ZYXI

MKT CAP:$4M

Zynex, Inc.

Market Cap

$4M

Healthcare·Medical - Distribution·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$0.08-$0.03 (-25.93%)

Feb 23, 2026

Company Details

Zynex, Inc., through its subsidiaries, designs, manufactures, and markets medical devices to treat chronic and acute pain; and activate and exercise muscles for rehabilitative purposes with electrical stimulation. The company offers NexWave...

CEO

Steven Lewis Dyson

IPO Date

Feb 25, 2004

Website

www.zynex.com

Key Metrics TTM

Revenue

$108M

-44.1% YoY

Net Income

-$74M

EPS (Diluted)

-$2.43

Free Cash Flow

-$21M

Revenue / Share

$3.57

Gross Margin

71.6%

Operating Margin

-62.8%

Net Margin

-68.4%

FCF Margin

-19.4%

P/S

0.0x

P/E

—

Earnings Reports

Q4 2025

Apr 27, 2026

PENDING

Q3 2025

Nov 17, 2025

$13M-73.3%EPS -$1.42

Q2 2025

Jul 31, 2025

$22M-55.3%EPS -$0.66

Q1 2025

Apr 29, 2025

$27M-42.9%EPS -$0.33

FY 2024

Mar 11, 2025

$192M+4.4%EPS $0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$40M	$33M	$12M
Q1 22	$31M	$24M	$2M
Q2 22	$37M	$29M	$4M
Q3 22	$42M	$33M	$7M
Q4 22	$49M	$39M	$10M
Q1 23	$42M	$33M	$284.0K
Q2 23	$45M	$36M	$3M
Q3 23	$50M	$40M	$5M
Q4 23	$47M	$37M	$2M
Q1 24	$47M	$37M	$525.0K
Q2 24	$50M	$40M	$2M
Q3 24	$50M	$40M	$4M
Q4 24	$46M	$36M	-$563.0K
Q1 25	$27M	$18M	-$13M
Q2 25	$22M	$15M	-$10M
Q3 25	$13M	$8M	-$44M

Valuation

Quarter	P/S	P/E
Q4 21	2.9x	21.7x
Q1 22	1.8x	12.8x
Q2 22	2.2x	15.8x
Q3 22	2.4x	19.4x
Q4 22	3.6x	33.7x
Q1 23	2.6x	25.4x
Q2 23	1.9x	19.4x
Q3 23	1.5x	17.0x
Q4 23	1.9x	36.9x
Q1 24	2.1x	48.6x
Q2 24	1.5x	47.0x
Q3 24	1.3x	53.9x
Q4 24	1.3x	84.6x
Q1 25	0.4x	—
Q2 25	0.6x	—
Q3 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$8M	$7M
Q1 22	$2M	$2M
Q2 22	-$176.0K	-$316.0K
Q3 22	$7M	$7M
Q4 22	$5M	$5M
Q1 23	$2M	$2M
Q2 23	$741.0K	$531.0K
Q3 23	$9M	$9M
Q4 23	$6M	$6M
Q1 24	$2M	$2M
Q2 24	$1M	$997.0K
Q3 24	$7M	$7M
Q4 24	$2M	$2M
Q1 25	-$11M	-$11M
Q2 25	-$6M	-$6M
Q3 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q4 21	$189.0K
Q1 22	$72.0K
Q2 22	$140.0K
Q3 22	$120.0K
Q4 22	$86.0K
Q1 23	$184.0K
Q2 23	$210.0K
Q3 23	$236.0K
Q4 23	$576.0K
Q1 24	$153.0K
Q2 24	$137.0K
Q3 24	$72.0K
Q4 24	$216.0K
Q1 25	$168.0K
Q2 25	$29.0K
Q3 25	$18.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+57.6%	+23.5%
Q1 22	+28.8%	+15.7%
Q2 22	+18.5%	+19.1%
Q3 22	+19.4%	+30.7%
Q4 22	+20.9%	+34.5%
Q1 23	+35.7%	+43.6%
Q2 23	+22.3%	+30.4%
Q3 23	+20.2%	+27.1%
Q4 23	-3.1%	+16.3%
Q1 24	+10.3%	+9.8%
Q2 24	+11.0%	+12.8%
Q3 24	+0.1%	+3.9%
Q4 24	-2.8%	+3.4%
Q1 25	-42.9%	-13.8%
Q2 25	-55.3%	-31.7%
Q3 25	-73.3%	+24.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$588.0K	1.5%
Q1 22	$589.0K	1.9%
Q2 22	$535.0K	1.5%
Q3 22	$578.0K	1.4%
Q4 22	$640.0K	1.3%
Q1 23	$307.0K	0.7%
Q2 23	$660.0K	1.5%
Q3 23	$654.0K	1.3%
Q4 23	$675.0K	1.4%
Q1 24	$734.0K	1.6%
Q2 24	$841.0K	1.7%
Q3 24	$770.0K	1.5%
Q4 24	$644.0K	1.4%
Q1 25	$577.0K	2.2%
Q2 25	$559.0K	2.5%
Q3 25	$317.0K	2.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$3M	$6M	$12M
Q1 22	—	$8M	$14M
Q2 22	—	$9M	$16M
Q3 22	—	$9M	$17M
Q4 22	—	$10M	$19M
Q1 23	—	$11M	$21M
Q2 23	—	$11M	$22M
Q3 23	—	$13M	$22M
Q4 23	$9M	$13M	$22M
Q1 24	—	$13M	$23M
Q2 24	—	$14M	$23M
Q3 24	—	$15M	$21M
Q4 24	$12M	$17M	$19M
Q1 25	—	$14M	$17M
Q2 25	—	$13M	$13M
Q3 25	—	$12M	$9M

Revenue Segments

Quarter	Devices	Supplies	Device
Q4 21	$13M	$27M	—
Q1 22	$7M	$24M	—
Q2 22	$10M	$27M	—
Q4 22	—	$33M	$16M
Q1 23	—	$30M	$12M
Q2 23	—	$31M	$14M
Q3 23	—	$33M	$17M
Q4 23	—	$31M	$16M
Q1 24	—	$33M	$14M
Q2 24	—	$34M	$16M
Q3 24	—	$35M	$15M
Q4 24	—	$31M	$15M
Q1 25	—	$15M	$12M
Q2 25	—	$11M	$11M
Q3 25	—	$6M	$7M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$43M	$0	$43M
Q1 22	$39M	$0	$39M
Q2 22	$27M	$0	$27M
Q3 22	$24M	$0	$24M
Q4 22	$20M	$0	$20M
Q1 23	$17M	$0	$17M
Q2 23	$59M	$0	$59M
Q3 23	$43M	$10M	$52M
Q4 23	$45M	$0	$45M
Q1 24	$33M	$0	$33M
Q2 24	$31M	$0	$31M
Q3 24	$38M	$0	$38M
Q4 24	$40M	$0	$40M
Q1 25	$24M	$0	$24M
Q2 25	$18M	$0	$18M
Q3 25	$13M	$0	$13M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	39M	+0.8%	+0.4%
Q1 22	41M	+4.6%	+7.5%
Q2 22	40M	-3.1%	+1.9%
Q3 22	39M	-2.6%	-0.5%
Q4 22	38M	-2.3%	-3.6%
Q1 23	37M	-1.4%	-9.1%
Q2 23	37M	-1.0%	-7.1%
Q3 23	36M	-2.6%	-7.1%
Q4 23	34M	-5.8%	-10.4%
Q1 24	33M	-3.5%	-12.3%
Q2 24	32M	-1.9%	-13.1%
Q3 24	32M	-0.4%	-11.1%
Q4 24	32M	+0.7%	-5.0%
Q1 25	32M	-2.2%	-3.7%
Q2 25	30M	-4.3%	-6.0%
Q3 25	30M	+0.2%	-5.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$52.2K	774
Q1 22	$40.2K	774
Q2 22	$47.5K	774
Q3 22	$53.6K	774
Q4 22	$54.2K	900
Q1 23	$46.9K	900
Q2 23	$49.9K	900
Q3 23	$55.5K	900
Q4 23	$43.0K	1K
Q1 24	$42.3K	1K
Q2 24	$45.3K	1K
Q3 24	$45.4K	1K
Q4 24	$46.0K	1K
Q1 25	$26.6K	1K
Q2 25	$22.3K	1K
Q3 25	$13.4K	1K

Revenue / Employee