Zynex Medical Holdings, Inc. Announces Revenue Gain for Third Quarter and Nine Months
LITTLETON, CO -- 11/15/2004 -- Zynex Medical (OTC BB: ZYNX) today reported financial results for its third quarter ended September 30, 2004. Quarterly revenue increased to $366,784, a gain of 14.4% from the year earlier. Nine-month revenues were $966,430, an increase of 7.6% compared to the same period a year earlier. Net profit results in both periods were impacted by the Company’s reverse acquisition in early 2004, recorded expenses from options and warrants granted as well as an increase in sales and marketing expenses. The increase in revenue for both the quarter and nine-month period ended September 30, 2004 was due to higher revenues generated from the Company’s NeuroMove™ product. A net loss for the quarter of $284,218 was experienced as well as a nine-month net loss of $652,964. Gross profit of the Company’s products increased to 83.3% of revenue compared to 80.0% for the same period last year and remained stable at 83.3% for the nine-month period ended September 30, 2004.
Thomas Sandgaard, President & CEO explained: “We are very excited to see a continued increase in revenue in our third quarter. Our order intake in October and early November shows such a significant increase that we feel confident about another positive revenue gain in our fourth quarter. The combination of increases in revenue, gross profit margins and a return to a more normal expense pattern after the reverse acquisition should have a positive impact on our future operations.”
About Zynex Medical:
Zynex, a leading provider of therapeutic devices for patients with functional disability through the creation, distribution, and marketing of electrotherapy devices since 1996, strives to uphold its mission to improve the quality of life of patients suffering from debilitating pain or illness by providing innovative technology. Utilizing a unique combination of electromyographic (EMG) technology combined with a system of instruction and reinforcement, including electrical muscle stimulation (EMS), Zynex offers new treatment options to post-stroke and spinal injury patients.
“Safe Harbor” Statement: Certain statements in this release are “forward-looking” and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company’s ability to meet terms and conditions required to obtain project financing, risks and delays associated with product development, risk of market acceptance of new products, technology or product obsolescence, competitive risks, reliance on development partners, and additional capital needs.
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- Thomas Sandgaard
- Zynex Medical, Inc.
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