Zynex Shares Rise as Firm Notches Significant Q2 Order Growth and Raises EBITDA Outlook
Source: Streetwise Reports
July 19, 2021 (Investorideas.com Newswire) Zynex Inc. shares traded 10% higher after the electrotherapy medical device maker reported a 247% YoY growth in orders during Q2/21 and raised the range for its EBITDA estimates in the quarter by $1.2 million.
Medical technology firm Zynex Inc. (ZYXI:NASDAQ), which manufactures and markets non-invasive medical devices for cardiac monitoring, neurological diagnostics, pain management and stroke rehabilitation, yesterday announced "orders and an increased Adjusted EBITDA estimate for Q2/21."
Zynex's CEO Thomas Sandgaard led off by stating, "Our order growth in Q2/21 remained strong at 247% year-over-year and 186% for H1/21."
Sandgaard continued, "The company is confirming its previous revenue estimate for Q2/21 of between $31.0-32.5 million. Q2/21 Adjusted EBITDA is now expected to come in between $4.2-5.2 million, compared to the previous estimate of between $3.0-4.0 million."
Sandgaard advised that the company presently expects that FY/21 revenue will be between $135.0 and $150.0 million and noted those amounts are about 68-87% higher than the $80.1 million achieved in FY/20. In addition, the company now estimates that FY/21 adjusted EBITDA will come in between $15.0 and $25.0 million, versus the $13.7 million it earned in FY/20.
The firm stated that when it reports its complete Q2/21 earnings in late July, it will provide narrower and more precise data for FY/21 revenue and adjusted EBITDA expectations.
Sandgaard explained that "the company's prescription-strength NexWave device is a healthy alternative to prescribing opioids as the first line of defense when treating pain."
Zynex is a medical technology company based in Englewood, Colo. The firm manufactures and sells non-invasive electrotherapy medical devices designed for use in pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics. The company's efforts are centered around promoting its technology that can serve to eliminate patient addiction and other side effects caused from prescription opioids. The firm stated that "its proprietary NeuroMove device is designed to help recovery of stroke and spinal cord injury patients." Zynex indicated that it is also now working to develop a new blood volume monitor device designed for use in surgery centers and hospitals.
Zynex began the day with a market cap of around $529.3 million with approximately 34.85 million shares outstanding and a short interest of about 10.20%. ZYXI shares opened 4% higher today at $15.80 (+$0.61, +4.02%) over yesterday's $15.19 closing price. The stock has traded today between $15.79 to $16.519 per share and closed at $16.81 (+$1.62, +10.66%).
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