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Zynex (ZYXI) investor relations material

Zynex Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Q2 2025 focused on restructuring, cost reductions, and operational streamlining to restore positive cash flow by year-end.

  • Steven Dyson appointed CEO, succeeding Thomas Sandgaard in August 2025; CFO Dan Moorhead announced departure.

  • Continued servicing TRICARE patients despite payment suspension, with efforts to diversify revenue streams.

  • Submitted FDA application for Nico laser pulse oximeter, targeting accuracy issues in current technology.

  • Workforce reduced by 14% in June 2025, expected to save $5M annually; total annualized savings from restructuring and staff cuts estimated at $40M.

Financial highlights

  • Q2 2025 net revenue was $22.3M, down 55% year-over-year, mainly due to TRICARE payment suspension and sales force reductions.

  • Gross profit was $15.2M (68% margin) vs. $39.9M (80%) year-over-year.

  • Net loss of $20M ($0.66/share) vs. net income of $1.2M in Q2 2024; includes $10.3M noncash deferred tax asset allowance.

  • Adjusted EBITDA loss of $8.9M vs. adjusted EBITDA of $3.5M in Q2 2024.

  • Cash and equivalents at June 30, 2025: $17.5M; cash used in operations for H1 2025 was $16.7M.

Outlook and guidance

  • Guidance suspended during CEO and CFO transitions; review of forecasting procedures underway.

  • Cost reductions expected to show full effect in Q3, with further 15–20% decrease in sales expenses and 10–12% in G&A.

  • Management expresses substantial doubt about ability to continue as a going concern without refinancing $60M convertible notes due May 2026 or raising capital.

  • Further cost reductions and operational adjustments underway to align with lower revenue.

  • Optimism for future growth driven by diversified revenue streams and additional call points.

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Frequently asked questions

Zynex, Inc. focuses on the design, manufacture, and marketing of medical devices for the electrotherapy market. It offers NexWave for acute chronic pain management; NeuroMove for activation and exercise of muscles for rehabilitative purposes related to stroke, spinal cord injuries and other neurological disorders; and InWave, an electrical muscle stimulator that treats female urinary incontinence. The company sells its products through distributors in the United States and internationally to hospitals, physical therapy clinics, pain management clinics, home health agencies, long-term care facilities, assisted living facilities, rehabilitation clinics and physician offices. The company was founded in 1996 and is headquartered in Englewood, Colorado.

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