Zynex Inc. CEO Thomas Sandgaard recently shared the company's financial and operational results for the second quarter ending June 30, 2024, revealing a remarkable 20% year-over-year increase in orders. This marks the ninth consecutive quarter of record-breaking order numbers for the company. Additionally, Zynex reported an 11% year-over-year increase in second-quarter revenue, totaling $49.9 million, and a 20% increase in year-to-date cash flow from operations, reaching $3.2 million.
Sandgaard highlighted the company's ongoing efforts to secure FDA approvals for next-generation devices and expand its product line in pain management. The pain management division alone saw a significant 20% improvement in orders compared to the previous year, underscoring strong market demand. For the third quarter, Zynex has provided guidance with revenue expected to reach at least $50.0 million.
Zynex's pain management devices are prescribed for a variety of conditions, ranging from post-surgical recovery to general pain management. These devices are recommended by a diverse group of medical professionals, including surgeons, general practitioners, and chiropractors.
On the innovation front, Zynex is developing new monitoring devices, including a pulse oximeter based on laser technology for more accurate blood measurements, which could also detect sepsis. This new product, along with others in development, positions Zynex to potentially capture significant market share. The company's aim to diversify its product portfolio is evident as it continues to innovate and meet the evolving needs of the healthcare industry.
