ZYNEX INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Zynex Inc. has officially filed its comprehensive 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ZYNEX INC (ZYXIQ) filed a Annual Report (10-K) with the SEC on March 12, 2024. Zynex Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The report covers the period from January 1, 2023, to December 31, 2023. Key financial data and operational details for 2023 are presented. The filing includes information on the company's business address and phone number. Previous company names and name change dates are documented.

Why It Matters

For investors and stakeholders tracking ZYNEX INC, this filing contains several important signals. This 10-K filing provides stakeholders with the most up-to-date, audited financial information and business disclosures for Zynex Inc., crucial for investment decisions and understanding the company's trajectory. The detailed information within the 10-K allows investors, analysts, and regulators to assess the company's financial health, operational efficiency, and strategic positioning within the electromedical apparatus industry.

Risk Assessment

Risk Level: medium — ZYNEX INC shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains a broad range of risks related to financial performance, operations, and market conditions. Specific risk details are not yet extracted but are expected to be comprehensive.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Zynex Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the 10-K report)
• 20240312 — Filing Date (Date the 10-K was filed)
• 3845 — SIC Code (Standard Industrial Classification for Electromedical & Electrotherapeutic Apparatus)
• 870403828 — IRS Number (Company's IRS identification number)

Key Players & Entities

• ZYNEX INC (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240312 (date) — Filing date
• 0000846475 (company) — Central Index Key
• 3845 (industry) — Standard Industrial Classification
• NV (state) — State of incorporation
• ENGLEWOOD (location) — Business address city
• CO (state) — Business address state

FAQ

Industry Context

Zynex Inc. operates in the electromedical and electrotherapeutic apparatus industry, focusing on medical devices.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing Zynex Inc.
3. Examine management's discussion and analysis (MD&A) for insights into the company's performance and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date Zynex Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K. Comparative data from the previous year's 10-K would be found within the document itself.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share ZYXI The Nasdaq
• $500 million — ehabilitation products at approximately $500 million to $1 billion. During 2023 and 2022, we
• $1 billion — oducts at approximately $500 million to $1 billion. During 2023 and 2022, we maintained ou

Filing Documents

• zyxi-20231231x10k.htm (10-K) — 2055KB
• zyxi-20231231xex21.htm (EX-21) — 7KB
• zyxi-20231231xex23d1.htm (EX-23.1) — 3KB
• zyxi-20231231xex31d1.htm (EX-31.1) — 8KB
• zyxi-20231231xex31d2.htm (EX-31.2) — 9KB
• zyxi-20231231xex32d1.htm (EX-32.1) — 5KB
• zyxi-20231231xex32d2.htm (EX-32.2) — 6KB
• zyxi-20231231xex97.htm (EX-97) — 321KB
• zyxi-20231231xex97001.jpg (GRAPHIC) — 1KB
• 0001558370-24-003004.txt (&nbsp;) — 9529KB
• zyxi-20231231.xsd (EX-101.SCH) — 59KB
• zyxi-20231231_cal.xml (EX-101.CAL) — 73KB
• zyxi-20231231_def.xml (EX-101.DEF) — 236KB
• zyxi-20231231_lab.xml (EX-101.LAB) — 519KB
• zyxi-20231231_pre.xml (EX-101.PRE) — 460KB
• zyxi-20231231x10k_htm.xml (XML) — 1599KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Executive Officers of the Registrant

Item 4A. Executive Officers of the Registrant 29 PART II 30

Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[R eserved]

Item 6. [R eserved] 31

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40

Controls and Procedures

Item 9A. Controls and Procedures 41

Other Information

Item 9B. Other Information 42

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 42 PART III 43

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 43

Executive Compensation

Item 11. Executive Compensation 43

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 43

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 44

Principal Accounta n t Fees and Services

Item 14. Principal Accounta n t Fees and Services 44 PART IV 45

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 45

Form 10-K Summary

Item 16. Form 10-K Summary 47

Signatures

Signatures 48 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This report includes statements of our expectations, intentions, plans, and beliefs that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Nonetheless, it is important for an investor to understand that these statements involve risks and uncertainties. These statements relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, liquidity, and capital resources as well as analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. We have used words such as "may" "will" "should" "expect" "intend" "plan" "anticipate" "believe" "think" "estimate" "seek" "expect" "predict" "could" "project" "potential" and other similar terms and phrases, including references to assumptions, in this report to identify forward-looking statements. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Such risks and other factors also include those listed in Item 1A. "Risk Factors" and elsewhere in this report and our other filings with the Securities and Exchange Commission. When considering these forward-looking statements, you should keep in mind the cautionary statements in this report and the documents incorporated by reference. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. We assume no

BUSINESS

ITEM 1. BUSINESS Overview Zynex Medical, Inc. (ZMI): ZMI designs, manufactures and markets medical devices that treat chronic and acute pain, as well as activate and exercise muscles for rehabilitative purposes with electrical stimulation. The Company's devices are intended for pain management to reduce reliance on medications and provide rehabilitation and increased mobility through the utilization of non-invasive muscle stimulation, electromyography technology, interferential current ("IFC"), neuromuscular electrical stimulation ("NMES"), and transcutaneous electrical nerve stimulation ("TENS"). All of our medical devices are designed to be patient friendly and designed for home use. Our devices are small, portable, battery operated, and include an electrical pulse generator which is connected to the body via electrodes. All of our medical devices are marketed in the U.S. and are subject to FDA regulation and clearance. Our products require a physician's prescription before they can be dispensed in the U.S. Our primary product is the NexWave device. The NexWave is marketed to physicians and therapists by our field sales representatives. The NexWave requires consumable supplies, such as electrodes and batteries, which are shipped to patients, as needed. ZMI distributes complementary rehabilitation products such as back, knee and wrist braces, cervical and lumbar traction, and hot/cold therapy ("Distributed Rehabilitation Products"). These complement our pain management products and are critical for physicians and therapists. These products require a prescription and are covered by most insurance plans and Medicare. ZMI designs, manufactures, and markets the NeuroMove product. The NeuroMove contains electromyography and electric stimulation technology that is primarily used for stroke, spinal cord and traumatic brain injury rehabilitation ("SCI"), by reaching parts of the brain to re-connect with muscles, also known as neuroplasticity. The NeuroMove product i

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View this 10-K filing on SEC EDGAR