Zynex

Last updated
Zynex, Inc.
Type Public
Nasdaq:  ZYXI
IndustryMedical Technology
Founded1996
FounderThomas Sandgaard
Headquarters
Meridian, Colorado, U.S.
ProductsMedical devices
RevenueIncrease2.svg US$158.2 million (2022) [1]
Increase2.svg US$17 million (2022) [2]
Number of employees
Increase2.svg 1100 (2023)
Subsidiaries Zynex Medical, Inc.
Zynex Neurodiagnostics, Inc.
Zynex Monitoring Solutions, Inc.
Zynex Billing and Consulting, LLC
Zynex Europe ApS.
Website zynex.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]

Contents

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

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References

  1. ↑ "Zynex Announces 2022 Fourth Quarter and Full Year Earnings".
  2. ↑ "Zynex Announces 2022 Fourth Quarter and Full Year Earnings".
  3. 1 2 3 "Form 10-K". Securities and Exchange Commission. Retrieved 4 December 2013.
  4. 1 2 3 Dana Palmie (14 October 2011). "Zynex, a medical device company, finds its niche". Denver Business Journal. Retrieved 4 December 2013.
  5. 1 2 "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. 1 2 3 4 "Zynex's Thomas Sandgaard says stubbornness serves him well". Denver Business Journal. 29 June 2012. Retrieved 4 December 2013.
  9. 1 2 "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. 1 2 3 "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.
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