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Jun 30, 2023
Zynex Q2 2023 Earnings Report
Zynex's revenue increased, driven by a growth in device orders and customer base, while the company continued to invest in its pipeline and stock buyback program.
Key Takeaways
Zynex reported a 22% increase in revenue to $45.0 million for Q2 2023, with EPS at $0.09. The company saw a 51% growth in device orders and continued its stock buyback program.
Revenue increased by 22% year-over-year to $45.0 million.
Earnings per share (EPS) reached $0.09.
Gross profit increased to $35.7 million, representing 79% of revenue.
Device orders increased by 51% year-over-year.
Zynex
Zynex
Forward Guidance
Zynex anticipates revenue between $49 million and $51 million for Q3 2023, representing approximately 20% growth year-over-year. Diluted EPS is expected to be between $0.08 and $0.10. Full year 2023 estimates are unchanged with revenue of $180-$200 million and Diluted EPS of $0.40-$0.50 per share.
Positive Outlook
- Third quarter 2023 revenue is estimated to be $49-$51 million, an increase of approximately 20% from Q3 2022.
- Full year 2023 revenue is projected to be in the range of $180-$200 million.
- The company is making significant progress as a leader in at-home pain management devices.
- Zynex has a robust and durable business model with high recurring revenue.
- The hospital monitoring division represents a large and growing market opportunity.
Challenges Ahead
- Diluted EPS for Q3 2023 is estimated to be $0.08-$0.10.
- Diluted EPS is impacted by increased operating expenses to support ZMS.
- The Laser-based Pulse Oximetry products are being prepared for FDA submission, incurring costs.
- The fluid monitor is being readied for the market, contributing to increased expenses.
- Labor market conditions and sales rep productivity may affect the revenue range.