Zynex(US:ZYXI)2024-07-25 21:00Revenue Growth - Device revenue increased by $2.2 million or 16% to $15.9 million for the three months ended June 30, 2024, compared to $13.7 million for the same period in 2023[234] - Net revenue increased by $4.9 million or 11% to $49.9 million for the three months ended June 30, 2024, from $45.0 million for the same period in 2023[237] - Net revenue for the six months ended June 30, 2024, increased by $9.3 million or 11% to $96.4 million from $87.1 million for the same period in 2023[237] - Growth in net revenue for the three and six months ended June 30, 2024, was primarily driven by a 20% and 21% increase in device orders, respectively[237] Supply Chain - Approximately 40% of supplies for electrotherapy products were sourced from three significant vendors for the six months ended June 30, 2024, compared to 26% from two vendors in the same period of 2023[236] Acquisitions - The Company acquired 100% of Kestrel Labs, Inc. in December 2021, which specializes in laser-based patient monitoring technology[229] - Kestrel's products, NiCO and HemeOx, are yet to be presented to the U.S. FDA for market clearance[229] Internal Controls - The Company has identified material weaknesses in internal control over financial reporting as of June 30, 2024[242] - Management concluded that the consolidated financial statements present fairly the financial position and results of operations in accordance with U.S. GAAP[123] - There were no changes in internal control over financial reporting that materially affected the controls during the quarter ended June 30, 2024[125]