Zynex

Zynex, Inc. is a medical device manufacturer that produces and markets electrotherapy devices for use in pain management, physical rehabilitation, neurological diagnosis and cardiac monitoring.[1][2][3][4] Thomas Sandgaard founded Zynex Medical in 1996.[3]

Zynex, Inc.
TypePublic
IndustryMedical Technology
Founded1996
FounderThomas Sandgaard
Headquarters
Englewood, Colorado, U.S.
ProductsMedical devices
Revenue US$45.47 million (2019)
US$11.07 million (2019)
US$9.49 million (2019)
Number of employees
 283 (2019)
SubsidiariesZynex Medical, Inc.
Zynex Neurodiagnostics, Inc.
Zynex Monitoring Solutions, Inc.
Zynex Billing and Consulting, LLC
Zynex Europe ApS.
Websitezynex.com

The company is based in Englewood, Colorado.[5] Thomas Sandgaard serves as the company's CEO.[6]

History

In 1996, Thomas Sandgaard founded Zynex Medical as a wholesaler of electrotherapy products.[7][8] Sandgaard began working with medical devices in his native Denmark and immigrated to the United States with plans to open a medical devices business.[6] He launched his company in a one-bedroom apartment with $4,000 and a credit card.[2][9] In 1998, the company received its first Food and Drug Administration approval for one of its products, “an electric-stimulation device that managed pain and increased blood circulation to promote healing.”[6]

The company went public in 2004.[6] In 2008, the company changed its name from Zynex Medical Holdings to Zynex and began trading on the OTC Bulletin Board under the symbol ZYXI.[7] It relocated from Lone Tree, Colorado to Englewood, Colorado in early 2018.[10]

In February 2010, Zynex restructured its business into three subsidiaries: Zynex Medical, Zynex Monitoring Solutions and Zynex NeuroDiagnostic.[11][12] Zynex Medical manufactures electrotherapy devices for pain management and physical rehabilitation; Zynex Monitoring Solutions manufactures devices for non-invasive cardiac monitoring; and Zynex NeuroDiagnostic manufactures devices for neurological diagnosis.[1][2]

In March 2012, Zynex Medical acquired the assets of NeuroDyne Medical.[13] NeuroDyne Medical was a Cambridge, Massachusetts-based manufacturer of “medical devices for non-invasive measurement of surface electromyography and autonomic nervous systems.”[13] NeuroDyne Medical was folded into Zynex's NeuroDiagnostic subsidiary.[1][13]

In February 2019, Zynex Medical began trading on Nasdaq under the symbol ZYXI.[14]

In February 2020, Zynex received FDA clearance for their CM-1500 Cardiac Monitor.[15][16]

See also

References
  1. "Form 10-K". Securities and Exchange Commission. Retrieved 4 December 2013.
  2. Dana Palmie (14 October 2011). "Zynex, a medical device company, finds its niche". Denver Business Journal. Retrieved 4 December 2013.
  3. "Strategic Sales, Marketing and Distribution Agreement Signed by Zynex, Neurovirtual". Health Daily Digest. 19 March 2013.
  4. "Zynex Posts 2010 Year End Results". Wireless News. 16 March 2011.
  5. "Zynex 2011 profit up on strong electrotherapy sales". Denver Business Journal. 12 March 2012. Retrieved 4 December 2013.
  6. "Zynex's Thomas Sandgaard says stubbornness serves him well". Denver Business Journal. 29 June 2012. Retrieved 4 December 2013.
  7. "Zynex Inc - Name Change to Zynex, Inc". Market News Publishing. 8 July 2008.
  8. "Zynex Medical, Inc. (ZYNX)". 168 (12). Wall Street Transcript. 27 June 2005. pp. 122–125.
  9. "MILE HIGH HOMES". Denver Post. 8 January 2006.
  10. "Zynex Growth Leads to a New Corporate Headquarters". Cision PR Newswire. 27 October 2017. Retrieved 5 February 2018.
  11. "Zynex Corp - Development of Two New Business Units". Market News Publishing. 24 February 2010.
  12. "Zynex to form monitoring and NeuroDiagnostic units". 14 (38). Medical Device Daily. 26 February 2010. p. 4.
  13. "Zynex acquires NeuroDyne Medical assets". Denver Business Journal. Retrieved 4 December 2013.
  14. "Zynex to Ring the Nasdaq Stock Market Opening Bell to Celebrate Its Listing". NASDAQ.com. Retrieved 2019-05-13.
  15. "Zynex: Deteriorating Fundamentals And Signs Of Reimbursement Pressure (NASDAQ:ZYXI)". Seeking Alpha. 2020-06-11. Retrieved 2020-08-25.
  16. "Zynex Earns FDA Clearance for Blood Volume Monitor". FDA News. 25 February 2020. Retrieved 2020-08-25.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.