Loading...
•
Dec 31, 2021
Zynex Q4 2021 Earnings Report
Reported record revenue and increased net income.
Key Takeaways
Zynex reported a strong fourth quarter with record revenue of $40.4 million, a 58% increase year-over-year, and net income of $8.9 million, a 398% increase year-over-year.
Net revenue was $40.4 million, a 58% increase over Q4 2020.
Gross margins were 82%, exceeding previous guidance.
Net income increased by 398% to $8.9 million compared to Q4 2020.
Cash on hand was $42.6 million, up over $7.2 million from Q3.
Zynex
Zynex
Forward Guidance
Zynex anticipates revenue between $29 and $32 million for the first quarter of 2022, a 26% increase from 1Q21. Full year 2022 revenue is estimated in the range of $150-$170 million and Adjusted EBITDA between $25 and $35 million.
Positive Outlook
- First quarter 2022 revenue is estimated to range between $29 and $32 million, an increase of approximately 26% from 1Q21.
- First quarter 2022 Adjusted EBITDA is estimated to range between $3.0 and $4.5 million, an increase of approximately 1072% from 1Q21.
- Sales and profit will ramp through the remainder of 2022 and bolster expected growth for the full year.
- Full year 2022 revenue is estimated in the range of $150-$170 million
- Full year 2022 Adjusted EBITDA is estimated between $25 and $35 million.
Challenges Ahead
- Labor market dynamics have made attracting qualified sales reps and employees difficult.
- Order growth to be fairly modest until the job market eventually normalizes and they are able to add additional reps to their sales force.
- Seasonably lower revenues in the first quarter are a historical trend for Zynex and an industry norm.
- Adjusted EBITDA is impacted by increased operating expenses to support the Monitoring Division (ZMS).
- Initiatives are currently estimated at an approximately $5M OPEX increase over 2021.