Zynex Inc

Health Care
Biotechnology: Electromedical & Electrotherapeutic Apparatus
www.zynex.com

Earnings Score
Moat Score
Safety Score

Market Cap $258.33M
PE 54
Debt $58.32M
Cash $37.63M
EV $279.02M
FCF $15.53M

Earnings

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Sales & Net Margins

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Earnings	$4.82M
EBIT	$8.48M
ROE	13%
ROA	7%
FCF	$15.53M
Equity	$35.77M
Growth Stability	68%
PE	53.55
PEG	135.3
PB	7.22
P/FCF	16.64
P/S	1.33
Price/Cash	0.15
Debt/Equity	1.63
Debt/FCF	3.76
Net Margins	2%
Gross Margins	79%
Op. Margins	4%
Earnings CAGR	26%
Sales Growth YoY	0%
Sales Growth QoQ	0%
Sales CAGR	42%
FCF CAGR	6%
Equity CAGR	39%
Earnings Stability	0.27
Earnings Growth YoY	-34%
Earnings Growth QoQ	96%
Earnings CAGR 5Y	0%

Sales CAGR 5Y	34%
FCF CAGR 5Y	27%
Equity CAGR 5Y	6%
Earnings CAGR 3Y	17%
Sales CAGR 3Y	17%
FCF CAGR 3Y	23%
Equity CAGR 3Y	-27%
Market Cap	$258.33M
Revenue	$193.67M
Dividend Yield	0%
Payout Ratio	0%
Assets	$126.06M
Total Debt	$58.32M
Cash	$37.63M
Shares Outstanding	31.78M
EV	279.02M
Earnings Score	16%
Moat Score	79%
Safety Score	80%
Final Score	58%
Working Capital	58.48M
Current Ratio	3.94
Gross Profit	$153.95M
Shares Growth 3y	-8%
Equity Growth QoQ	9%
Equity Growth YoY	-39%

Assets & ROA

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Stockholders Equity & ROE

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Zynex Inc is engaged in the manufacturing and marketing of medical devices. It operates through one primary business segment, Electrotherapy and Pain Management Products. The business activities of the company are carried out through its subsidiaries. The company designs, manufacture, and markets medical devices that treat chronic and acute pain, as well as activate and exercise muscles for rehabilitative purposes with electrical stimulation. it also develops and markets medical devices for non-invasive cardiac monitoring, the products of which are under development. The company markets Zynex-manufactured products which include NexWave, NeuroMove, InWave E-Wave and others.

SEC Filings

Direct access to Zynex Inc (ZYXI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Zynex Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Zynex Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 26%

Stability 27%

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Zynex Inc Discounted Cash Flow

Fully customizable DCF calculator online for Zynex Inc.

Years

Calculation mode

= $228M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$16M	$16M	$17M	$18M	$19M	$20M	$22M	$23M	$24M	$25M	$27M	$268M
DCF		$15M	$14M	$14M	$13M	$13M	$12M	$12M	$11M	$11M	$10M	$103M
Value	$228M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-56%	-25%	1%	31%	30%	21%	11%	13%	11%	5%	2%
ROA	-	-67%	16%	100%	64%	42%	14%	17%	20%	9%	7%
ROE	-	74%	-2%	148%	102%	48%	16%	23%	26%	21%	13%

Bad Net Margins (2.47%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	0	-	-	-	3.36	1.2	3.48	3.76
Debt over Equity	-	-	-0	0	-	-	-	0.29	0.24	1.25	1.63
Growth Stability	-	-	-	-	100%	100%	100%	100%	100%	68%	68%

Neutral Debt/FCF ratio (3.76)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Bad Debt/Equity ratio (1.63)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (68%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	5%	14%	76%	36%	42%	76%	63%	21%	17%	34%
Earnings YoY growth	-	-53%	-102%	11K%	30%	-1%	-4%	88%	-0%	-43%	0%
Equity YoY growth	-	232%	-7%	-234%	88%	110%	188%	30%	-10%	-30%	6%
FCF YoY growth	-	-	-	430%	2%	-26%	-103%	-4K%	110%	24%	27%