Zynex Announces First Quarter 2015 Results
Compound Pharmacy Revenues Increase Three-Fold
(firmenpresse) - LONE TREE, CO -- (Marketwired) -- 05/12/15 -- Zynex, Inc. (OTCQB: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, neurological diagnostics and compound pharmacy, announced today first quarter 2015 financial results.
President and CEO Commentary:
Thomas Sandgaard, CEO commented: "The first quarter of 2015 was a break-through quarter for Zynex. For the first time in nine quarters, total net revenue in the current period exceeded that of the prior year quarter. We achieved solid progress across both electrotherapy and compound pharmacy with a noteworthy pick up of orders during March and April. Orders for our NexWave electrotherapy device in March reached the highest level since May 2014. Orders for compound pharmacy transdermal pain creams also showed a strong pickup in the latter half of the first quarter. Based on the recent order trend, we anticipate total net revenue for the second quarter of 2015 to be in the range of $4.0 to $4.4 million with positive income from operations."
Sandgaard continued: "We are very optimistic about the development of our new Blood Volume Monitor and expect to receive initial comments from the FDA in May. In addition, we continue to gather positive test results during blood donations and are completing the final assembly of the first production units."
Summary of Financial Results:
The Company's net revenue was $3,183,000 for the first quarter of 2015, compared to $3,167,000 for the first quarter of 2014. The increase reflects the impact of sales of transdermal pain creams which were $474,000 in the 2015 quarter compared to $110,000 in the 2014 quarter.
The Company reported Selling, General and Administrative ("SG&A") expenses of $2,710,000 for 2015, compared to $3,456,000 for the quarter ended March 31, 2014, a 21% reduction. Decreases in the Company's SG&A expenses are primarily attributable to reduced operating expenses, headcount reductions, and lower building rental payments in the 2015 quarter compared to the year earlier.
For the first quarter 2015, the Company reported a net loss of $896,000, or $0.03 per share, compared to a net loss of $1,430,000, or $0.05 per share in 2014.
The Company's line of credit balance as of March 31, 2015 was $4,538,000, compared to $4,442,000 at December 31, 2014.
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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 operates a non-sterile compound pharmacy providing topical and transdermal pain creams. Zynex is also developing a new blood volume monitor for use in hospitals and surgery centers. For additional information, please visit: .
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 compound pharmacy and international expansion efforts, our ability to engage additional sales representatives, the success of such additional sales representatives, 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 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, 2014.
Brian Alleman
Zynex, Inc.
(303) 703-4906
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Datum: 12.05.2015 - 12:00 Uhr
Sprache: Deutsch
News-ID 392505
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