Zynex

Zynex
Public
Traded as OTCBB: ZYXI
Industry Medical Technology
Founded 2001
Founder Thomas Sandgaard
Headquarters Lone Tree, Colorado
Products Medical devices
Revenue $39.67 million (2012)Increase[1]
$1.55 million (2012)Decrease[1]
Total assets $21.36 million (2012)Increase[1]
Total equity $25.94 million (2012)Increase[1]
Number of employees
 255 (2012)
Subsidiaries Zynex Medical, Inc.
Zynex Neurodiagnostics, Inc.
Zynex Monitoring Solutions, Inc.
Zynex Billing and Consulting, LLC
Zynex Europe ApS.
Website zynexmed.com

Zynex (OTCBB: ZYXI) 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 in 1996.[3]

Zynex is based in Lone Tree, Colorado.[5] Sandgaard serves as the company’s CEO.[6]

History

In 1996, Thomas Sandgaard founded Zynex 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 Littleton, Colorado to Lone Tree, Colorado in early 2010.[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 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]

See also

References

  1. 1 2 3 4 5 6 7 "Form 10-K". Securities and Exchange Commission. Retrieved 4 December 2013.
  2. 1 2 3 Dana Palmie (14 October 2011). "Zynex, a medical device company, finds its niche". Denver Business Journal. Retrieved 4 December 2013.
  3. 1 2 "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. 1 2 3 4 "Zynex's Thomas Sandgaard says stubbornness serves him well". Denver Business Journal. 29 June 2012. Retrieved 4 December 2013.
  7. 1 2 "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 Medical will move HQ to Lone Tree". Denver Business Journal. 18 November 2009. Retrieved 4 December 2013.
  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. 1 2 3 "Zynex acquires NeuroDyne Medical assets". Denver Business Journal. Retrieved 4 December 2013.
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