Zynex Announces 2017 Third Quarter Earnings

The Company reported net revenue of $6.8 million, an 88% increase over Q3-2016 and a 35% increase compared to Q2-2017. For the nine months ended September 30, 2017, total revenue increased 47% to $15.3 million from $10.4 million for the nine months ended September 30, 2016.

Cost of revenue increased to $1.3 million from $0.9, million which generated increased gross margins of 80% compared to 76% last year. Gross margins for the nine months ended September 30, 2017 increased to 78% from 73% in 2016.

Net income grew 314% to $2.2 million in the third quarter of 2017, compared to $0.5 million last year. For the nine months ended September 30, 2017, net income grew 3003% to $4.1 million from a loss of $0.1 million in 2016.

Adjusted EBITDA grew 319% to $3.1 million in the third quarter of 2017 compared to $0.7 million last year. For the nine months ended September 30, 2017, Adjusted EBITDA grew 854% to $5.6 million from $0.6 million in 2016.

The Company generated $4.7 million of cash from operations during the first nine months of 2017. As of September 30, 2017, the Company has working capital of $1.2 million compared to a deficit of $4.3 million at December 31, 2016.

Webcast Details: Monday, November 13, 2017 at 9:00 a.m. MT – 11:00 a.m. ET

To register and participate in the webcast, interested parties should click on the following link or dial in approximately 10-15 minutes prior to the webcast:

https://www.webcaster4.com/Webcast/Page/1487/23437  

Non-GAAP Financial Measures

Zynex reports its financial results in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition, the Company is providing in this news release financial information in the form of adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and stock compensation). Management believes these non-GAAP financial measures are useful to investors and lenders in evaluating the overall financial health of the Company in that they allow for greater transparency of additional financial data routinely used by management to evaluate performance. Adjusted EBITDA can be useful for investors or lenders as an indicator of earnings available to service debt. Non-GAAP financial measures should not be considered in isolation from or as an alternative to the financial information prepared in accordance with GAAP.

About Zynex 

Zynex, founded in 1996, markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation; and the company's proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients. Zynex is also developing a new blood volume monitor for use in hospitals and surgery centers.  For additional information, please visit: Zynex.com.

Safe Harbor Statement

Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital or augment our liquidity in order to continue our business, the success of our international expansion efforts, our ability to engage additional sales representatives and their success, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation, our ability to up-list to a larger exchange and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2016 as well as Forms 10-Q, 8-K and 8-K/A, press releases and the Company's website.

Contact: Zynex, Inc.  (303) 703-4906
Investor Relations Contact:
Amato And Partners, LLC
Investor Relations Counsel
admin@amatoandpartners.com

ZYNEX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
	September 30,			December 31,
	2017			2016
ASSETS
Current assets:
Cash	$	2,574		$	247
Accounts receivable, net		2,409			3,028
Inventory, net		358			107
Prepaid expenses		211			40
Total current assets		5,552			3,422
Property and equipment, net		338			580
Deposits		86			55
Amortizable intangible assets, net		8			34
Total assets	$	5,984		$	4,091
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit	$	-		$	2,771
Current portion of unsecured subordinated promissory notes		393			-
Current portion of capital leases		118			118
Accounts payable and accrued expenses		2,092			3,190
Deferred revenue		-			54
Accrued payroll and related taxes		905			732
Deferred insurance reimbursement		880			880
Total current liabilities		4,388			7,745
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