Zynex (ZYXIQ) AI Stock Analysis

• Market Cap: $3.67M
• Dividend Yield: N/A
• Average Volume (3M): 12.18M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.26
• 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: 7,048,533
• 30 Day Avg. Volume: 12,178,622
• 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: 27.87
• 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., through 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 triggered electrical stimulation device; InWave, an electrical stimulation product for the treatment of female urinary incontinence; and E-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, and knee braces for knee support. Further, it offers Zynex Fluid Monitoring System (CM-1500), a fluid volume monitor, which is a non-invasive medical device for monitoring relative fluid volume changes used in operating and recovery rooms to detect fluid loss during surgery and internal bleeding during recovery; 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-based noninvasive co-oximeter; 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; hemodynamic 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.

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
Income Statement
Total Revenue
Gross Profit
EBITDA
Net Income
Balance Sheet
Total Assets
Cash, Cash Equivalents and Short-Term Investments
Total Debt
Total Liabilities
Stockholders Equity
Cash Flow
Free Cash Flow
Operating Cash Flow
Investing Cash Flow
Financing Cash Flow

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 ZYXIQ, the sentiment is Negative. The current price of 1.34 is above the 20-day moving average (MA) of 0.60, above the 50-day MA of 0.88, and below the 200-day MA of 1.75, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 30.00 is Positive, neither overbought nor oversold. The STOCH value of 9.94 is Positive, 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	74 Outperform	$9.00B	24.15	11.39%	―	3.51%	29.65%
PBH	66 Neutral	$3.06B	15.80	11.29%	―	-0.02%	-1.87%
GRDN	54 Neutral	$1.96B	48.67	25.85%	―	18.68%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OMI	42 Neutral	$213.48M	-0.16	-184.47%	―	-37.09%	-2639.44%
ZYXIQ	38 Underperform	$3.67M	-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.