Thursday, February 27, 2020 4:15:37 PM
ENGLEWOOD, Colo., Feb. 27, 2020 /PRNewswire/ --
2019 Full Year
Revenue increased 42% year over year to $45.5 million
Net income $9.5 million; Diluted EPS $0.28
2019 Revenue, net income and Adjusted EBITDA are the highest in Company history
Adjusted EBITDA increased 11% to $12.1M
2019 Fourth Quarter
Revenue increased 52% year over year to $14.2 million
Orders increased 129%
Net income of $2.9 million; Diluted EPS $0.09
Adjusted EBITDA increased 30% to $4.1 million
Fourteenth consecutive quarter of positive net income
Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today reported financial results for its fourth quarter and full year ended December 31, 2019.
Zynex
Fourth Quarter Financial Results Summary:
For the fourth quarter, the Company reported net revenue of $14.2 million, a 52% increase over the fourth quarter of 2018. Gross margins were 80% in the fourth quarter of 2019 and net income was $2.9 million.
Adjusted EBITDA was $4.1 million in the fourth quarter of 2019.
The Company generated $2.1 million of cash from operations during the fourth quarter of 2019. As of December 31, 2019, the Company had working capital of $17.4 million a 137% increase compared to $7.3 million at December 31, 2018. Cash on hand was $14.0 million at the end of the fourth quarter.
President and CEO Commentary:
Thomas Sandgaard, CEO said: "In the fourth quarter, we posted revenue of $14.2 million, which is the highest quarterly revenue in the history of the Company and net income of $2.9 million. Orders grew 129% compared to the fourth quarter of 2018 up from 95% year-over-year growth in the third quarter.
"In the fourth quarter, we continued to focus on the execution of our growth strategy and the related growth of our sales force. We expect the addition of new sales reps to have an impact on order and revenue growth this year and going forward. In addition, we continue to invest in our infrastructure to support the increase in order volume.
"We continue to advocate for pain patients, and for physicians to prescribe our NexWave technology as the first line of defense in treating chronic and acute pain without side effects. We are dedicated to promoting our technology in an effort to remove patient addiction and other side effects from prescription opioids."
First Quarter and Full Year 2020 Guidance:
The estimate range for the first quarter revenue is between $14.0 and $14.5 million with Adjusted EBITDA between $2.3 and $2.8 million as we continue to invest in growing our sales force. The revenue estimate is approximately 52% to 58% above 2019 first quarter revenue of $9.2 million. First quarter revenue is historically affected by health insurance deductibles not being met in the beginning of the year.
Full year 2020 revenue is estimated between $75.0 and $80.0 million with Adjusted EBITDA between $15.0 and $18.0 million. The full year revenue estimate is approximately 65% to 76% above 2019 revenue of $45.5 million.
Conference Call and Webcast Details:
Thursday, February 27, 2020 at 2:15 p.m. MT – 4:15 p.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/1487/33247
US PARTICIPANT DIAL IN (TOLL FREE):
1-844-825-9790
INTERNATIONAL DIAL IN:
1-412-317-5170
Canada Toll Free:
1-855-669-9657
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