FWFIW:ZYXI...Zynex Announces 117% Year over Year Order Growth and Increases Adjusted EBITDA Estimate
Tue, January 12, 2021, 6:00 AM PST
ENGLEWOOD, Colo., Jan. 12, 2021 /PRNewswire/ -- Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in manufacturing and selling non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today announced orders for Q4 2020.
Thomas Sandgaard, CEO of Zynex said: "We concluded 2020 with strong orders and posted 117% year over year growth. For the full year orders grew 96% which in the midst of a pandemic is a very solid result. Our sales team continues to do a great job as they deal with unforeseen challenges brought about by COVID-19.
During Q4, we continued to aggressively hire sales reps as we exceeded 500 sales reps at year-end. We expect to have approximately 600 sales reps in the U.S. by the end of 2021.
The Company is confirming its previous revenue estimate for the fourth quarter of 2020 of between $25.5 and $26.5 million and is increasing its fourth quarter Adjusted EBITDA estimate to between $3.1 and $4.1 million. The previous estimate was between $2.3 and $3.3 million.
The Company's full year 2020 revenue estimate is between $80 and $81 million. The revenue estimate is approximately 76% to 78% above last year's full year revenue of $45.5 million.
2020 full year estimated Adjusted EBITDA is estimated between $13.3 to $14.3 million which is 10% to 18% above 2019's full year Adjusted EBITDA of $12.1 million.
Our prescription-strength NexWave device is a healthy alternative to prescribing opioids as the first line of defense when treating pain. We continue to add additional sales reps in territories throughout the U.S. that we have not covered previously.
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."
