Zynex

Zynex, Inc.
Company typePublic
Nasdaq: ZYXI
IndustryMedical Technology
Founded1996
FounderThomas Sandgaard
Headquarters
Meridian, Colorado, U.S.
ProductsMedical devices
RevenueIncrease US$158.2 million (2022)[1]
Increase US$17 million (2022)[2]
Number of employees
Increase 1100 (2023)
SubsidiariesZynex Medical, Inc.
Zynex Neurodiagnostics, Inc.
Zynex Monitoring Solutions, Inc.
Zynex Billing and Consulting, LLC
Zynex Europe ApS.
Websitezynex.com

Zynex, Inc. is a medical device manufacturer that produces and markets electrotherapy devices for use in pain management, physical rehabilitation, neurological diagnosis and cardiac monitoring.[3][4][5][6] Thomas Sandgaard founded Zynex Medical in 1996.[5]

The company is based in unincorporated Douglas County, Colorado.[7] Thomas Sandgaard serves as the company's CEO.[8]

History

In 1996, Thomas Sandgaard founded Zynex Medical as a wholesaler of electrotherapy products.[9][10] Sandgaard began working with medical devices in his native Denmark and immigrated to the United States with plans to open a medical devices business.[8] He launched his company in a one-bedroom apartment with $4,000 and a credit card.[4][11] In 1998, the company received its first Food and Drug Administration approval for one of its products, “an electric-stimulation device that managed pain and increased blood circulation to promote healing.”[8]

The company went public in 2004.[8] In 2008, the company changed its name from Zynex Medical Holdings to Zynex and began trading on the OTC Bulletin Board under the symbol ZYXI.[9] It relocated from Lone Tree, Colorado to Englewood, Colorado in early 2018.[12]

In February 2010, Zynex restructured its business into three subsidiaries: Zynex Medical, Zynex Monitoring Solutions and Zynex NeuroDiagnostic.[13][14] Zynex Medical manufactures electrotherapy devices for pain management and physical rehabilitation; Zynex Monitoring Solutions manufactures devices for non-invasive cardiac monitoring; and Zynex NeuroDiagnostic manufactures devices for neurological diagnosis.[3][4]

In March 2012, Zynex Medical acquired the assets of NeuroDyne Medical.[15] NeuroDyne Medical was a Cambridge, Massachusetts-based manufacturer of “medical devices for non-invasive measurement of surface electromyography and autonomic nervous systems.”[15] NeuroDyne Medical was folded into Zynex's NeuroDiagnostic subsidiary.[3][15]

In February 2019, Zynex Medical began trading on Nasdaq under the symbol ZYXI.[16]

In February 2020, Zynex received FDA clearance for their CM-1500 Cardiac Monitor.[17][18]

See also

References

  1. ^ "Zynex Announces 2022 Fourth Quarter and Full Year Earnings".
  2. ^ "Zynex Announces 2022 Fourth Quarter and Full Year Earnings".
  3. ^ a b c "Form 10-K". Securities and Exchange Commission. Retrieved 4 December 2013.
  4. ^ a b c Dana Palmie (14 October 2011). "Zynex, a medical device company, finds its niche". Denver Business Journal. Retrieved 4 December 2013.
  5. ^ a b "Strategic Sales, Marketing and Distribution Agreement Signed by Zynex, Neurovirtual". Health Daily Digest. 19 March 2013.
  6. ^ "Zynex Posts 2010 Year End Results". Wireless News. 16 March 2011.
  7. ^ "Zynex 2011 profit up on strong electrotherapy sales". Denver Business Journal. 12 March 2012. Retrieved 4 December 2013.
  8. ^ a b c d "Zynex's Thomas Sandgaard says stubbornness serves him well". Denver Business Journal. 29 June 2012. Retrieved 4 December 2013.
  9. ^ a b "Zynex Inc - Name Change to Zynex, Inc". Market News Publishing. 8 July 2008.
  10. ^ "Zynex Medical, Inc. (ZYNX)". Vol. 168, no. 12. Wall Street Transcript. 27 June 2005. pp. 122–125.
  11. ^ "MILE HIGH HOMES". Denver Post. 8 January 2006.
  12. ^ "Zynex Growth Leads to a New Corporate Headquarters". Cision PR Newswire. 27 October 2017. Retrieved 5 February 2018.
  13. ^ "Zynex Corp - Development of Two New Business Units". Market News Publishing. 24 February 2010.
  14. ^ "Zynex to form monitoring and NeuroDiagnostic units". Vol. 14, no. 38. Medical Device Daily. 26 February 2010. p. 4.
  15. ^ a b c "Zynex acquires NeuroDyne Medical assets". Denver Business Journal. Retrieved 4 December 2013.
  16. ^ "Zynex to Ring the Nasdaq Stock Market Opening Bell to Celebrate Its Listing". NASDAQ.com. Retrieved 2019-05-13.
  17. ^ "Zynex: Deteriorating Fundamentals And Signs Of Reimbursement Pressure (NASDAQ:ZYXI)". Seeking Alpha. 2020-06-11. Retrieved 2020-08-25.
  18. ^ "Zynex Earns FDA Clearance for Blood Volume Monitor". FDA News. 25 February 2020. Retrieved 2020-08-25.