- Zynex Inc ZYXI expects Q1 FY22 sales of $30.5 million - $31.5 million, approximately 26% higher than Q1 2021, in line with the consensus of $31.04 million.
- Earlier, the Company had forecasted sales of $29 million - $32 million.
- The Company expects adjusted EBITDA between $3 million - $4 million versus the prior guidance of $3 million - $4.5 million, up approximately 900% year over year."
- Zynex reiterates its FY22 guidance of $150 million - $170 million in revenue and adjusted EBITDA between $25 million - $35 million.
- The pain management division saw Q1 order growth of 3% Y/Y with 15% fewer sales reps. The Company says it is relatively modest growth directly resulting from constraints regarding recruiting new sales reps in the tightened labor force.
- Zynex's pipeline products include non-invasive CM-1600 blood and fluid monitor, NiCo laser-based co-oximetry, a HemeOx hemoglobin monitor, and a monitoring device to detect sepsis early.
- The CM-1600 device is awaiting FDA 510(k) clearance, and Zynex expects to respond to FDA comments throughout Q2 while ramping up the manufacturing capabilities of the product.
- Clinical studies validating the CM1600 are ongoing.
- A peer-reviewed publication from Wake Forest University is in progress and expected to be published in the coming months.
- Additional studies will begin in the second and third quarters of 2022. They will focus on significant blood/fluid changes and complex clinical scenarios.
- Price Action: ZYXI shares are down 3.40% at $5.98 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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