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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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