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Zynex (ZYXI) investor relations material
Zynex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
New management and board members have been appointed, including leaders in sales, legal, compliance, regulatory, HR, billing, and strategic marketing, as well as two new directors overseeing audit and strategic alternatives.
A three-part turnaround strategy is underway: compliance, liquidity improvement, and revenue/cash flow enhancement.
Major impairment charges of $30.7M were recorded in Q3 2025 related to the ZMS subsidiary.
Significant operational disruptions due to Tricare payment suspension and workforce reductions.
Province LLC and a Special Committee were engaged to evaluate strategic and financing alternatives, with no transaction identified yet.
Financial highlights
Net revenue for Q3 2025 was $13.4M, down from $50M in Q3 2024, mainly due to Tricare payment suspension and payer claim issues.
Gross profit was $8.1M (60% margin), compared to $39.8M (80% margin) in Q3 2024.
Net loss for Q3 2025 was $42.9M ($1.42 per share), versus net income of $2.4M in Q3 2024.
Adjusted EBITDA loss was $12.3M, compared to positive $5.1M in Q3 2024.
Cash and cash equivalents stood at $13.3M as of September 30, 2025.
Outlook and guidance
Management is focused on resolving government investigations, recapitalizing, and improving operational performance.
Substantial doubt exists about the ability to continue as a going concern for 12 months from the financial statement issuance date.
The company is exploring restructuring and financing alternatives, including discussions with creditors.
No specific financial guidance provided.
Early signs of stabilization in order volumes and improved sales force productivity are noted.
Plan for May 2026 convertible note maturity?
Expected outcome of strategic alternatives review?
Strategy to restore revenue post-Tricare suspension?
Convertible notes grace period implications
New resupply policy's effect on revenue
What caused the $30.7M asset impairment
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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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