Zynex Inc (NASDAQ:ZYXI) holds a competitive niche in the pain management market, benefiting from its focus on non-invasive, reimbursable solutions.
While the company has successfully capitalized on the growing demand for non-opioid therapies, staying ahead will depend on its ability to innovate and adapt to a rapidly evolving medical device landscape.
Zynex provides non-invasive, non-opioid solutions through its flagship product, the NexWave.
The NexWave device uses three modalities—TENS, IFC, and neuromuscular stimulation—to manage pain and rehabilitate muscles.
According to Zynex, patient surveys indicate a 60% reduction in pain and a 50% reduction in medication use with the NexWave.
Additional devices, like the TENS-Wave and M-Wave, are offered for patients with insurance limitations.
Chief operating officer Anna Lucsok explained that the TENS modality is similar to Tylenol, while the IFC modality is about 40 times stronger, providing prolonged pain relief.
“The muscle stimulation modality rehabilitates muscles for patients with diseases or muscle atrophy,” she told Proactive.
“While most patients benefit more from the NexWave, these devices cater to patients whose insurance doesn’t cover multimodality devices.”
Lucsok explained Zynex's direct-to-doctor marketing approach, supported by 350 sales representatives across the US. The company plans to expand this team to 800 to further penetrate the US market, which it called “tremendous” due to the significant number of patients requiring pain management solutions.
Lucsok noted the company recently surpassed the milestone of serving 1 million patients.
The company will remain focused on the US for the next three to five years before considering international expansion.
Lucsok emphasized the growing demand for alternatives to opioids, a trend Zynex believes positions it well for continued growth.
“We’re essentially a one-stop shop for pain management solutions that are alternatives to opioids and are noninvasive,” she said.
TensWave achieved Food and Drug Administration (FDA) clearance in September 2024.