Core Insights - Zynex, Inc. reported a significant decline in net revenue for Q3 2025, totaling $13.4 million, down from $50.0 million in the same quarter of the previous year, primarily due to a Tricare payment suspension and operational challenges [4][7][8] Management Commentary and Strategic Initiatives - The new management team, led by CEO Steven Dyson, is focused on compliance, liquidity challenges, and improving revenue and cash flow performance [2] - Zynex has engaged Province, LLC for strategic alternatives, including potential capital raising and restructuring strategies [2][3] - A Special Committee has been formed to oversee the evaluation of these strategic alternatives [3] Financial Performance - Gross profit for Q3 2025 was $8.1 million, representing 60% of revenue, compared to $39.8 million or 80% of revenue in Q3 2024 [5] - Sales and marketing expenses decreased by 54% to $9.5 million, while general and administrative expenses were $11.8 million, down from $15.3 million in the prior year [6] - The net loss for Q3 2025 was ($42.9) million, or ($1.42) per share, influenced by a non-cash asset impairment charge of $30.7 million [7][8] Cash Flow and Liquidity - 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 [8] - The company has opted for a 30-day grace period on a $1.5 million interest payment due on its $60 million Convertible Notes [3] Balance Sheet Overview - As of September 30, 2025, total assets were $45.3 million, a significant decrease from $122.1 million at the end of 2024 [15][16] - Current liabilities increased to $78.8 million, primarily due to the current portion of convertible senior notes [15][16]