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Jun 30, 2024
Zynex Q2 2024 Earnings Report
Zynex's second quarter results for 2024 were reported, showing an 11% increase in revenue to $49.9 million.
Key Takeaways
Zynex reported an 11% increase in revenue for Q2 2024, reaching $49.9 million, driven by a 20% growth in device orders. However, revenue was below previous guidance due to a reduction in sales representatives and a changing product mix. Net income was $1.2 million, with diluted EPS of $0.04.
Q2 2024 orders increased 20% year-over-year, the highest number of orders in Company history for the ninth consecutive quarter.
Q2 2024 revenue increased 11% year-over-year to $49.9 million, but was lower than previous guidance of $52.0 million.
Q2 2024 net income was $1.2 million, with diluted EPS of $0.04.
The company repurchased $2.2 million of its common stock in Q2 2024.
Zynex
Zynex
Zynex Revenue by Segment
Revenue by Segment
Medical Devices Revenue
CapyFin.comMedical Supplies Revenue
CapyFin.com Forward Guidance
Zynex anticipates third quarter 2024 revenue to be at least $50.0 million and diluted EPS to be at least $0.05. The Company now expects 2024 net revenue of at least $200 million, a 9% increase from 2023. Diluted EPS is expected to be at least $0.20 per share.
Positive Outlook
- Third quarter 2024 revenue is estimated to be at least $50.0 million.
- Third quarter Diluted EPS is estimated to be at least $0.05.
- The Company expects 2024 net revenue of at least $200 million, a 9% increase from 2023.
- Diluted EPS is expected to be at least $0.20 per share.
- Company is focusing on diversifying revenue streams with innovative new products.
Challenges Ahead
- Revenue during the quarter was impacted by a continued change in product mix.
- Sales of private labeled pain management products growing more than anticipated are one-time and lack the trailing revenue model.
- Company continued its focus on sales rep productivity and separated more underperforming reps than initially anticipated.
- The separation of underperforming reps decreases near-term revenue.
- With the change in product mix and sales force reduction, the company is revising guidance down for the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income