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History Zynex, Inc. was founded by Thomas Sandgaard in 1996, when he founded two privately held companies that were eventually folded into Zynex, Inc., a Nevada corporation. Zynex, Inc. is the parent company of two active subsidiaries; Zynex Medical, Inc. ( ZMI, a wholly-owned Colorado corporation) and Zynex Monitoring Solutions, Inc. ( ZMS, a wholly-owned Colorado corporation).
Operating margin is thin at 3.11%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 4.4%, steady but not accelerating. Margins contracted 2.7pp, which offsets some of the top-line progress.
Free cash flow declined 27% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.18% to 4.62%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$108M
▲ +4.4% YoY
Net Income (TTM)
-$74M
▼ -69.2% YoY
Op. Margin
-62.76%
▼ -2.7pp YoY
ROIC
-93.18%
▼ -2.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$21M
▼ -26.6% YoY
Op. Cash Flow (TTM)
-$21M
▼ -28.4% YoY
Net Debt
-$1M
Net Cash Position
Cash & Equiv.
$13M
5Y CAGR: +33.4%
5Y CAGR: +14.6%
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