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Zynex Inc. (ZYXI+1.14%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting a net revenue increase of 4% to $192.4 million, up from $184.3 million in the previous year. This growth is attributed to a 16% increase in device orders, which led to a higher customer base and increased sales of consumable supplies.
Zynex recorded a net income of $3.0 million for 2024, down from $9.7 million in 2023. The company attributes this decrease to increased general and administrative expenses, which rose by $11.8 million due to headcount growth and inflationary salary increases.
The company reported cash flows from operating activities of $12.7 million, a decrease from $17.8 million in 2023. This decrease is primarily due to lower profitability and a decrease in accounts payable.
Zynex's total assets were reported at $122.1 million as of December 31, 2024, with total liabilities of $86.4 million. The company maintains a working capital of $58.3 million.
In 2024, Zynex repurchased approximately $15.6 million worth of its common stock, reflecting strong results and related cash flow. The company also highlighted its recognition as a 'Best Company to Work For' by U.S. News & World Report and Top Workplaces.
The filing notes a temporary suspension of payments from TriCare, a government payer, which represents approximately 20-25% of Zynex's annual revenue. The company is restructuring its staff to align with current revenue, reducing overall staff by approximately 10% to achieve annual savings of $35 million.
Zynex's research and development expenses were approximately $12.0 million in 2024, with $9.2 million requiring capitalization under Section 174 tax treatment.
The filing also mentions the company's acquisition of Kestrel Labs Inc. in December 2021, which brought in two pulse-oximeter products in development and multiple patents.
Zynex continues to focus on expanding its sales force and market share in the electrotherapy and pain management markets, with a sales force of approximately 350 field representatives as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zynex Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.