Non-invasive medical device maker Zynex Inc's. shares are trading 12% higher on an overall down market day after the company reported that Q3/19 orders are up 95% over the same period in 2018.
This morning medical technology company specializing in manufacturing and selling non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics Zynex Inc. (ZYXI:NASDAQ)announced 95% year-over-year order growth for the third quarter 2019.
The firm elaborated in the release that orders in the third quarter of 2019 grew by 95% compared to the third quarter of 2018 and were 30% above the second quarter of 2019. The firm further noted that in the second quarter of 2019, orders grew 65% year-over-year.
The report did not provide specific revenue data or any breakdown of the orders booked by product category. In the same corresponding period in Q3/18 the firm reported revenue of $8.131 million and in Q2/19 the firm previously advised that revenue in that quarter was $10.297 million.
The company's CEO Thomas Sandgaard commented, "The investment in our sales force expansion is clearly beginning to bear fruit. Our prescription-strength NexWave device is clearly a healthy alternative to prescribing opioids as the first line of defense when treating pain. We continue to aggressively add additional sales reps in territories throughout the U.S. that we have not covered previously...We advocate for pain patients, and for physicians to prescribe our NexWave technology as the first line of defense in treating chronic and acute pain without side effects. We are dedicated to promoting our technology in an effort to remove patient addiction and other side effects from prescription opioids."
Zynex was founded in 1996 and describes itself as an innovative medical technology company specializing in manufacturing and selling non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics. The firm markets and sells its own design of electrotherapy medical devices, which include NexWave, InWave, Electrodes and Batteries, and the company's proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients. The firm's devices are intended for pain management to reduce reliance on drugs and medications. Zynex indicates that is also developing a new blood volume monitor for use in hospitals and surgery centers.
Zynex shares opened higher today at $10.05 (+$0.32, +3.29%) over yesterday's $9.73 closing price. The stock has traded today between $9.96 and $11.13/share and currently is trading at $10.90 (+$1.17, +12.02%).
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