Shares of Zynex Inc. (OTCBB: ZYXI) climbed 17% to $6 Friday afternoon after the company reported its second quarter financial results for 2008, posting triple-digit increases for the period ended June 30, 2008. Zynex engineers, manufactures, markets and sells its own design of electrotherapy medical devices, focusing on standard digital electrotherapy products for pain relief and pain management, as well as NeuroMove for stroke and spinal cord injury (SCI) rehabilitation.
Second-quarter revenues increased 235 percent to $5.04 million, up from $1.50 million in 2007; net income increased 427 percent to $1.85 million. Thomas Sandgaard, president and CEO of Zynex said the company expects increases in the upcoming quarters as well.
“We are excited to see our revenue and net income continue to grow significantly. We have also seen a solid increase in our order intake through the second quarter and early parts of the third quarter and we expect to report revenues from rental and patient supplies on those orders over the next several quarterly reports,” Sandgaard stated in the press release.
The company’s products are fully developed and FDA-cleared, and are commercially sold, furthering the company’s mission to relieve patients suffering from conditions associated with stroke, SCI and chronic pain. Zynex distributes these products through commissioned independent sales representatives, as well as to end users through advertisements and online publications.
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