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Mar 31, 2024
Zynex Q1 2024 Earnings Report
Zynex's first quarter results for 2024 were released, revealing a 10% increase in revenue year-over-year, reaching $46.5 million, despite underperforming guidance due to delayed insurer payments, with net income at $10,000 and diluted EPS at $0.00.
Key Takeaways
Zynex reported a 10% increase in revenue for Q1 2024, reaching $46.5 million, although it underperformed guidance due to delayed insurer payments. Net income was $10,000, with diluted EPS at $0.00. The company reaffirmed its 2024 revenue guidance of at least $227 million, driven by order growth and new product introductions.
Q1 2024 revenue increased 10% year-over-year to $46.5 million, but underperformed guidance due to delayed insurer payments from a cyber incident.
Q1 2024 net income was $10,000, with diluted EPS at $0.00.
Orders increased 23% year-over-year, marking the highest number of orders in Company history for the eighth consecutive quarter.
Company reaffirms 2024 revenue guidance of at least $227 million.
Zynex
Zynex
Zynex Revenue by Segment
Revenue by Segment
Medical Devices Revenue
CapyFin.comMedical Supplies Revenue
CapyFin.com Forward Guidance
Second quarter 2024 revenue is estimated to be at least $52.0 million, an increase of approximately 16% from Q2 2023. Second quarter Diluted EPS is estimated to be at least $0.08. The Company expects 2024 net revenue of at least $227 million, a 23% increase from 2023. Diluted EPS is expected to be at least $0.50 per share, an 85% increase compared to 2023.
Positive Outlook
- Second quarter 2024 revenue is estimated to be at least $52.0 million, an increase of approximately 16% from Q2 2023.
- Second quarter Diluted EPS is estimated to be at least $0.08.
- The Company expects 2024 net revenue of at least $227 million, a 23% increase from 2023.
- Diluted EPS is expected to be at least $0.50 per share, an 85% increase compared to 2023.
- Innovative new products and aggressive promotion from an expanding direct salesforce are diversifying revenue streams and ensuring sustained growth.
Challenges Ahead
- Revenue underperformed guidance of $47.5 million due to payments from a number of insurers being delayed due to a cyber incident.
- Approximately $1.0 million in revenue for the quarter was impacted by payments from a large number of insurers being delayed due to a cyber incident which impacted payers industry-wide.
- FDA 510(k) submission for NiCO is now tracking to the second half of 2024.
- Net income for the three months ended March 31, 2024, totaled $10,000, or $0.00 per basic and diluted share, as compared to net income of $1.6 million, or $0.04 per basic and diluted share, in the quarter ended March 31, 2023.
- Payments from a number of insurers being delayed due to a cyber incident which impacted healthcare payers industry-wide.
Revenue & Expenses
Visualization of income flow from segment revenue to net income