Zynex Inc. CEO Thomas Sandgaard recently shared the company's financial and operational successes for the second quarter ending June 30, 2024, in an interview with Proactive. The company recorded a notable 20% year-over-year increase in orders, marking the ninth consecutive quarter of record-breaking order numbers. Additionally, Zynex reported an 11% year-over-year increase in second-quarter revenue, totaling $49.9 million, and a 20% increase in year-to-date cash flow from operations, reaching $3.2 million.
Sandgaard highlighted the company's ongoing efforts to secure FDA approvals for next-generation devices and further expand its product line in pain management. The pain management division experienced a significant 20% improvement in orders compared to the previous year, emphasizing strong market demand. For the third quarter, Zynex has set a revenue target of at least $50.0 million.
Zynex's pain management devices, prescribed by a range of medical professionals including surgeons, general practitioners, and chiropractors, cater to various conditions from post-surgical recovery to general pain management.
In terms of innovation, Zynex is developing new monitoring devices, including a laser-based pulse oximeter for more accurate blood measurements, capable of detecting sepsis. This product, along with others under development, positions Zynex to potentially capture significant market share. The company's strategy to diversify its product portfolio could lead to substantial advancements in the medical device industry.
