(Source: Business Wire)

Zynex, Inc. (OTCBB: ZYXI), a provider of pain management systems and electrotherapy products for medical patients with functional disability, reports its financial results for the first quarter of 2009. Revenue increased 64% to $4,232,334 and net income increased to $950,792 for the quarter.
Net rental and sales revenue for the quarter ended March 31, 2009 increased 64% to $4,232,334 compared with $2,588,720 during the same quarter of 2008. Gross profit for the three months ended March 31, 2009 was $3,749,673 or 89% of net revenue compared to 82% a year ago. Income from operations was $1,335,868, an increase of 132% compared to last year and net income increased 312% to $950,792. Net Cash provided by operating activities was $959,055 for the quarter.
Thomas Sandgaard, President and CEO of Zynex, said: "We are excited to see our continued growth in revenue and improved profit."
Consolidated Statement of Operations First Quarter Ended March 31 2009 2008 Net Sales and Rental Income $ 4,232,334 $ 2,588,720 Net Income $ 950,792 $ 230,683 Net Income per Common Share Basic $ 0.03 $ 0.01 Common Shares Used in Computing per Share Amount -- Basic 29,907,708 27,717,457 Net Income per Common Share Diluted $ 0.03 $ 0.01 Common Shares Used in Computing per Share Amount -- Diluted 30,489,129 29,332,966 -------------------------------------------------------------------------------
About Zynex
Zynex, Inc. (founded in 1996) engineers, manufactures, markets and sells its own design of electrotherapy medical devices in two distinct markets: standard digital electrotherapy products for pain relief and pain management; and the NeuroMove(TM) for stroke and spinal cord injury (SCI) rehabilitation. Zynex's product lines are fully developed, FDA-cleared, commercially sold, and have been developed to uphold the Company's mission of improving the quality of life for patients suffering from impaired mobility due to stroke, spinal cord injury, or debilitating and chronic pain.
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital in order to grow our business, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, acceptance of our products by hospitals and clinicians, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our 10-K Report for the year ended December 31, 2008.
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