Zynex (ZYXIQ) AI Stock Analysis

• Market Cap: $2.64M
• Dividend Yield: N/A
• Average Volume (3M): 2.63M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.14
• 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: 104,175
• 30 Day Avg. Volume: 2,625,047
• PEG Ratio: -1.31
• Price to Book (P/B): 7.16
• Price to Sales (P/S): 1.33
• P/FCF Ratio: 21.07
• Enterprise Value/Market Cap: 38.70
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.48
• Revenue Forecast (FY): $101.20M

• Rating: 39 Underperform
• Price Target: $0.08 ▼(-24.00% Downside)

The score is driven primarily by weak financial performance (revenue collapse, losses, negative equity, and negative operating cash flow). Technicals also reflect strong downside momentum with the stock trading far below major moving averages. The earnings call reinforces significant liquidity and debt pressures, while valuation offers limited support due to negative earnings and no dividend.

Positive Factors

Management Quality

The introduction of a new management team with strategic roles in sales, legal, compliance, and regulatory affairs indicates a strong focus on improving corporate governance and operational efficiency, which could enhance long-term business stability and performance.

Sales Productivity

By simplifying commission plans and enhancing sales technology, Zynex aims to stabilize order volumes and improve sales force efficiency, which can lead to sustained revenue growth and better market penetration over time.

Compliance and Integrity

Zynex's focus on compliance and integrity, through proactive engagement with regulators and improved order policies, enhances its reputation and reduces regulatory risks, supporting long-term operational stability.

Negative Factors

Revenue Decline

A significant revenue decline due to TRICARE payment suspension and payer challenges signals potential ongoing issues with reimbursement processes, impacting long-term revenue growth and financial health.

Negative Cash Flow

Persistent negative cash flow highlights liquidity challenges, limiting Zynex's ability to invest in growth opportunities and meet debt obligations, which could strain long-term financial stability.

Debt Management Challenges

High debt levels and the need for financial restructuring pose significant risks to Zynex's balance sheet health, potentially affecting its ability to secure future financing and maintain operational flexibility.

Zynex Business Overview & Revenue Model

Company Description

Zynex, Inc., together with its subsidiaries, designs, manufactures, and markets medical devices to treat chronic and acute pain, and activate and exercise muscles for rehabilitative purposes with electrical stimulation. The company offers NexWave, a dual channel, multi-modality interferential current, transcutaneous electrical nerve stimulation, and neuromuscular electrical stimulation (NMES) device that is marketed to physicians and therapists by field sales representatives; NeuroMove, an electromyography and electric stimulation technology device; InWave, an electrical stimulation product for the treatment of female urinary incontinence; E-Wave, an NMES device; and M-Wave, an NMES device. It also supplies private labeled products, including electrodes for the delivery of electrical current to the body; and batteries for use in electrotherapy products. In addition, the company distributes Comfortrac/Saunders for cervical traction, JetStream for hot/cold therapy, LSO Back Braces for lumbar support, braces for rehabilitation support for knee and wrist, and Dynacomp for cold compression therapy. Further, it develops Zynex Fluid Monitoring System (CM-1500); Zynex Wireless Fluid Monitoring System (CM-1600), a noninvasive monitoring device designed to measure relative changes in fluid volume in adult patients; NiCO CO-Oximeter, a laser photoplethysmographic patient monitoring device; and HemeOx tHb Oximeter, a laser-based total hemoglobin pulse oximeter. The company provides its products for use in pain management and control; stroke and spinal cord injury rehabilitation; and fluid monitoring and pulse oximetry monitoring. It sells its products through direct sales force primarily in the United States. Zynex, Inc. was founded in 1996 and is headquartered in Englewood, Colorado. On December 15, 2025, Zynex, Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.

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

Overall financial health is weak: the income statement reflects a sharp revenue decline and negative profitability, the balance sheet shows negative equity and high leverage risk, and cash flow is pressured with negative operating cash flow despite some free-cash-flow improvement.

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: 0.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZYXIQ, the sentiment is Negative. The current price of 0.1 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.57, and below the 200-day MA of 1.59, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 31.58 is Neutral, neither overbought nor oversold. The STOCH value of 30.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ZYXIQ.

Zynex Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HSIC	73 Outperform	$9.42B	25.27	11.39%	―	3.51%	29.65%
GRDN	70 Outperform	$1.71B	42.47	25.85%	―	18.68%	―
PBH	66 Neutral	$3.13B	16.15	11.29%	―	-0.02%	-1.87%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZYXIQ	39 Underperform	$2.64M	-0.04	―	―	-44.13%	-1719.49%

Zynex Corporate Events

Zynex Advances Chapter 11 Plan with Amended DIP

On December 15, 2025, Zynex, Inc. and certain subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas, and on December 17, 2025 the company obtained interim court approval for a $22.3 million debtor-in-possession term loan structured in three draws to support operations during the restructuring. On January 14, 2026, Zynex amended its DIP credit agreement to extend milestones tied to final court approval and key orders, and the same day filed a combined disclosure statement and joint plan of reorganization that follows the terms of its December 15, 2025 restructuring support agreement, including a planned equity transaction with a future plan sponsor and a framework for distributing any excess sale proceeds, marking a significant step in formalizing its path out of bankruptcy for creditors and other stakeholders.

The most recent analyst rating on (ZYXIQ) stock is a Hold with a $0.13 price target. To see the full list of analyst forecasts on Zynex stock, see the ZYXIQ Stock Forecast page.