Zynex Inc (NASDAQ:ZYXI) announced its third-quarter 2024 financial and operational results highlighted by a 13% year-over-year increase in orders.
The pain management device company reported net revenue of $50 million for the quarter ended September 30, 2024, up slightly from $49.9 million in the prior-year period.
Net income for the third quarter was $2.4 million, or $0.07 per diluted share, compared to $3.6 million, or $0.10 per share, in the same quarter of 2023.
CEO Thomas Sandgaard noted the company's steady growth, particularly in its Pain Management division.
"We continue to see success evolving our pain management division to achieve our strategic goal of diversifying revenue streams through increased orders in orthopedic products," said Sandgaard.
Zynex’s Pain Management division saw a 13% improvement in orders year-over-year, and revenue per sales rep grew by 25%, the CEO noted.
Adjusted EBITDA for the quarter was $5.1 million, down from $7.3 million a year ago.
A major milestone for Zynex in Q3 was the FDA clearance of its new TensWave device, which offers pain relief through transcutaneous electrical nerve stimulation (TENS) therapy.
Sandgaard told investors that the device fills a market gap for high-quality TENS products that meet insurance reimbursement criteria and complements the company’s flagship NexWave device.
Looking ahead, Zynex expects fourth-quarter revenue of at least $53.6 million and full-year 2024 revenue of at least $200 million, up 9% from 2023. The company projects diluted EPS of $0.09 for Q4 and at least $0.20 for the full year.
Sandgaard expressed confidence in the company’s long-term strategy, aiming to expand its pain management product line and accelerate salesforce growth.
"We believe our strategy is positioning us to become the world’s premier provider of holistic, non-invasive approaches to pain management," he said.
Shares of Zynex added around 2.6% to its closing price of $8.50 in afterhours trading on Thursday.