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Zynex Medical - Investor Relations Zynex Announces 2021 Second Quarter Earnings ENGLEWOOD , Colo . , July 29 , 2021 / PRNewswire / -- • 2021 Second Quarter • Revenue increased 61 % year over year to $ 31.0 million o Orders increased 247 % o Net income of $ 2.8 million ; Diluted EPS $ 0.08 • Adjusted EBITDA $ 4.8 million Zynex , Inc. ( NASDAQ : ZYXI ) , an innovative medical technology company specializing in the manufacture and sale of non - invasive medical devices for pain management , stroke rehabilitation , cardiac monitoring and neurological diagnostics , today reported financial results for its second quarter ended June 30 , 2021 . Second Quarter Financial Results Summary : For the second quarter , the Company reported net revenue of $ 31.0 million , a 61 % increase over the second quarter of 2020. Gross margins were 77 % in the second quarter of 2021 and net income was $ 2.8 million . Adjusted EBITDA was $ 4.8 million in the second quarter of 2021 . As of June 30 , 2021 and December 31 , 2020 , the Company had working capital of $ 52.9 million . Cash on hand was $ 32.3 million at the end of the second quarter . Cash decreased slightly during the quarter due to the Company spending $ 2.0 million on its stock buy - back program . President and CEO Commentary : Thomas Sandgaard , CEO said : " I am excited about our order growth in the second quarter of 247 % which will continue to drive increasing revenue in 2021 and 2022. In the second quarter , we posted revenue of $ 31.0 million , which is the highest quarterly revenue in the history of the Company and net income of $ 2.8 million . We continue to focus on sales rep productivity and average reps during the period decreased to approximately 450 due to trimming non - productive reps and slowed hiring due to a very competitive job market . We have increased the rate of hiring in Q3 and expect to be well over 500 reps by the end of the year . We continue to 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 . " Third Quarter and Full Year 2021 Guidance : The estimated range for third quarter revenue is between $ 34.5 and $ 36.0 million with Adjusted EBITDA between $ 5.0 and $ 6.0 million . The revenue estimate is approximately 72 % to 80 % above 2020 third quarter revenue of $ 20.0 million . Full year 2021 revenue is estimated between $ 130.0 and $ 137.5 million with Adjusted EBITDA between $ 16.5 and $ 21.5 million . The full year revenue estimate is on the lower end of previously provided guidance due to a very competitive job market and therefore fewer sales reps than expected . The full year revenue estimate is approximately 62 % to 72 % above 2020 revenue of $ 80.1 million . Conference Call and Webcast Details : Thursday , July 29 , 2021 at 2:15 p.m. MT / 4:15 p.m. ET To register and participate in the webcast , interested parties should click on the following link or dial in approximately 10-15 minutes prior to the webcast : https://www.webcaster4.com/Webcast/Page/1487/42267 US PARTICIPANT DIAL IN ( TOLL FREE ) : 1-844-825-9790 INTERNATIONAL DIAL IN : 1-412-317-5170 1-855-669-9657 Canada Toll Free : Non - GAAP Financial Measures Zynex reports its financial results in accordance with accounting principles generally accepted in the U.S. ( GAAP ) . In addition , the Company is providing in this news release financial information in the form of Adjusted EBITDA ( earnings before interest , taxes , depreciation , amortization , other income / expense and stock compensation ) . Management believes these non - GAAP financial measures are useful to investors and lenders in evaluating the overall financial health of the Company in that they allow for greater transparency of additional financial data routinely used by management to evaluate performance . Adjusted EBITDA can be useful for investors or lenders as an indicator of available earnings . Non GAAP financial measures should not be considered in isolation from or as an alternative to the financial information prepared in accordance with GAAP . About Zynex , Inc. Zynex , founded in 1996 , markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation ; and the company's proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients . Zynex also has a blood volume monitor for use in hospitals and surgery centers . For additional information , please visit : www.zynex.com . Safe Harbor Statement This release contains forward - looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 . Forward - looking statements are neither historical facts nor assurances of future performance . Instead , they are based only on our current beliefs , expectations and assumptions regarding the future of our business , future plans and strategies , projections , anticipated events and trends , the economy and other future conditions . Because forward - looking statements relate to the future , they are subject to inherent uncertainties , risks and changes in circumstances that are difficult to predict and many of which are outside of our control . Our actual results and financial condition may differ materially from those indicated in the forward - looking statements . Therefore you should not rely on any of