Zynex, Inc._March 31, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2025


	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-38804

Zynex, Inc.

(Exact name of registrant as specified in its charter)


NEVADA		90-0275169
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

9655 Maroon Cir.
Englewood, CO		80112
(Address of principal executive offices)		(Zip Code)

(800) 495-6670

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, par value $0.001 per share		ZYXI		NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class		Shares Outstanding as of April 25, 2025
Common Stock, par value $0.001		30,238,876

Table of Contents

ZYNEX, INC. AND SUBSIDIARIES

INDEX TO FORM 10-Q


		Page
PART I—FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024	3

	Unaudited Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2025 and 2024	4

	Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	5

	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2025 and 2024	6

	Unaudited Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24

Item 4.	Controls and Procedures	24

PART II—OTHER INFORMATION		25

Item 1.	Legal Proceedings	25

Item 1A.	Risk Factors	25

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3.	Defaults Upon Senior Securities	27

Item 4.	Mine Safety Disclosures	27

Item 5.	Other Information	27

Item 6.	Exhibits	28

SIGNATURES		29

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ZYNEX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES)


	March 31, 2025		December 31,
	(unaudited)		2024
ASSETS
Current assets:
Cash and cash equivalents	$	23,852	$	39,631
Accounts receivable, net		14,053		18,022
Inventory, net		13,531		13,919
Prepaid expenses and other		4,978		3,607
Total current assets		56,414		75,179

Property and equipment, net		3,037		3,084
Operating lease asset		9,118		9,820
Finance lease asset		1,068		1,141
Deposits		408		408
Intangible assets, net of accumulated amortization		7,023		7,247
Goodwill		20,401		20,401
Deferred income taxes		8,290		4,799
Total assets	$	105,759	$	122,079

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	8,166	$	7,091
Operating lease liability		4,081		4,030
Finance lease liability		291		287
Accrued payroll and related taxes		3,779		5,456
Total current liabilities		16,317		16,864
Long-term liabilities:
Convertible senior notes, less issuance costs		58,818		58,567
Operating lease liability		9,103		10,151
Finance lease liability		747		789
Total liabilities		84,985		86,371

Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025 and December 31, 2024		—		—
Common stock, $0.001 par value; 100,000,000 shares authorized; 42,231,314 issued and 30,230,520 outstanding as of March 31, 2025, 42,233,415 issued and 31,878,512 outstanding as of December 31, 2024.		30		32
Additional paid-in capital		93,489		93,088
Treasury stock of 11,556,758 and 9,856,758 shares at March 31, 2025 and December 31, 2024, respectively, at cost		(92,123)		(87,186)
Retained earnings		19,378		29,774
Total stockholders’ equity		20,774		35,708
Total liabilities and stockholders’ equity	$	105,759	$	122,079

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ZYNEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)


	For the Three Months Ended March 31,
	2025		2024
NET REVENUE
Devices	$	11,898	$	14,025
Supplies		14,680		32,506
Total net revenue		26,578		46,531

COSTS OF REVENUE AND OPERATING EXPENSES
Costs of revenue - devices and supplies		8,369		9,298
Sales and marketing		16,940		23,380
General and administrative		14,366		13,328
Total costs of revenue and operating expenses		39,675		46,006

Income (loss) from operations		(13,097)		525

Other expense
Interest expense, net		(703)		(512)
Other expense, net		(703)		(512)

Income (loss) from operations before income taxes		(13,800)		13
Income tax (benefit) expense		(3,404)		3
Net income (loss)	$	(10,396)	$	10

Net income (loss) per share:
Basic	$	(0.33)	$	0.00
Diluted	$	(0.33)	$	0.00

Weighted average basic shares outstanding		31,604		32,344
Weighted average diluted shares outstanding		31,604		32,827

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ZYNEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(AMOUNTS IN THOUSANDS)

(unaudited)


		For the Three Months Ended March 31,

SEC Form 10-Q filed by Zynex Inc.