Analyst Summary: Zynex, a medical tech company specializing in non-invasive medical devices for pain management, rehabilitation, and patient monitoring, reported impressive Q4 2022 earnings with net revenue of $48.8 million, a 21% increase over Q4 2021, gross margins of 81%, and net income of $7.5 million, a 53% increase from Q3 2022. Zynex also reported $13.7 million in cash from operations in 2022, an increase of 98% compared to 2021. The company's CEO highlighted their strong operating cash flows and the progress Zynex Monitoring Solutions (ZMS) is making with clinical data collection. Zynex issued Q1 and full-year 2023 guidance with estimated revenue ranging between $39.0 - $41.0 million for Q1 2023, an increase of approximately 29% from Q1 2022. The company expects a full-year 2023 revenue range of $180 - $200 million with diluted EPS of $0.40 - $0.50 per share. Zynex emphasizes that it reports financial results in adherence to GAAP accounting principles and provides adjusted EBITDA as a measure of available earnings. The company notes the impact of COVID-19 on the global economy is a risk that could materially affect results.
Quotes: “We had a strong end to a record-setting 2022, marked by increased revenue and orders every single quarter,” said Thomas Sandgaard, President, and CEO. “Our operating cash flows allowed us to buyback over $26 million of our common stock during 2022 which benefits all shareholders. Additionally, Zynex Monitoring Solutions (ZMS) is making significant progress with clinical data collection, and we expect to hit several regulatory milestones in 2023. We look forward to maintaining shareholder value through continued financial health and double-digit growth going forward.”
Forward-Looking Statements: The company warns that forward-looking statements relate to the future, are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and, many of which are outside of our control. The impact of COVID-19 on the global economy is one such risk that could materially affect results.