therefore many of these new people are just starting to experience sales of our products. Based upon early September results, we expect to continue or improve upon August's revenues. Particularly encouraging was that sales increased on both our standard electrotherapy products and our NeuroMove™. Inquiries concerning our NeuroMove™ stroke recovery device increased substantially, led by a number of TV news articles about it. Over twenty television stations nationwide have carried news segments featuring the NeuroMove™ since June."
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Zynex Medical Holdings, Inc. Increases Revenue
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August 13, 2004
LITTLETON, CO -- (MARKET WIRE)
Zynex Medical (OTC BB: ZYNX) today reported financial results for its second quarter, ending June 30, 2004. Quarterly revenues were $336,705, a gain of 18.2% from the year earlier. Six month revenues were $599,596, gaining 3.9% over 2003. Net profit results in both periods were impacted by the Company's reverse acquisition transaction early in 2004 as well as an increase in infrastructure and organizational expenses incurred in anticipation of increasing sales volumes. A net loss for the quarter of $188,129 was experienced as well as a six month net loss of $368,746. Gross profits on the sale of the Company's products increased to 83.8% of revenue in the quarter, up from 82.9% of revenue a year earlier.
Thomas Sandgaard, President and CEO, said: "We are encouraged by the second quarter revenue gain, as it occurred prior to establishing our increasing sales force, which still is being assembled and its efforts begun. We have also just commenced an international introduction of our NeuroMove™ product, as well as an international marketing expansion of our standard products. These steps have been met with initial market enthusiasm for our electrotherapy devices."
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Zynex Medical Announces International Expansion
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August 11, 2004
LITTLETON, CO -- (MARKET WIRE)
Zynex Medical Holdings, Inc. (OTC BB: ZYNX) today announced that it has expanded international distribution of its exclusive lines of electrotheraphy devices, including the NeuroMove™. Bryan Luman, who has international experience in marketing and business development in various medical and technical devices, will be managing international distribution of Zynex's products in Latin America and the Far East. Zynex currently has an established distribution network in Canada.
The Company's initial research and investigation of these markets shows there is a market demand for Zynex's electrotherapy devices in foreign markets.
Thomas Sandgaard, President and CEO said: "We are excited to be expanding our sales and distribution into additional markets and we are confident that Bryan Luman will do a tremendous job of developing distribution in our new target markets."
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Zynex Medical's Key Product to Be Aired on CBS News
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TUESDAY , JULY 27, 2004
LITTLETON, CO -- (MARKET WIRE) -- 07/27/2004 -- Zynex Medical Holdings, Inc. (OTC BB: ZYNX) announced today that CBS 3 News station in Philadelphia plans to air a news spot about Zynex's NeuroMove device and it's benefits for stroke patients. It is scheduled to air tomorrow, Wednesday, at 4:00 pm EST.
Thomas Sandgaard, CEO of Zynex Medical, said: "We are excited to see the many news stations across the US bringing their stories about what our NeuroMove device can do for stroke survivors. It is becoming an important vehicle in how we are getting the message out to the more than 4 million stroke survivors that could potentially use our product. Both the ABC and CBS networks have now created their own news stories and shown them in many states across the US."
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Zynex Medical Completes Resale Registration
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WEDNESDAY , JULY 21, 2004
LITTLETON, CO - MARKET WIRE - 07/21/04
Zynex Medical Holdings, Inc. (OTC BB: ZYNX) announced today that the SEC has declared the registration of 685,715 shares of common stock and 1,097,147 additional shares which are issuable upon exercise of outstanding warrants, effective as of Tuesday, July 20th. These shares and warrants were issued in connection with the recent infusion of $1.2M. If exercised, the warrants may provide an additional funding of up to $1.9M.
Thomas Sandgaard, CEO of Zynex Medical, said: "We are extremely pleased that this SB-2 registration went effective only 14 days after we filed the registration document. It removes an element of uncertainty for both our existing investors and the investors, which made this recent investment in the company. We are on track in applying the proceeds, primarily with expanding our sales force and marketing activities."
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Zynex Medical Engages Glenn W. Turpen as Director of Finance
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THURSDAY , JUNE 24, 2004
LITTLETON, CO - MARKET WIRE - 06/24/04
Zynex Medical Holdings, Inc. (OTC BB: ZYNX) announced today that Mr. Glenn W. Turpen has joined the company's executive staff as Director of Finance. He has over 25 years executive experience in high technology and medical industry corporations. A Certified Public Accountant, Glenn has been with Grant Thornton, Nicolet Instrument Corporation, Pacific Scientific Company and various other technology concerns as a member of their executive and finance teams. He brings valuable experience in the complex accounting and regulatory arenas associated with a public company to Zynex.
Commenting on this appointment, Thomas Sandgaard, CEO of Zynex Medical Holdings, Inc. remarked: "Mr. Turpen has already provided valuable input, advice and assistance to Zynex in its recent financing effort and handling of financial regulatory requirements. His familiarity with our industry and product lines has made his immediate contributions to the success of Zynex even more apparent. Of great importance to Zynex in the future will be Mr. Turpen's application of his knowledge and experience to the cohesive growth of our business and achievement of our goals."
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Zynex Medical Completes $1.2 Million Funding
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THURSDAY , JUNE 10, 2004
LITTLETON, CO - MARKET WIRE - 06/10/04
Zynex Medical (OTC BB: ZYNX) announced completion of a funding round in the amount of $1,200,000. Five institutional investors acquired an aggregate of 685,714 shares of common stock and 480,000 common stock purchase warrants. If fully exercised, the warrants would provide an additional $1,971,000 of proceeds.
Zynex plans to use the proceeds of the offering for working capital in the expansion of its marketing program for the NeuroMove™ stroke rehabilitation device and traditional electrotherapy treatment devices. NeuroMove™ market demand has accelerated such that Zynex is expanding its sales force to follow up on potential orders and initiate in-person sales efforts. Other uses of the additional working capital are to increase inventory levels and increase additional traditional sales staff and support personnel.
Thomas Sandgaard, CEO of Zynex, commented: "We are very pleased that this funding was accomplished efficiently with sophisticated investors. With Zynex's business, funding of managed sales growth is imperative for building a firm foundation for the company. Market penetration for all our products can be accelerated with the aid of capital injections such as this. Our goals for corporate growth this year will be substantially more achievable now that this funding is completed."
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Zynex Medical and MedMarket.com Sign Distribution Agreement
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THURSDAY , MAY 27, 2004
LITTLETON, CO - MARKET WIRE - 05/27/04
Zynex Medical (OTC BB: ZYNX) and MedMarket.com signed an agreement to feature the NeuroMove(TM) as one of five unique medical devices on their website. MedMarket.com is currently the largest Internet-based distributor of medical products with visitors from over 90 countries worldwide.
MedMarket.com provides physicians and patients the ability to search for medical devices specific to their ailments. Zynex is a preferred company in the MedMarket.com network allowing it to market the NeuroMove(TM) to a global audience.
Thomas Sandgaard, CEO of Zynex Medical, commented, "MedMarket.com gives us the unique opportunity to attract a worldwide audience and increase both international and domestic sales. The initial response to this feature has been extremely positive."
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Connor W. (Bill) Lamm Joins Zynex Medical
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MONDAY , MAY 17, 2004
LITTLETON, CO, - MARKET WIRE - 5/17/04
Zynex Medical (OTC BB: ZYNX) announces that Bill Lamm has become the Vice President of Sales for Zynex Medical. Bill brings extensive market specific experience in the sales and marketing of medical devices and software applications.
Bill's career began with Nicolet Instrument Corporation in field sales and ended in a variety of senior sales and marketing management positions. He has served in a variety of senior management roles in the electromedical therapy market, including Staodyn, Inc., PMSI's TMD Division, and Maxxim Medical's Henley Healthcare Division, now all part of Compex Technologies. Most recently, he served as president of OZ Systems, where he negotiated and closed an exclusive contract with the British National Health Services in England and Scotland as well as exclusive contracts in California and Texas.
Thomas Sandgaard, CEO, commented, "Bill's extensive background and history of developing sales organizations domestically and internationally add considerable strength to our team. I believe his presence will result in substantial growth in our primary product line by the third quarter. His understanding of electrodiagnostic and electrotherapeutic markets will enhance sales of our NeuroMove(TM) stroke rehabilitation device."
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Zynex Medical Announces New Audio Version of the NeuroMove(TM)
Stroke Recovery Device
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THURSDAY , MAY 6, 2004
LITTLETON, CO - MARKET WIRE
Zynex Medical Holdings, Inc. (OTC BB: ZYNX) has introduced an audio version of its NeuroMove(TM) stroke rehabilitation product for stroke and spinal cord injury patients. Many stroke survivors have had their eyesight affected. In some cases, eyesight has deteriorated to the stage where it is difficult to read LCD screen instructions. Zynex has created an audio prompting system for the NeuroMove(TM) to solve this problem and greatly improve the overall user friendliness of the device.
This version of the NeuroMove(TM) prompts users by voice to relax, begin trying to move the affected body part, and then will reward the stimulation of muscle when it detects an attempt by the brain to move that muscle. The audio version makes it even easier for stroke patients to use the NeuroMove(TM) in the comfort of their own home.
" We are extremely excited to offer stroke patients an improved version of our groundbreaking NeuroMove(TM), which allows them to utilize the device at home without assistance," commented Thomas Sandgaard, CEO of Zynex Medical Holdings, Inc.
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Bryan Luman Joins Zynex Medical as Director of Marketing
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MONDAY , MAY 3, 2004
LITTLETON, CO - MARKET WIRE
Zynex Medical (OTC BB: ZYNX), strengthens its management team with the addition of Mr. Bryan Luman as Director of Marketing. Mr. Luman brings Zynex a very extensive marketing and business development experience in various medical and technical devices. He will be initiating an aggressive NeuroMove(TM) marketing campaign, beginning this quarter. The goal for this campaign will be to substantially increase NeuroMove(TM) sales over the next 18-24 months.
Most recently held the position as VP of Sales and Marketing with BSI2000, a healthcare software company. He received his undergraduate degree from the University of North Texas and an MBA in Business Administration from the University of Phoenix.
Thomas Sandgaard, CEO of Zynex Medical, stated, "We are extremely excited to have Bryan join our team. With his extensive experience in this field, I believe Bryan will help us fulfill the goals that we have set for the Company."
Zynex Medical Announces Breakthrough Device for Spinal Cord Injury Patients
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TUESDAY , MARCH 23, 2004
LITTLETON, CO, Mar. 23, 2004 (MARKET WIRE via COMTEX) -- Zynex Medical Holdings, Inc. (OTC BB: ZYNX) has added a revolutionary new mode to their NeuroMove(TM) for spinal cord injury patients. Zynex's patent pending product, the NeuroMove(TM), has been used by numerous stroke victims since late 2003. The new mode is five times as sensitive as the stroke recovery mode enabling the identification of minute traces of brain to muscle activity.
As in stroke patients, spinal cord injury patients may have not used some extremities for years. Instead of simply stimulating the muscles, the NeuroMove(TM) teaches patients to realize their potential by giving them a "reward," or muscle stimulation, when an attempt is made by the brain to engage these muscles. This gives patients hope of regaining the ability to walk or use of their hands.
Thomas Sandgaard, CEO of Zynex Medical Holdings, Inc. commented, "We are extremely excited to introduce this ground-breaking therapy for spinal cord injury patients. Our unique approach to therapy is helping patients gain mobility in cases that other therapy has proven ineffective."
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Newsweek Article Discusses Zynex Device
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WEDNESDAY, MARCH 03, 2004
LITTLETON, CO, Mar. 03, 2004 (MARKET WIRE via COMTEX) -- An article appearing in the March 8, 2004 edition of Newsweek refers to Zynex Medical, Inc., a wholly-owned subsidiary of Zynex Medical Holdings, Inc. (OTC BB: ZYNX), and discusses its NeuroMove(TM) device as an option for patients to retrain their brain to move muscles that were effected by a stroke. The article is titled "Rehabilitation: How a Brain Heals" and is part of Newsweek's cover story "The New Science of Strokes." The NeuroMove(TM) device uses patent pending technology to teach stroke victims to use muscles that in some cases haven't been used in years. The article can be viewed at http://www.msnbc.msn.com/id/4409270/.
Thomas Sandgaard, CEO of Zynex Medical commented, "We were excited to receive recognition for years of dedication to the stroke rehabilitation industry and the development of our NeuroMove(TM)."
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Zynex Medical Renews Contract With Anthem Blue Cross/Blue
Shield Nationwide Network
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TUESDAY, APRIL 06, 2004
LITTLETON, CO - MARKET WIRE - 04/06/04
Zynex Medical Holdings, Inc. (OTC BB: ZYNX), announces that its wholly owned subsidiary, Zynex Medical, Inc., a preferred provider in the nationwide Anthem Blue Cross/Blue Shield network, signed a renewal contract on April 1, 2004. The contract as a preferred provider covers 53 health insurance plans across the United States, which are part of the Anthem Blue Cross/Blue Shield network.
The contract allows Zynex to collect on insurance claims within the Anthem BC/BS network in a much more expeditious manner which in turn reduces debt servicing costs for accounts receivable.
Thomas Sandgaard, CEO of Zynex Medical Holdings, Inc. commented, "We are proud to be a preferred provider in the Anthem BC/BS network of health insurers and it provides in-network coverage of not only our standard TENS and NMES devices, but also our newer technologies, such as our NeuroMove(TM) for stroke and spinal cord injury patients and our IF8000, often used in post-op orthopedic surgery."
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ZYNX: Volume Spike; 81% > 20-adsv, Stock +5.45%
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MONDAY, FEBRUARY 23, 2004
This is the 1st VOLUME alert for ZYNX in the past 7 calendar days.
Trading for Zynex Medical Holdings, Inc (OTC: ZYNX) has been heavier than usual in today's session. By 11:25 ET, the stock had already traded 49,000 shares via 17 trades. The cumulative volume is 81.19% above its 20-day average of 27,043. Normally the stock experiences around 8 individual trades per session.
So far, today's volume surge has caused a net rise in ZYNX's stock price. At the time of this alert, the stock was trading at $2.900, up $0.150 (+5.45%).
One year ago, the Company's shares closed at $40.000. The price has declined more than 92 percent since then.
Over the last 10 trading session ZYNX has traded in a range between $2.350 and $2.850 and is currently trading 95.00% below its 52-week high of $58.000 set on May 08, 2003 and 190.00% above its 52-week low of $1.000 from December 15, 2003.
In the previous 3 sessions, ZYNX trading has displayed a mixed trend. Closing results have been as follows:
February 20, 2004 --- closed at $2.750 up $0.130 (+4.96%) on 38,460 shares
February 19, 2004 --- closed at $2.620 down $0.120 (-4.38%) on 40,080 shares
February 18, 2004 --- closed at $2.740 up $0.040 (+1.48%) on 49,430 shares
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Zynex Medical Holdings, Inc. Announces FDA Approval
for Its Stroke Recovery Device, the NeuroMove(TM)
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MONDAY, FEBRUARY 23, 2004
LITTLETON, CO, Feb. 23, 2004 (MARKET WIRE via COMTEX) -- Zynex Medical (OTC BB: ZYNX) announces its FDA approval of the NeuroMove(TM). The NeuroMove(TM) is a patent pending device that assists teaching stroke victims to use healthy parts of the brain to relearn lost functionality.
The NeuroMove(TM) was cleared by the FDA specifically for stroke rehabilitation and the approval process was completed in less than 3 months late 2001, from the first application FDA to the final FDA approval. The breakthrough technology was introduced to the US market during 2003 with an overwhelming response. 4,000,000 existing and over 600,000 new stroke victims every year in the US may regain functionality from using Zynex's NeuroMove(TM).
Thomas Sandgaard, CEO of Zynex Medical Holdings, Inc., stated, "This FDA approval enables us to begin a large scale sales and marketing program that will hopefully generate significant value for our shareholders."
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Zynex Medical Holdings, Inc. Completes Acquisition of Zynex Medical, Inc.
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LITTLETON, CO -- (MARKET WIRE) -- FEBRUARY 12, 2004 -- Zynex Medical Holdings, Inc. (OTC BB: ZYNX) announced today it has completed its acquisition of Zynex Medical, Inc. ("Zynex") Since 1996, Zynex has been a leading provider of relief for patients with functional disability through the creation, distribution and marketing of the highest quality electrotherapy products available today.
Zynex continually strives to uphold its mission to improve the quality of life of patients suffering from debilitating pain or illness by providing the highest technology and service standards in the electrotherapy industry. Utilizing various methods of non-invasive muscle stimulation and state-of-the-art electromyography technology, Interferential Current (IFC) and Transcutaneous Electrical Nerve Stimulation (TENS), Zynex offers patients a new lease on life through increased mobility and independence.
Founded on the principle that a commitment to high-quality patient life through non-invasive rehabilitation products can be a profitable as well as rewarding endeavor, Zynex has long dedicated itself to satisfying both its investors and the patients they serve.
Details of the acquisition can be found in the Company's 8-K filing of February 4, 2004.
Thomas Sandgaard, CEO of Zynex Medical, Inc. commented on the acquisition by stating, "We are excited to close this acquisition and plan to bring significant value to the shareholders of Zynex Medical Holdings, Inc."
" Safe Harbor" Statement: Certain statements in this release are "forward-looking" statements. Such statements 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 Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital.
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ZYNX: Filed 8-K Regarding Acquisition of Zynex Medical
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WEDNESDAY, FEBRUARY 04, 2004
In a new 8-K filing, Zynex Medical Holdings, Inc (OTCBB: ZYNX) disclosed a previous press release, originally from February 02, 2004, regarding Acquisition of Zynex Medical.
READ COMPLETE SEC FILING FOR DETAILS
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ZYNX: To Acquire Zynex Medical, Inc.
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MONDAY, FEBRUARY 02, 2004
Zynex Medical Holdings, Inc. (ZYNX) announced that the Company has executed an agreement to acquire all the of the equity of Zynex Medical, Inc., which is a privately-held Colorado corporation. Zynex is in the business of manufacturing medical devices, of which they currently have a patent pending. Upon closing of the acquisition, Zynex will become a wholly-owned subsidiary of the Company. Pursuant to the transaction, the shareholders of Zynex will be issued an aggregate of 19.5 million shares of common stock and become the controlling shareholders of the Company. The parties are currently completing the standard due diligence prior to closing.
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Zynex Medical Holdings Signs Acquisition Agreement
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FRIDAY , JANUARY 30, 2004 07:51 PM
DENVER, Jan 30, 2004 /PRNewswire-FirstCall via COMTEX/ -- Zynex Medical Holdings, Inc. (OTC Bulletin Board: ZYNX)("the Company"), formerly Arizona Ventures, Inc., announced today that the Company has executed an agreement to acquire all the of the equity of Zynex Medical, Inc., which is a privately-held Colorado corporation ("Zynex"). Zynex is in the business of manufacturing medical devices, of which they currently have a patent pending.
Upon closing of the acquisition, Zynex will become a wholly-owned subsidiary of the Company. Pursuant to the transaction, the shareholders of Zynex will be issued an aggregate of 19.5 million shares of common stock and become the controlling shareholders of the Company. The parties are currently completing the standard due diligence prior to closing.
In anticipation of closing the acquisition, Thomas Sandgaard has been appointed to fill a vacancy on the Company's Board of Directors. Mr. Sandgaard is President of Zynex. Upon the closing of acquisition, Mr. Sandgaard will be appointed President and CEO of the Company and the Company's current president will resign as an officer and director.
On Friday Mr. Sandgaard stated, "We are very excited about being acquired by Zynex Medical Holdings and look forward to closing in the near future. This acquisition will allow Zynex to attract additional funding for product development and marketing."
Forward-looking Information Disclaimer. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements. The realization of any or all of these expectations is subject to a number of risks and uncertainties and it is possible that the assumptions made by management may not materialize.
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