Zynex Inc (NASDAQ:ZYXI) CEO Thomas Sandgaard spoke with Proactive about the company's 2024 achievements and plans for 2025. Zynex reached $200 million in revenue while staying profitable, thanks to employee dedication and innovative pain management products like braces and cold therapy devices.
Sandgaard also highlighted the submission of a laser-based pulse oximeter to the FDA, aiming for commercialization in 2025. He forecasted 10–15% revenue growth and a doubling of EBITDA in 2025, driven by expansion, employee satisfaction, and a strong focus on innovation.
Proactive: It’s been a very busy 2024 for you and the team at Zynex. What are your overall thoughts on the year?
Thomas Sandgaard: It’s been a huge milestone for us, as we’ve hit $200 million in revenue for the first time in the company’s history while remaining profitable. I can only thank our employees for their hard work in introducing new products and driving increased productivity.
You mentioned new products being significant in 2024, helping your sales teams increase revenue. Tell us more about that.
That’s right. We introduced several new products to our pain management team, including braces, a cold therapy product combined with compression, and complementary devices for our NexWave. In our monitoring division, we completed large studies to support the FDA application for our non-invasive, laser-based pulse oximeter. This device has proven to be highly accurate, even for patients with darker skin tones, and measures features like carbon monoxide and hemoglobin levels.
Why is the FDA submission for this product so significant?
The FDA has recognized issues with existing technologies that don’t work well for people with darker skin tones. Our laser-based technology addresses that issue and provides more accurate monitoring. We plan to submit the application in the next few weeks and hope to generate revenue from it in the second half of 2025.
Let’s talk about 2025. After achieving record revenue, what’s next for Zynex?
We aim for 10–15% top-line growth in 2025. Most of this growth should translate to our bottom line, potentially doubling our EBITDA and earnings per share. Expanding open territories in our pain management division and leveraging our strong workplace culture will be key drivers.
Earlier this year, Zynex was recognized as one of the best companies to work for. What does that mean to you?
It’s very meaningful because our company is built by our employees. Attracting top candidates is critical for growth. Awards like these, along with great ratings on platforms like Glassdoor, help us continue to recruit and retain talented employees.
Quotes have been lightly edited for clarity and style