ENGLEWOOD, CO—Daniel Moorhead, the Chief Financial Officer of Zynex Inc. (NASDAQ:ZYXI), recently sold 10,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold on December 2 at a weighted average price of $8.08 per share, totaling $80,800. The stock currently trades at a P/E ratio of 54.6, with InvestingPro analysis indicating the company is trading above its Fair Value.
Following the transaction, Moorhead retains ownership of 35,190 shares in the medical device company. The sale was conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. Despite this insider sale, management has been actively buying back shares, demonstrating confidence in the company's prospects.
Zynex, headquartered in Englewood, Colorado, specializes in the development and marketing of medical devices for pain management and rehabilitation. The company maintains strong financials with $193.7 million in revenue and an impressive 79.7% gross margin. Get comprehensive analysis and 12 additional key insights with InvestingPro's detailed research report.
In other recent news, Zynex, Inc. reported a slight increase in net revenue for Q3 2024 to $50 million, up from $49.9 million in the same period last year. The company's net income, however, decreased to $2.4 million, or $0.07 per diluted share, compared to $3.6 million, or $0.10 per diluted share, in Q3 2023. Despite a decrease in device revenue, the company saw a rise in supplies revenue and is actively diversifying its product offerings, including an anticipated FDA clearance for its NiCO pulse oximeter. The company experienced a year-over-year order growth of 13% and projects a total revenue of $200 million for 2024. In line with these recent developments, Zynex plans to expand its sales force by adding 10 sales representatives monthly over the next 18 months. The company's CEO, Thomas Sandgaard, expects Q4 revenues to be at least $53.6 million, a 13% increase year-over-year. Despite the decrease in net income for Q3 2024, Zynex remains committed to delivering shareholder value through reinvestment and capital returns.
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