Zynex Announces Third Quarter 2012 Financial Results
(firmenpresse) - LONE TREE, CO -- (Marketwire) -- 11/07/12 -- Zynex, Inc. (OTCQB: ZYXI), a provider and developer of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnosis and cardiac monitoring, announces its third quarter 2012 unaudited financial results.
The Company's total net revenue increased 7% to $10,102,000 for the three months ended September 30, 2012 compared to $9,427,000 for the three months ended September 30, 2011. Year to date net revenue of $29,072,000 increased 19% over the prior year to date net revenue of $24,455,000. The Company's revenue increase for the third quarter and year to date 2012 was primarily driven by its Zynex Medical subsidiary, in which demand continues for its products, and a small amount of revenue was derived from its Zynex NeuroDiagnostics subsidiary.
The Company reported a gross profit of $7,886,000, or 78% of net revenue, for the third quarter of 2012, and $23,257,000, or 80% of net revenue, for the first nine months of 2012, as compared to a gross profit of $7,492,000, or 79% of net revenue, for the third quarter of 2011 and $19,349,000, or 79% of net revenue, for the first nine months of 2011.
The Company reported Selling, General and Administrative (SG&A) expenses of $7,174,000, or 71% of net revenue, for the three months ended September 30, 2012, and $21,127,000, or 73% of net revenue, for the nine months ended September 30, 2012, as compared to $6,389,000, or 68% of net revenue, for the three months ended September 30, 2011 and $17,486,000, or 72% of net revenue for the nine months ended September 30, 2011. Increases in the Company's SG&A expenses during the first three and nine months of 2012 were primarily attributable to sales and marketing, specifically for sales commissions (based on the 7% and 19% increase in net revenue), expansion of the Company's Zynex Medical direct field sales force and investments made in the Company's Zynex Neurodiagnostics and Zynex Monitoring Solutions subsidiaries.
The Company generated a third quarter 2012 income from operations of $712,000, income before income taxes of $587,000 and net income of $358,000, or $0.01 per share, versus a third quarter 2011 income from operations of $1,103,000, income before income taxes of $1,016,000 and net income of $591,000, or $0.02 per share. The Company generated a 2012 year to date income from operations of $2,130,000, income before income taxes of $1,824,000 and net income of $1,151,000, or $0.04 per share, versus a 2011 year to date income from operations of $1,863,000, income before income taxes of $1,641,000 and net income of $965,000, or $0.03 per share.
Thomas Sandgaard, CEO stated: "We were pleased with our third quarter and year to date 2012 financial results. Our net revenue increased 7% and 19% during the three and nine month periods of 2012, respectively, as compared to the prior year. Our Zynex Medical subsidiary still represents the majority of our revenue; however, we are encouraged to see a growing contribution from our Zynex NeuroDiagnostics subsidiary. We continue to invest in our Zynex Medical and Zynex NeuroDiagnostics sales teams, through the addition of industry-experienced sales representatives, which allows us to serve new geographic markets and provide greater awareness of our product solutions to end users and physicians. Our Zynex Monitoring Solutions subsidiary is progressing with clinical trials for our proprietary blood volume monitoring device expected to run through the remainder of 2012."
Outlook:
The Company has refined its prior guidance by narrowing anticipated annual net revenue guidance to between $39 million and $40 million and narrowing the range of its net income per diluted share guidance to between $0.06 and $0.07 for 2012.
Conference Call and Webcast Information:
Zynex, Inc. will host an earnings conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today to discuss its third quarter 2012 financial results. Please note questions can only be submitted via the webcast user interface. Parties without access to the internet may join the presentation in listen only mode by dialing the toll free number provided below.
Conference Call Information- , pass-code
Zynex (founded in 1996), operates under three primary business segments; Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions. Zynex Medical engineers, manufactures, markets and sells its own design of electrotherapy medical devices for electrotherapy, used for pain management and rehabilitation. Zynex Medical's product lines are fully developed, FDA-cleared and commercially sold world-wide. Zynex NeuroDiagnostics, sells the company's proprietary NeuroMove device designed to help stroke and spinal cord injury patients and is currently expanding into markets for EMG, EEG, sleep pattern, auditory and nerve conductivity neurological diagnosis devices through product development and acquisitions. Zynex Monitoring Solutions, currently in the development stage, has been established to develop and market medical devices for non-invasive cardiac monitoring.
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Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital in order to grow our business, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2011.
Contact: Zynex, Inc. Anthony Scalese, CFO, 303-703-4906
Contact:
Zynex, Inc.
Anthony Scalese
CFO
303-703-4906
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Datum: 07.11.2012 - 07:00 Uhr
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