Zynex (ZYXI) AI Stock Analysis

• Market Cap: $5.83M
• Dividend Yield: N/A
• Average Volume (3M): 10.81M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.44
• Revenue Growth: -44.13%
• EPS Growth: -1719.49%
• Country: US
• Employees: 1,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Distribution
• EPS (TTM): -1.42
• Shares Outstanding: 30,388,636
• 10 Day Avg. Volume: 3,028,414
• 30 Day Avg. Volume: 10,810,449
• PEG Ratio: -1.28
• Price to Book (P/B): 7.16
• Price to Sales (P/S): 1.33
• P/FCF Ratio: 21.07
• Enterprise Value/Market Cap: 17.54
• Enterprise Value/Revenue: 0.95
• Enterprise Value/Gross Profit: 1.32
• Enterprise Value/Ebitda: -1.59
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1.36
• Revenue Forecast (FY): $91.80M

• Rating: 38 Underperform
• Price Target: $0.26 ▼(-80.37% Downside)

Zynex's overall stock score is heavily impacted by its financial distress, including Chapter 11 bankruptcy and Nasdaq delisting. The company's negative financial performance, bearish technical indicators, and poor valuation metrics further contribute to the low score. Despite some strategic initiatives, the risks and challenges outweigh potential positives.

Positive Factors

Management Changes

The introduction of new leadership in key roles can drive strategic turnaround efforts, potentially improving operational efficiency and compliance.

Sales Productivity Initiatives

Enhancing sales productivity through strategic initiatives can stabilize order volumes and improve revenue generation, supporting long-term growth.

Board Expansion

Expanding the board with experienced directors can strengthen governance and strategic oversight, aiding in navigating financial and operational challenges.

Negative Factors

Chapter 11 Bankruptcy

Filing for Chapter 11 indicates severe financial distress, potentially leading to significant equity holder losses and impacting long-term viability.

Revenue Decline

A sharp revenue decline highlights operational challenges and market pressures, threatening the company's ability to sustain growth and profitability.

Debt Management Challenges

Significant debt obligations and restructuring challenges can strain financial resources, limiting strategic flexibility and growth potential.

Zynex Business Overview & Revenue Model

Company Description

Zynex, Inc. (NASDAQ: ZYXI) is a medical technology company that specializes in the development and commercialization of innovative medical devices for pain management and rehabilitation. The company primarily operates in the healthcare sector, focusing on electrical stimulation devices that provide non-invasive solutions for patients suffering from chronic pain and other conditions requiring rehabilitation. Zynex's core products include its NexWave and InWave devices, which are designed to improve patient outcomes through advanced technology in electrotherapy and muscle stimulation.

How the Company Makes Money

Zynex generates revenue through the sale of its medical devices, specifically focusing on prescription-based electrical stimulation units. The company primarily sells its products directly to healthcare providers and patients, leveraging a robust sales team along with an online presence. Revenue is significantly driven by the reimbursement of its products through insurance plans, including Medicare and private insurers, which enhances accessibility for patients. Additionally, Zynex has established partnerships with healthcare providers and rehabilitation facilities to facilitate its product distribution and expand its market reach. The company may also benefit from recurring revenue through the sale of consumables and accessories related to its devices, further contributing to its earnings.

Zynex Financial Statement Overview

Summary

Zynex is facing substantial financial challenges, with declining revenues and profitability, high leverage, and negative equity. While there are some positive aspects in cash flow management, the overall financial health is concerning, requiring strategic interventions to stabilize and improve the company's financial position.

Income Statement

Zynex's income statement shows significant challenges in the TTM period with a sharp decline in revenue and negative profitability margins. The gross profit margin remains relatively strong, but the net profit margin has turned negative, indicating operational difficulties. Revenue growth has reversed, highlighting a concerning trend compared to previous years of growth.

Balance Sheet

The balance sheet reflects a high debt-to-equity ratio due to negative equity, which is a significant risk factor. Return on equity is negative, further indicating financial distress. The equity ratio is also negative, suggesting potential solvency issues. These factors highlight the need for financial restructuring.

Cash Flow

Cash flow analysis reveals a negative operating cash flow in the TTM period, which is concerning. However, the free cash flow to net income ratio is positive, indicating some efficiency in cash management. The significant growth in free cash flow is a positive aspect, but overall cash flow health remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	108.20M	192.35M	184.32M	158.17M	130.30M	80.12M
Gross Profit	77.51M	152.93M	145.96M	126.16M	103.38M	62.70M
EBITDA	-64.31M	10.79M	17.89M	25.77M	24.65M	11.74M
Net Income	-73.96M	2.99M	9.73M	17.05M	17.10M	9.07M
Balance Sheet
Total Assets	45.32M	122.08M	136.90M	120.35M	133.27M	74.22M
Cash, Cash Equivalents and Short-Term Investments	13.26M	39.63M	44.58M	20.14M	42.61M	39.17M
Total Debt	71.62M	73.82M	76.17M	26.96M	38.06M	7.33M
Total Liabilities	86.69M	86.37M	90.78M	53.99M	59.35M	17.37M
Stockholders Equity	-41.37M	35.71M	46.13M	66.36M	73.92M	56.85M
Cash Flow
Free Cash Flow	-21.00M	12.14M	16.55M	13.33M	6.34M	-167.00K
Operating Cash Flow	-20.57M	12.72M	17.76M	13.75M	6.95M	818.00K
Investing Cash Flow	-431.00K	-578.00K	-966.00K	-418.00K	-16.61M	-985.00K
Financing Cash Flow	-3.37M	-17.09M	7.64M	-35.80M	13.10M	25.30M

Zynex Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZYXI, the sentiment is Negative. The current price of 1.34 is above the 20-day moving average (MA) of 0.80, above the 50-day MA of 0.98, and below the 200-day MA of 1.85, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 29.29 is Positive, neither overbought nor oversold. The STOCH value of 5.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ZYXI.

Zynex Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HSIC	74 Outperform	$9.13B	24.17	11.39%	―	3.51%	29.65%
PBH	66 Neutral	$3.01B	15.46	11.29%	―	-0.02%	-1.87%
GRDN	54 Neutral	$1.99B	49.11	25.85%	―	18.68%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OMI	42 Neutral	$207.29M	-0.15	-184.47%	―	-37.09%	-2639.44%
ZYXI	38 Underperform	$5.83M	-0.05	―	―	-44.13%	-1719.49%

Zynex Corporate Events

Zynex Enters Chapter 11 and Faces Nasdaq Delisting

On December 15, 2025, Zynex, Inc. and certain subsidiaries filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas and entered into a restructuring support agreement with key noteholders and debtor-in-possession (DIP) lenders to back a $22.3 million senior secured DIP term loan. The DIP Facility, approved on an interim basis on December 17, 2025, provides three milestone-based draws, carries a 10% paid-in-kind interest rate plus multiple fees and a 2.0x minimum return on invested capital, matures the earlier of 105 days after the petition date, acceleration upon default, or a sale of substantially all assets, and is secured by a priming lien on virtually all of the company’s assets to fund Chapter 11 costs and ongoing working capital. Also on December 17, 2025, Nasdaq notified Zynex that it would delist the company’s common stock due to the Chapter 11 filings, with trading to be suspended on December 24, 2025 and a Form 25-NSE to be filed; Zynex does not plan to appeal and expects its shares may trade on an OTC Markets venue, while warning that trading in its securities during the bankruptcy is highly speculative and that equity holders are likely to incur significant losses under the contemplated restructuring.

Zynex Files for Chapter 11 Bankruptcy

On December 15, 2025, Zynex, Inc. filed for Chapter 11 bankruptcy in the Southern District of Texas, initiating a court-supervised financial restructuring supported by a $22.3 million DIP Facility from its lenders. The restructuring plan includes a competitive sale process to sell all or substantially all of the company’s assets or equity interests, with operations continuing as usual to ensure no impact on patients, customers, or employees. This move is aimed at positioning Zynex for long-term success, although it poses significant risks to equity holders who may experience substantial losses.

Zynex CCO Resigns Amid Separation Negotiations

Zynex, Inc. announced that Anna Lucsok resigned as Chief Commercial Officer, effective October 10, 2025, and was placed on paid leave during negotiations for her separation terms, finalized on October 27, 2025. As part of her resignation, Ms. Lucsok will receive severance payments and benefits as per her employment agreement, and the Compensation Committee approved the accelerated vesting of 60,746 unvested restricted shares, subject to compliance with her separation agreement.

Zynex Expands Board, Appoints New Director

On October 7, 2025, Zynex, Inc. expanded its Board of Directors from five to six members by appointing Bret W. Wise, a seasoned executive with extensive experience in the medical device sector, as a director. Mr. Wise will also serve as Chair of the Audit Committee and participate in the Compensation and Nominating and Governance Committees. His appointment is expected to enhance Zynex’s governance and strategic oversight. Additionally, Thomas Sandgaard, who retired as CEO on August 18, 2025, continues to serve as Chair of the Board and Technology Committee, while Anna Lucsok resigned as Chief Commercial Officer, effective October 10, 2025.

Zynex Seeks Partner for NiCO CO-Oximeter Commercialization

On October 1, 2025, Zynex, Inc. announced a strategic shift to seek a commercialization partner for its NiCO™ CO-Oximeter instead of pursuing independent commercialization. This decision led to the termination of most employees at Zynex Monitoring Solutions, Inc., resulting in expected cost savings and pre-tax charges, including $0.1 million for severance and up to $31.0 million for asset impairment. The company aims to continue seeking third-party commercialization opportunities, though success is not guaranteed.

Zynex Appoints Anna Lucsok as Chief Commercial Officer

On September 16, 2025, Anna Lucsok transitioned from the role of Chief Operating Officer to Chief Commercial Officer at Zynex, Inc. While she remains an executive officer, her responsibilities for manufacturing, IT, and regulatory matters have been redistributed within the company.