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Zynex, Inc. (ZYXI) Research Update Released

New York, NY - November 15, 2013 ( newswire) Taglich Brothers released an updated research report on Zynex, Inc. (ZYXI) and reiterated a Neutral rating. The report noted the following key investment considerations:

  • Revenue gains have slowed, reflecting a drop in demand stemming from broad reductions in Medicare reimbursements for medical devices, Medicare's curtailment of reimbursement for TENS use to alleviate chronic lower back pain, and physician uncertainty over the impact of the Patient Protection and Affordable Care Act (PPACA).
  • ZYXI aims to drive its growth with newer products that are less affected by reduced reimbursement but restoring growth and profitability through changes in the sales mix and sharp cuts in costs and expenses could be a lengthy process.
  • Due to slowing demand and more restrictive insurance reimbursement, the outlook through 2014 should remain difficult.
  • In light of more moderate declines in revenue and sharper reductions in manufacturing costs and operating expenses than we projected earlier, we have narrowed our estimates for 2013 and 2014 losses. For 2013 we project a loss of ($0.12) per share on revenue of $23.1 million, down from our earlier projections of a ($0.14) per share loss on revenue of $22.9 million. For 2014 we project a loss of ($0.09) per share on revenue of $15.8 million, down from an ($0.11) per share loss on revenue of $14 million projected earlier.
  • In 3Q13 (results released Nov. 7, 2013) Zynex lost $738,000, or ($0.02) per share, on revenue of $5.2 million. We projected a 3Q loss of ($0.04) per share on revenue of $5 million. Revenue was in line with our forecast but the loss for 3Q was narrower than we projected, reflecting deeper than expected cuts in costs and expenses

The full report can be viewed at

Company Description:

Zynex, Inc. (ZYXI: OTCBB), based in Lone Tree, Colorado , manufactures a line of electrotherapy devices used for pain management and rehabilitation. Revenue has increased sharply, growing threefold in the last three years alone.

Zynex's non-invasive transcutaneous electrical nerve stimulation (TENS) and interferential current (IF) systems have been used to treat pain ranging from mild persistent problems such as sore muscles to acute postoperative pain.

The company's neuromuscular electrical stimulation (NMES) systems are used mainly by physical therapists to treat victims of trauma, stroke, or incidents that degrade muscle function, enabling stroke or spinal injury victims to regain lost mobility, functionality, speech, and memory.

In addition to its own products, Zynex distributes private labeled electrical stimulation devices, electrodes and batteries produced by other manufacturers. A substantial portion of revenue is recurring rentals, and electrodes and batteries provided to patients using rental or purchased units.

In the US , which accounts for most of its sales, the company sells its medical devices through 200 sales representatives, two-thirds of which are independent contractors. Overseas, Zynex has distributors in Canada , Australia , Southeast Asia, the United Arab Emirates , the Netherlands , and Germany.

Taglich Brothers:

Taglich Brothers, Inc. is full-service broker dealer focused exclusively on microcap companies. The Company defines the microcap segment of the equity market as companies with less than $250 million in market capitalization. Taglich Brothers currently offers institutional and retail brokerage services, investment banking and comprehensive research coverage to the investment community.

The Taglich Brothers' Equity Research department is dedicated to providing research reports that are informative, insightful and illuminating. Reports are designed to distill volumes of investment information into a concise, straightforward format so that busy professional investors can make informed investment decisions.


The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. does not currently have an Investment Banking relationship with the company mentioned and was not a manager or co-manager of any offering for the company within the last three years. In September 2012 the company paid an initial monetary engagement fee of US$4,500 to Taglich Brothers, Inc. representing payment for the first three months of creation and dissemination of research reports, after which the company will pay Taglich Brothers, Inc. a monetary fee of US$1,500 per month for a minimum of three more months for such services.For further information and Taglich Brothers, Inc. ownership data please refer to each individual report.


Richard Oh

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