Zynex, Inc. (ZYXI) 10-Year Financial Performance & Capital Metrics

ZYXI • • Industrial / General

HealthcareMedical DistributionMedical Device Manufacturing & DistributionElectrotherapy & Monitoring Devices

AboutZynex, Inc., through its subsidiaries, designs, manufactures, and markets medical devices to treat chronic and acute pain; and activate and exercise muscles for rehabilitative purposes with electrical stimulation. The company offers NexWave, a dual channel, multi-modality interferential current, transcutaneous electrical nerve stimulation, and neuromuscular electrical stimulation (NMES) device that is marketed to physicians and therapists by field sales representatives; NeuroMove, an electromyography triggered electrical stimulation device; InWave, an electrical stimulation product for the treatment of female urinary incontinence; and E-Wave, an NMES device. It also supplies private labeled products, including electrodes for the delivery of electrical current to the body, and batteries for use in electrotherapy products. In addition, the company distributes Comfortrac/Saunders for cervical traction, JetStream for hot/cold therapy, LSO Back Braces for lumbar support, and knee braces for knee support. Further, it offers Zynex Fluid Monitoring System (CM-1500), a fluid volume monitor, which is a non-invasive medical device for monitoring relative fluid volume changes used in operating and recovery rooms to detect fluid loss during surgery and internal bleeding during recovery; Zynex Wireless Fluid Monitoring System (CM-1600), a noninvasive monitoring device designed to measure relative changes in fluid volume in adult patients; NiCO CO-Oximeter, a laser-based noninvasive co-oximeter; and HemeOx tHb Oximeter, a laser-based total hemoglobin pulse oximeter. The company provides its products for use in pain management and control; stroke and spinal cord injury rehabilitation; hemodynamic monitoring; and pulse oximetry monitoring. It sells its products through direct sales force primarily in the United States. Zynex, Inc. was founded in 1996 and is headquartered in Englewood, Colorado.Show more

Revenue $192M +4.4%
EBITDA $11M -28.2%
Net Income $3M -69.2%
EPS (Diluted) 0.09 -66.7%
Gross Margin 79.5% +0.4%
EBITDA Margin 5.6% -31.2%
Operating Margin 3.11% -46.8%
Net Margin 1.56% -70.5%
ROE 7.32% -57.7%
ROIC 6.09% -43.2%
Debt/Equity 2.07 +25.2%
Interest Coverage 2.51 -74.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 33.4%
✓Good 3Y average ROE of 16.3%
✓Share count reduced 10.6% through buybacks
✓Trading at only 0.1x book value
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Profits declining 20.6% over 5 years
✗Weak momentum: RS Rating 0 (bottom 0%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y32.99%

5Y33.44%

3Y13.86%

TTM-44.13%

Profit (Net Income) CAGR

10Y-

5Y-20.61%

3Y-44.06%

TTM-1633.13%

EPS CAGR

10Y-

5Y-18.48%

3Y-39.18%

TTM-1741.28%

ROCE

10Y Avg179.4%

5Y Avg17.26%

3Y Avg12.38%

Latest5.36%

Peer Comparison

Electrotherapy & Monitoring Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZYXIZynex, Inc.	2.14M	0.07	0.78	4.36%	-68.35%	7.32%	100%	2.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.64M	13.31M	23.43M	31.92M	45.47M	80.12M	130.3M	158.17M	184.32M	192.35M
Revenue Growth %	0.05%	0.14%	0.76%	0.36%	0.42%	0.76%	0.63%	0.21%	0.17%	0.04%
Cost of Goods Sold+	4.94M	3.52M	4.82M	6.04M	8.81M	17.42M	26.92M	32.01M	38.37M	39.43M
COGS % of Revenue	0.42%	0.26%	0.21%	0.19%	0.19%	0.22%	0.21%	0.2%	0.21%	0.2%
Gross Profit+	6.7M	9.8M	18.61M	25.88M	36.66M	62.7M	103.38M	126.16M	145.96M	152.93M
Gross Margin %	0.58%	0.74%	0.79%	0.81%	0.81%	0.78%	0.79%	0.8%	0.79%	0.8%
Gross Profit Growth %	0.91%	0.46%	0.9%	0.39%	0.42%	0.71%	0.65%	0.22%	0.16%	0.05%
Operating Expenses+	9.19M	9.16M	9.67M	15.51M	25.59M	52.46M	81.01M	103.22M	135.18M	146.94M
OpEx % of Revenue	0.79%	0.69%	0.41%	0.49%	0.56%	0.65%	0.62%	0.65%	0.73%	0.76%
Selling, General & Admin	9.19M	9.16M	9.67M	15.51M	25.59M	52.46M	77.46M	103.22M	135.18M	146.94M
SG&A % of Revenue	0.79%	0.69%	0.41%	0.49%	0.56%	0.65%	0.59%	0.65%	0.73%	0.76%
Research & Development	256K	256K	100K	200K	600K	0	2.6M	0	0	0
R&D % of Revenue	0.02%	0.02%	0%	0.01%	0.01%	-	0.02%	-	-	-
Other Operating Expenses	-7K	-204K	0	0	880K	0	949K	0	0	0
Operating Income+	-2.48M	640K	8.94M	10.37M	11.07M	10.25M	22.37M	22.94M	10.78M	5.99M
Operating Margin %	-0.21%	0.05%	0.38%	0.32%	0.24%	0.13%	0.17%	0.15%	0.06%	0.03%
Operating Income Growth %	0.56%	1.26%	12.97%	0.16%	0.07%	-0.07%	1.18%	0.03%	-0.53%	-0.44%
EBITDA+	-2.06M	1.07M	9.23M	10.82M	11.84M	11.82M	24.65M	26.07M	15M	10.77M
EBITDA Margin %	-0.18%	0.08%	0.39%	0.34%	0.26%	0.15%	0.19%	0.16%	0.08%	0.06%
EBITDA Growth %	0.59%	1.52%	7.59%	0.17%	0.09%	-0%	1.09%	0.06%	-0.42%	-0.28%
D&A (Non-Cash Add-back)	424K	435K	286K	448K	778K	1.57M	2.29M	3.13M	4.22M	4.78M
EBIT	-2.49M	640K	8.94M	10.37M	11.07M	10.17M	22.37M	22.64M	13.67M	6.01M
Net Interest Income+	-503K	-352K	-1.45M	-154K	-5K	-19K	-95K	-440K	-1.09M	-2.38M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	503K	352K	1.45M	154K	5K	19K	95K	440K	1.09M	2.38M
Other Income/Expense	-510K	-556K	-1.45M	-154K	875K	-96K	-95K	-740K	1.8M	-2.36M
Pretax Income+	-2.99M	84K	7.49M	10.22M	11.94M	10.15M	22.27M	22.2M	12.58M	3.63M
Pretax Margin %	-0.26%	0.01%	0.32%	0.32%	0.26%	0.13%	0.17%	0.14%	0.07%	0.02%
Income Tax+	-57K	15K	129K	664K	2.45M	1.08M	5.17M	5.15M	2.85M	633K
Effective Tax Rate %	0.97%	0.82%	0.98%	0.94%	0.79%	0.89%	0.77%	0.77%	0.77%	0.83%
Net Income+	-2.91M	69K	7.37M	9.55M	9.49M	9.07M	17.1M	17.05M	9.73M	2.99M
Net Margin %	-0.25%	0.01%	0.31%	0.3%	0.21%	0.11%	0.13%	0.11%	0.05%	0.02%
Net Income Growth %	0.53%	1.02%	105.74%	0.3%	-0.01%	-0.04%	0.88%	-0%	-0.43%	-0.69%
Net Income (Continuing)	-2.93M	69K	7.37M	9.55M	9.49M	9.07M	17.1M	17.05M	9.73M	2.99M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-89K	-89K	-89K	-89K	-89K	0	0	0	0	0
EPS (Diluted)+	-0.08	0.00	0.20	0.26	0.25	0.24	0.40	0.44	0.27	0.09
EPS Growth %	0.53%	1.02%	-	0.3%	-0.04%	-0.04%	0.67%	0.1%	-0.39%	-0.67%
EPS (Basic)	-0.08	0.00	0.21	0.27	0.27	0.24	0.41	0.44	0.27	0.09
Diluted Shares Outstanding	34.4M	34.4M	36.52M	37.45M	37.36M	38.44M	43.12M	39.13M	36.14M	32.3M
Basic Shares Outstanding	34.4M	34.4M	35.37M	35.75M	35.68M	37.26M	42.15M	38.47M	35.55M	31.94M
Dividend Payout Ratio	-	-	-	-	0.24%	-	0%	0.21%	0%	0%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.77M	3.42M	8.37M	14.33M	22.57M	63.02M	82.69M	69.56M	87.86M	75.18M
Cash & Short-Term Investments	8K	247K	5.57M	10.13M	14.04M	39.17M	42.61M	20.14M	44.58M	39.63M
Cash Only	8K	247K	5.57M	10.13M	14.04M	39.17M	42.61M	20.14M	44.58M	39.63M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.43M	3.03M	2.19M	2.79M	5.83M	13.84M	28.63M	35.06M	26.84M	18.02M
Days Sales Outstanding	76.07	83.02	34.04	31.92	46.82	63.04	80.2	80.91	53.15	34.2
Inventory	305K	107K	423K	837K	2.38M	8.63M	10.76M	13.48M	13.11M	13.92M
Days Inventory Outstanding	22.55	11.1	32.04	50.6	98.48	180.96	145.83	153.78	124.69	128.85
Other Current Assets	0	0	0	0	315K	1.38M	689K	868K	3.33M	0
Total Non-Current Assets+	930K	669K	558K	1.86M	5.71M	11.2M	50.59M	50.79M	49.05M	46.9M
Property, Plant & Equipment	801K	580K	188K	819K	4.87M	8.24M	18.52M	15.29M	16.22M	14.04M
Fixed Asset Turnover	14.53x	22.95x	124.64x	38.97x	9.34x	9.72x	7.03x	10.35x	11.37x	13.70x
Goodwill	0	0	0	0	0	0	20.4M	20.4M	20.4M	20.4M
Intangible Assets	74K	34K	0	0	0	0	9.97M	9.07M	8.16M	7.25M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	55K	55K	370K	314K	329K	347K	974K	591K	409K	5.21M
Total Assets+	3.7M	4.09M	8.93M	16.18M	28.28M	74.22M	133.27M	120.35M	136.9M	122.08M
Asset Turnover	3.15x	3.25x	2.62x	1.97x	1.61x	1.08x	0.98x	1.31x	1.35x	1.58x
Asset Growth %	-0.48%	0.11%	1.18%	0.81%	0.75%	1.62%	0.8%	-0.1%	0.14%	-0.11%
Total Current Liabilities+	7.54M	7.75M	4.01M	6.36M	5.2M	10.12M	22.87M	21.09M	18.53M	16.86M
Accounts Payable	2.48M	2.88M	2.25M	1.55M	2.13M	4.72M	4.74M	5.6M	8.43M	7.09M
Days Payables Outstanding	183.13	298.79	170.8	93.82	88.33	98.85	64.25	63.88	80.23	65.64
Short-Term Debt	4M	2.77M	231K	0	1.26M	2.13M	8.31M	7.94M	0	0
Deferred Revenue (Current)	89K	54K	880K	-685K	0	0	0	0	0	0
Other Current Liabilities	598K	826K	880K	3.84M	8K	0	2.95M	16K	0	0
Current Ratio	0.37x	0.44x	2.08x	2.25x	4.34x	6.23x	3.62x	3.30x	4.74x	4.46x
Quick Ratio	0.33x	0.43x	1.98x	2.12x	3.88x	5.38x	3.15x	2.66x	4.03x	3.63x
Cash Conversion Cycle	-84.51	-204.66	-104.72	-11.3	56.97	145.14	161.78	170.82	97.6	97.41
Total Non-Current Liabilities+	228K	148K	12K	531K	3.43M	7.25M	36.48M	32.91M	72.24M	69.51M
Long-Term Debt	0	0	0	0	0	0	10.61M	5.29M	57.6M	58.57M
Capital Lease Obligations	216K	136K	0	2.98M	3.43M	5.2M	16.17M	13.73M	14.64M	10.94M
Deferred Tax Liabilities	0	0	0	0	0	2.05M	4.81M	3.88M	0	0
Other Non-Current Liabilities	12K	12K	0	0	0	0	9.7M	10M	0	0
Total Liabilities	7.77M	7.89M	4.03M	6.89M	8.62M	17.37M	59.35M	53.99M	90.78M	86.37M
Total Debt+	4.33M	3.02M	354K	3.66M	4.68M	7.33M	38.06M	26.96M	76.17M	73.82M
Net Debt	4.32M	2.78M	-5.21M	-6.47M	-9.36M	-31.84M	-4.55M	6.82M	31.59M	34.19M
Debt / Equity	-	-	0.07x	0.39x	0.24x	0.13x	0.51x	0.41x	1.65x	2.07x
Debt / EBITDA	-	2.81x	0.04x	0.34x	0.40x	0.62x	1.54x	1.03x	5.08x	6.85x
Net Debt / EBITDA	-	2.58x	-0.56x	-0.60x	-0.79x	-2.69x	-0.18x	0.26x	2.11x	3.17x
Interest Coverage	-4.93x	1.82x	6.17x	67.34x	2213.20x	539.42x	235.43x	52.13x	9.85x	2.51x
Total Equity+	-4.07M	-3.8M	4.9M	9.3M	19.65M	56.85M	73.92M	66.36M	46.13M	35.71M
Equity Growth %	-2.21%	0.07%	2.29%	0.9%	1.11%	1.89%	0.3%	-0.1%	-0.3%	-0.23%
Book Value per Share	-0.12	-0.11	0.13	0.25	0.53	1.48	1.71	1.70	1.28	1.11
Total Shareholders' Equity	-3.98M	-3.71M	4.99M	9.39M	19.74M	56.85M	73.92M	66.36M	46.13M	35.71M
Common Stock	31K	31K	33K	34K	34K	36K	41K	39K	33K	32K
Retained Earnings	-9.85M	-9.78M	-2.41M	4.87M	14.36M	23.43M	0	17.05M	26.78M	29.77M
Treasury Stock	0	0	-243K	-3.67M	-3.85M	-3.85M	-6.51M	-33.16M	-71.56M	-87.19M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	-89K	-89K	-89K	-89K	-89K	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	341K	1.7M	8.26M	9.41M	6.3M	818K	6.95M	13.75M	17.76M	12.72M
Operating CF Margin %	0.03%	0.13%	0.35%	0.29%	0.14%	0.01%	0.05%	0.09%	0.1%	0.07%
Operating CF Growth %	-0.65%	3.99%	3.86%	0.14%	-0.33%	-0.87%	7.5%	0.98%	0.29%	-0.28%
Net Income	-2.93M	69K	7.37M	9.55M	9.49M	9.07M	17.1M	17.05M	9.73M	2.99M
Depreciation & Amortization	424K	435K	286K	448K	778K	1.57M	2.29M	3.13M	4.22M	4.78M
Stock-Based Compensation	130K	200K	66K	370K	820K	2.68M	1.63M	2.34M	2.3M	2.99M
Deferred Taxes	938K	285K	227K	-725K	212K	-54K	-146K	-851K	-2.3M	-934K
Other Non-Cash Items	130K	200K	1.48M	370K	-695K	-236K	1.29M	1.18M	-2.08M	-1.05M
Working Capital Changes	1.65M	511K	-1.16M	-607K	-4.3M	-12.22M	-15.21M	-9.1M	5.89M	3.94M
Change in Receivables	-277K	-1.09M	843K	-606K	-3.04M	-8M	-14.78M	-6.43M	8.22M	8.82M
Change in Inventory	1.6M	198K	-316K	-414K	-2.36M	-7.32M	-3.78M	-4.32M	-1.45M	-2.74M
Change in Payables	-67K	402K	-1.22M	-515K	1.02M	3.03M	2.89M	1.83M	269K	-2.07M
Cash from Investing+	108K	-174K	-87K	-1.08M	-160K	-985K	-16.61M	-418K	-966K	-578K
Capital Expenditures	0	-226K	-87K	-1.08M	-160K	-985K	-609K	-418K	-1.21M	-578K
CapEx % of Revenue	-	0.02%	0%	0.03%	0%	0.01%	0%	0%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	108K	-174K	0	0	0	0	0	0	50K	0
Cash from Financing+	-504K	-1.3M	-2.85M	-3.76M	-2.23M	25.3M	13.1M	-35.8M	7.64M	-17.09M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-2.26M	0	-1K	-3.61M	-3K	-9K
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-440K	-1.23M	-155K	0	221K	154K	-252K	-352K	86K	-1.12M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	341K	1.47M	8.17M	8.33M	6.14M	-167K	6.34M	13.33M	16.55M	12.14M
FCF Margin %	0.03%	0.11%	0.35%	0.26%	0.14%	-0%	0.05%	0.08%	0.09%	0.06%
FCF Growth %	-0.51%	3.32%	4.54%	0.02%	-0.26%	-1.03%	38.96%	1.1%	0.24%	-0.27%
FCF per Share	0.01	0.04	0.22	0.22	0.16	-0.00	0.15	0.34	0.46	0.38
FCF Conversion (FCF/Net Income)	-0.12x	24.64x	1.12x	0.98x	0.66x	0.09x	0.41x	0.81x	1.82x	4.25x
Interest Paid	0	0	0	772K	5K	894K	82K	3.62M	3.06M	3M
Taxes Paid	0	0	0	12K	2.87M	19K	3.31M	6.29M	6.46M	2.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	1339.09%	134.54%	65.57%	23.72%	26.16%	24.31%	17.3%	7.32%
Return on Invested Capital (ROIC)	-99.27%	-	-	616.53%	126.44%	43.54%	35.54%	24.14%	10.72%	6.09%
Gross Margin	57.59%	73.58%	79.43%	81.08%	80.62%	78.26%	79.34%	79.77%	79.19%	79.5%
Net Margin	-25.01%	0.52%	31.43%	29.93%	20.87%	11.33%	13.13%	10.78%	5.28%	1.56%
Debt / Equity	-	-	0.07x	0.39x	0.24x	0.13x	0.51x	0.41x	1.65x	2.07x
Interest Coverage	-4.93x	1.82x	6.17x	67.34x	2213.20x	539.42x	235.43x	52.13x	9.85x	2.51x
FCF Conversion	-0.12x	24.64x	1.12x	0.98x	0.66x	0.09x	0.41x	0.81x	1.82x	4.25x
Revenue Growth	4.71%	14.36%	76.01%	36.21%	42.47%	76.2%	62.63%	21.39%	16.54%	4.36%

Revenue by Segment

	2013	2018	2019	2020	2021	2022	2023	2024
Supplies	-	25.09M	-	-	93.69M	114.67M	125.5M	132.74M
Supplies Growth	-	-	-	-	-	22.40%	9.44%	5.77%
Device	-	-	-	-	-	43.5M	58.82M	59.61M
Device Growth	-	-	-	-	-	-	35.23%	1.34%
Devices	-	6.82M	10.71M	21.27M	36.61M	-	-	-
Devices Growth	-	-	57.04%	98.53%	72.14%	-	-	-
Public Utilities Inventory Supplies	-	-	34.76M	58.85M	-	-	-	-
Public Utilities Inventory Supplies Growth	-	-	-	69.32%	-	-	-	-
Zynex Medical And Zynex Billing And Consulting	21.18M	-	-	-	-	-	-	-
Zynex Medical And Zynex Billing And Consulting Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Zynex, Inc. (ZYXI) has a price-to-earnings (P/E) ratio of 0.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Zynex, Inc. (ZYXI) reported $108.2M in revenue for fiscal year 2024. This represents a 217% increase from $34.1M in 2011.

Zynex, Inc. (ZYXI) grew revenue by 4.4% over the past year. Growth has been modest.

Zynex, Inc. (ZYXI) reported a net loss of $74.0M for fiscal year 2024.

Dividend & Returns

Yes, Zynex, Inc. (ZYXI) pays a dividend with a yield of 0.40%. This makes it attractive for income-focused investors.

Zynex, Inc. (ZYXI) has a return on equity (ROE) of 7.3%. This is below average, suggesting room for improvement.

Zynex, Inc. (ZYXI) had negative free cash flow of $21.0M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Zynex, Inc. (ZYXI) 10-Year Financial Performance & Capital Metrics

ZYXI • • Industrial / General

HealthcareMedical DistributionMedical Device Manufacturing & DistributionElectrotherapy & Monitoring Devices

Revenue $192M +4.4%
EBITDA $11M -28.2%
Net Income $3M -69.2%
EPS (Diluted) 0.09 -66.7%
Gross Margin 79.5% +0.4%
EBITDA Margin 5.6% -31.2%
Operating Margin 3.11% -46.8%
Net Margin 1.56% -70.5%
ROE 7.32% -57.7%
ROIC 6.09% -43.2%
Debt/Equity 2.07 +25.2%
Interest Coverage 2.51 -74.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 33.4%
✓Good 3Y average ROE of 16.3%
✓Share count reduced 10.6% through buybacks
✓Trading at only 0.1x book value
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Profits declining 20.6% over 5 years
✗Weak momentum: RS Rating 0 (bottom 0%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y32.99%

5Y33.44%

3Y13.86%

TTM-44.13%

Profit (Net Income) CAGR

10Y-

5Y-20.61%

3Y-44.06%

TTM-1633.13%

EPS CAGR

10Y-

5Y-18.48%

3Y-39.18%

TTM-1741.28%

ROCE

10Y Avg179.4%

5Y Avg17.26%

3Y Avg12.38%

Latest5.36%

Peer Comparison

Electrotherapy & Monitoring Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZYXIZynex, Inc.	2.14M	0.07	0.78	4.36%	-68.35%	7.32%	100%	2.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.64M	13.31M	23.43M	31.92M	45.47M	80.12M	130.3M	158.17M	184.32M	192.35M
Revenue Growth %	0.05%	0.14%	0.76%	0.36%	0.42%	0.76%	0.63%	0.21%	0.17%	0.04%
Cost of Goods Sold+	4.94M	3.52M	4.82M	6.04M	8.81M	17.42M	26.92M	32.01M	38.37M	39.43M
COGS % of Revenue	0.42%	0.26%	0.21%	0.19%	0.19%	0.22%	0.21%	0.2%	0.21%	0.2%
Gross Profit+	6.7M	9.8M	18.61M	25.88M	36.66M	62.7M	103.38M	126.16M	145.96M	152.93M
Gross Margin %	0.58%	0.74%	0.79%	0.81%	0.81%	0.78%	0.79%	0.8%	0.79%	0.8%
Gross Profit Growth %	0.91%	0.46%	0.9%	0.39%	0.42%	0.71%	0.65%	0.22%	0.16%	0.05%
Operating Expenses+	9.19M	9.16M	9.67M	15.51M	25.59M	52.46M	81.01M	103.22M	135.18M	146.94M
OpEx % of Revenue	0.79%	0.69%	0.41%	0.49%	0.56%	0.65%	0.62%	0.65%	0.73%	0.76%
Selling, General & Admin	9.19M	9.16M	9.67M	15.51M	25.59M	52.46M	77.46M	103.22M	135.18M	146.94M
SG&A % of Revenue	0.79%	0.69%	0.41%	0.49%	0.56%	0.65%	0.59%	0.65%	0.73%	0.76%
Research & Development	256K	256K	100K	200K	600K	0	2.6M	0	0	0
R&D % of Revenue	0.02%	0.02%	0%	0.01%	0.01%	-	0.02%	-	-	-
Other Operating Expenses	-7K	-204K	0	0	880K	0	949K	0	0	0
Operating Income+	-2.48M	640K	8.94M	10.37M	11.07M	10.25M	22.37M	22.94M	10.78M	5.99M
Operating Margin %	-0.21%	0.05%	0.38%	0.32%	0.24%	0.13%	0.17%	0.15%	0.06%	0.03%
Operating Income Growth %	0.56%	1.26%	12.97%	0.16%	0.07%	-0.07%	1.18%	0.03%	-0.53%	-0.44%
EBITDA+	-2.06M	1.07M	9.23M	10.82M	11.84M	11.82M	24.65M	26.07M	15M	10.77M
EBITDA Margin %	-0.18%	0.08%	0.39%	0.34%	0.26%	0.15%	0.19%	0.16%	0.08%	0.06%
EBITDA Growth %	0.59%	1.52%	7.59%	0.17%	0.09%	-0%	1.09%	0.06%	-0.42%	-0.28%
D&A (Non-Cash Add-back)	424K	435K	286K	448K	778K	1.57M	2.29M	3.13M	4.22M	4.78M
EBIT	-2.49M	640K	8.94M	10.37M	11.07M	10.17M	22.37M	22.64M	13.67M	6.01M
Net Interest Income+	-503K	-352K	-1.45M	-154K	-5K	-19K	-95K	-440K	-1.09M	-2.38M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	503K	352K	1.45M	154K	5K	19K	95K	440K	1.09M	2.38M
Other Income/Expense	-510K	-556K	-1.45M	-154K	875K	-96K	-95K	-740K	1.8M	-2.36M
Pretax Income+	-2.99M	84K	7.49M	10.22M	11.94M	10.15M	22.27M	22.2M	12.58M	3.63M
Pretax Margin %	-0.26%	0.01%	0.32%	0.32%	0.26%	0.13%	0.17%	0.14%	0.07%	0.02%
Income Tax+	-57K	15K	129K	664K	2.45M	1.08M	5.17M	5.15M	2.85M	633K
Effective Tax Rate %	0.97%	0.82%	0.98%	0.94%	0.79%	0.89%	0.77%	0.77%	0.77%	0.83%
Net Income+	-2.91M	69K	7.37M	9.55M	9.49M	9.07M	17.1M	17.05M	9.73M	2.99M
Net Margin %	-0.25%	0.01%	0.31%	0.3%	0.21%	0.11%	0.13%	0.11%	0.05%	0.02%
Net Income Growth %	0.53%	1.02%	105.74%	0.3%	-0.01%	-0.04%	0.88%	-0%	-0.43%	-0.69%
Net Income (Continuing)	-2.93M	69K	7.37M	9.55M	9.49M	9.07M	17.1M	17.05M	9.73M	2.99M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-89K	-89K	-89K	-89K	-89K	0	0	0	0	0
EPS (Diluted)+	-0.08	0.00	0.20	0.26	0.25	0.24	0.40	0.44	0.27	0.09
EPS Growth %	0.53%	1.02%	-	0.3%	-0.04%	-0.04%	0.67%	0.1%	-0.39%	-0.67%
EPS (Basic)	-0.08	0.00	0.21	0.27	0.27	0.24	0.41	0.44	0.27	0.09
Diluted Shares Outstanding	34.4M	34.4M	36.52M	37.45M	37.36M	38.44M	43.12M	39.13M	36.14M	32.3M
Basic Shares Outstanding	34.4M	34.4M	35.37M	35.75M	35.68M	37.26M	42.15M	38.47M	35.55M	31.94M
Dividend Payout Ratio	-	-	-	-	0.24%	-	0%	0.21%	0%	0%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.77M	3.42M	8.37M	14.33M	22.57M	63.02M	82.69M	69.56M	87.86M	75.18M
Cash & Short-Term Investments	8K	247K	5.57M	10.13M	14.04M	39.17M	42.61M	20.14M	44.58M	39.63M
Cash Only	8K	247K	5.57M	10.13M	14.04M	39.17M	42.61M	20.14M	44.58M	39.63M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.43M	3.03M	2.19M	2.79M	5.83M	13.84M	28.63M	35.06M	26.84M	18.02M
Days Sales Outstanding	76.07	83.02	34.04	31.92	46.82	63.04	80.2	80.91	53.15	34.2
Inventory	305K	107K	423K	837K	2.38M	8.63M	10.76M	13.48M	13.11M	13.92M
Days Inventory Outstanding	22.55	11.1	32.04	50.6	98.48	180.96	145.83	153.78	124.69	128.85
Other Current Assets	0	0	0	0	315K	1.38M	689K	868K	3.33M	0
Total Non-Current Assets+	930K	669K	558K	1.86M	5.71M	11.2M	50.59M	50.79M	49.05M	46.9M
Property, Plant & Equipment	801K	580K	188K	819K	4.87M	8.24M	18.52M	15.29M	16.22M	14.04M
Fixed Asset Turnover	14.53x	22.95x	124.64x	38.97x	9.34x	9.72x	7.03x	10.35x	11.37x	13.70x
Goodwill	0	0	0	0	0	0	20.4M	20.4M	20.4M	20.4M
Intangible Assets	74K	34K	0	0	0	0	9.97M	9.07M	8.16M	7.25M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	55K	55K	370K	314K	329K	347K	974K	591K	409K	5.21M
Total Assets+	3.7M	4.09M	8.93M	16.18M	28.28M	74.22M	133.27M	120.35M	136.9M	122.08M
Asset Turnover	3.15x	3.25x	2.62x	1.97x	1.61x	1.08x	0.98x	1.31x	1.35x	1.58x
Asset Growth %	-0.48%	0.11%	1.18%	0.81%	0.75%	1.62%	0.8%	-0.1%	0.14%	-0.11%
Total Current Liabilities+	7.54M	7.75M	4.01M	6.36M	5.2M	10.12M	22.87M	21.09M	18.53M	16.86M
Accounts Payable	2.48M	2.88M	2.25M	1.55M	2.13M	4.72M	4.74M	5.6M	8.43M	7.09M
Days Payables Outstanding	183.13	298.79	170.8	93.82	88.33	98.85	64.25	63.88	80.23	65.64
Short-Term Debt	4M	2.77M	231K	0	1.26M	2.13M	8.31M	7.94M	0	0
Deferred Revenue (Current)	89K	54K	880K	-685K	0	0	0	0	0	0
Other Current Liabilities	598K	826K	880K	3.84M	8K	0	2.95M	16K	0	0
Current Ratio	0.37x	0.44x	2.08x	2.25x	4.34x	6.23x	3.62x	3.30x	4.74x	4.46x
Quick Ratio	0.33x	0.43x	1.98x	2.12x	3.88x	5.38x	3.15x	2.66x	4.03x	3.63x
Cash Conversion Cycle	-84.51	-204.66	-104.72	-11.3	56.97	145.14	161.78	170.82	97.6	97.41
Total Non-Current Liabilities+	228K	148K	12K	531K	3.43M	7.25M	36.48M	32.91M	72.24M	69.51M
Long-Term Debt	0	0	0	0	0	0	10.61M	5.29M	57.6M	58.57M
Capital Lease Obligations	216K	136K	0	2.98M	3.43M	5.2M	16.17M	13.73M	14.64M	10.94M
Deferred Tax Liabilities	0	0	0	0	0	2.05M	4.81M	3.88M	0	0
Other Non-Current Liabilities	12K	12K	0	0	0	0	9.7M	10M	0	0
Total Liabilities	7.77M	7.89M	4.03M	6.89M	8.62M	17.37M	59.35M	53.99M	90.78M	86.37M
Total Debt+	4.33M	3.02M	354K	3.66M	4.68M	7.33M	38.06M	26.96M	76.17M	73.82M
Net Debt	4.32M	2.78M	-5.21M	-6.47M	-9.36M	-31.84M	-4.55M	6.82M	31.59M	34.19M
Debt / Equity	-	-	0.07x	0.39x	0.24x	0.13x	0.51x	0.41x	1.65x	2.07x
Debt / EBITDA	-	2.81x	0.04x	0.34x	0.40x	0.62x	1.54x	1.03x	5.08x	6.85x
Net Debt / EBITDA	-	2.58x	-0.56x	-0.60x	-0.79x	-2.69x	-0.18x	0.26x	2.11x	3.17x
Interest Coverage	-4.93x	1.82x	6.17x	67.34x	2213.20x	539.42x	235.43x	52.13x	9.85x	2.51x
Total Equity+	-4.07M	-3.8M	4.9M	9.3M	19.65M	56.85M	73.92M	66.36M	46.13M	35.71M
Equity Growth %	-2.21%	0.07%	2.29%	0.9%	1.11%	1.89%	0.3%	-0.1%	-0.3%	-0.23%
Book Value per Share	-0.12	-0.11	0.13	0.25	0.53	1.48	1.71	1.70	1.28	1.11
Total Shareholders' Equity	-3.98M	-3.71M	4.99M	9.39M	19.74M	56.85M	73.92M	66.36M	46.13M	35.71M
Common Stock	31K	31K	33K	34K	34K	36K	41K	39K	33K	32K
Retained Earnings	-9.85M	-9.78M	-2.41M	4.87M	14.36M	23.43M	0	17.05M	26.78M	29.77M
Treasury Stock	0	0	-243K	-3.67M	-3.85M	-3.85M	-6.51M	-33.16M	-71.56M	-87.19M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	-89K	-89K	-89K	-89K	-89K	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	341K	1.7M	8.26M	9.41M	6.3M	818K	6.95M	13.75M	17.76M	12.72M
Operating CF Margin %	0.03%	0.13%	0.35%	0.29%	0.14%	0.01%	0.05%	0.09%	0.1%	0.07%
Operating CF Growth %	-0.65%	3.99%	3.86%	0.14%	-0.33%	-0.87%	7.5%	0.98%	0.29%	-0.28%
Net Income	-2.93M	69K	7.37M	9.55M	9.49M	9.07M	17.1M	17.05M	9.73M	2.99M
Depreciation & Amortization	424K	435K	286K	448K	778K	1.57M	2.29M	3.13M	4.22M	4.78M
Stock-Based Compensation	130K	200K	66K	370K	820K	2.68M	1.63M	2.34M	2.3M	2.99M
Deferred Taxes	938K	285K	227K	-725K	212K	-54K	-146K	-851K	-2.3M	-934K
Other Non-Cash Items	130K	200K	1.48M	370K	-695K	-236K	1.29M	1.18M	-2.08M	-1.05M
Working Capital Changes	1.65M	511K	-1.16M	-607K	-4.3M	-12.22M	-15.21M	-9.1M	5.89M	3.94M
Change in Receivables	-277K	-1.09M	843K	-606K	-3.04M	-8M	-14.78M	-6.43M	8.22M	8.82M
Change in Inventory	1.6M	198K	-316K	-414K	-2.36M	-7.32M	-3.78M	-4.32M	-1.45M	-2.74M
Change in Payables	-67K	402K	-1.22M	-515K	1.02M	3.03M	2.89M	1.83M	269K	-2.07M
Cash from Investing+	108K	-174K	-87K	-1.08M	-160K	-985K	-16.61M	-418K	-966K	-578K
Capital Expenditures	0	-226K	-87K	-1.08M	-160K	-985K	-609K	-418K	-1.21M	-578K
CapEx % of Revenue	-	0.02%	0%	0.03%	0%	0.01%	0%	0%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	108K	-174K	0	0	0	0	0	0	50K	0
Cash from Financing+	-504K	-1.3M	-2.85M	-3.76M	-2.23M	25.3M	13.1M	-35.8M	7.64M	-17.09M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-2.26M	0	-1K	-3.61M	-3K	-9K
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-440K	-1.23M	-155K	0	221K	154K	-252K	-352K	86K	-1.12M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	341K	1.47M	8.17M	8.33M	6.14M	-167K	6.34M	13.33M	16.55M	12.14M
FCF Margin %	0.03%	0.11%	0.35%	0.26%	0.14%	-0%	0.05%	0.08%	0.09%	0.06%
FCF Growth %	-0.51%	3.32%	4.54%	0.02%	-0.26%	-1.03%	38.96%	1.1%	0.24%	-0.27%
FCF per Share	0.01	0.04	0.22	0.22	0.16	-0.00	0.15	0.34	0.46	0.38
FCF Conversion (FCF/Net Income)	-0.12x	24.64x	1.12x	0.98x	0.66x	0.09x	0.41x	0.81x	1.82x	4.25x
Interest Paid	0	0	0	772K	5K	894K	82K	3.62M	3.06M	3M
Taxes Paid	0	0	0	12K	2.87M	19K	3.31M	6.29M	6.46M	2.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	1339.09%	134.54%	65.57%	23.72%	26.16%	24.31%	17.3%	7.32%
Return on Invested Capital (ROIC)	-99.27%	-	-	616.53%	126.44%	43.54%	35.54%	24.14%	10.72%	6.09%
Gross Margin	57.59%	73.58%	79.43%	81.08%	80.62%	78.26%	79.34%	79.77%	79.19%	79.5%
Net Margin	-25.01%	0.52%	31.43%	29.93%	20.87%	11.33%	13.13%	10.78%	5.28%	1.56%
Debt / Equity	-	-	0.07x	0.39x	0.24x	0.13x	0.51x	0.41x	1.65x	2.07x
Interest Coverage	-4.93x	1.82x	6.17x	67.34x	2213.20x	539.42x	235.43x	52.13x	9.85x	2.51x
FCF Conversion	-0.12x	24.64x	1.12x	0.98x	0.66x	0.09x	0.41x	0.81x	1.82x	4.25x
Revenue Growth	4.71%	14.36%	76.01%	36.21%	42.47%	76.2%	62.63%	21.39%	16.54%	4.36%

Revenue by Segment

	2013	2018	2019	2020	2021	2022	2023	2024
Supplies	-	25.09M	-	-	93.69M	114.67M	125.5M	132.74M
Supplies Growth	-	-	-	-	-	22.40%	9.44%	5.77%
Device	-	-	-	-	-	43.5M	58.82M	59.61M
Device Growth	-	-	-	-	-	-	35.23%	1.34%
Devices	-	6.82M	10.71M	21.27M	36.61M	-	-	-
Devices Growth	-	-	57.04%	98.53%	72.14%	-	-	-
Public Utilities Inventory Supplies	-	-	34.76M	58.85M	-	-	-	-
Public Utilities Inventory Supplies Growth	-	-	-	69.32%	-	-	-	-
Zynex Medical And Zynex Billing And Consulting	21.18M	-	-	-	-	-	-	-
Zynex Medical And Zynex Billing And Consulting Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Zynex, Inc. (ZYXI) has a price-to-earnings (P/E) ratio of 0.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Zynex, Inc. (ZYXI) reported $108.2M in revenue for fiscal year 2024. This represents a 217% increase from $34.1M in 2011.

Zynex, Inc. (ZYXI) grew revenue by 4.4% over the past year. Growth has been modest.

Zynex, Inc. (ZYXI) reported a net loss of $74.0M for fiscal year 2024.

Dividend & Returns

Yes, Zynex, Inc. (ZYXI) pays a dividend with a yield of 0.40%. This makes it attractive for income-focused investors.

Zynex, Inc. (ZYXI) has a return on equity (ROE) of 7.3%. This is below average, suggesting room for improvement.

Zynex, Inc. (ZYXI) had negative free cash flow of $21.0M in fiscal year 2024, likely due to heavy capital investments.