Zynex(US:ZYXI)2025-11-17 22:17Financial Performance - Net revenue for Q3 2025 was $13.4 million, a decline of 73% compared to $50.0 million in Q3 2024, primarily due to Tricare payment suspension and a $2.8 million revenue reduction during the suspension period[6] - Gross profit for the quarter was $8.1 million, representing 60% of revenue, down from $39.8 million or 80% of revenue in Q3 2024[7] - Net loss for Q3 2025 totaled ($42.9) million, or ($1.42) per share, significantly impacted by a non-cash asset impairment charge of $30.7 million[9] - Adjusted EBITDA loss for Q3 2025 was ($12.3) million, compared to an Adjusted EBITDA of $5.1 million in Q3 2024[10] - Total net revenue for Q3 2025 was $13,360,000, a decrease of 73% compared to $49,966,000 in Q3 2024[20] - Net income (loss) for the nine months ended September 30, 2025, was $(73,343,000), compared to $3,609,000 for the same period in 2024[21] - Adjusted EBITDA for Q3 2025 was $(12,343,000), representing -92% of net revenue, compared to 10% in Q3 2024[23] - Total costs of revenue and operating expenses for Q3 2025 were $57,322,000, an increase from $46,164,000 in Q3 2024[20] Cash Flow and Assets - Cash flow from operations for Q3 2025 was ($6.3) million, with total cash and cash equivalents at $13.3 million as of September 30, 2025[10] - Cash and cash equivalents at the end of Q3 2025 were $13,259,000, down from $37,630,000 at the end of Q3 2024[21] - Total current assets decreased to $37.0 million as of September 30, 2025, down from $75.2 million at the end of 2024[19] Liabilities and Debt - Total liabilities increased to $86.7 million as of September 30, 2025, compared to $86.4 million at the end of 2024[19] - Zynex has entered a 30-day grace period and will not make a $1.5 million interest payment on its $60 million Convertible Notes due in May 2026[4] - The company incurred interest expense of $890,000 in Q3 2025, compared to $625,000 in Q3 2024[20] Revenue Breakdown - Devices revenue for Q3 2025 was $7,057,000, down from $14,858,000 in Q3 2024[20] - Supplies revenue for Q3 2025 was $6,303,000, compared to $35,108,000 in Q3 2024[20] Expenses - Sales and marketing expenses decreased by 54% to $9.5 million from $20.7 million in Q3 2024, primarily due to reduced sales force headcount[8] - The company reported impairment charges of $30,740,000 for the nine months ended September 30, 2025[20] Strategic Initiatives - The company has engaged Province, LLC to evaluate strategic alternatives, including potential capital raising and restructuring strategies[3] Shareholder Information - Weighted average basic shares outstanding decreased to 30,314,000 in Q3 2025 from 31,775,000 in Q3 2024[20]