Overall Rank: 23
Category: Medical Devices
Category Rank: 5
- Top HealthTech Company of 2023
Zynex, headquartered in Englewood, Colorado, United States, is a dynamic and influential player in the medical device industry. Founded in 1996 by Thomas Sandgaard, the company has steadily grown to encompass over 850 dedicated employees and is a publicly listed company. Their mission revolves around enhancing the quality of life for patients grappling with debilitating pain or illness. They achieve this mission through their innovative medical devices, which cater to a wide spectrum of healthcare needs.
The company operates through three specialized subsidiaries, each contributing to the company’s comprehensive healthcare offerings. Zynex Medical, for instance, is at the forefront of providing electrotherapy products designed for home use. These products have received FDA clearance and are commercialized to fulfill the company’s mission of improving the lives of individuals dealing with impaired mobility due to conditions like stroke, spinal cord injury, or chronic pain. This subsidiary’s commitment to innovation and patient well-being is evident in the development and availability of its product line.
Another vital arm of Zynex is Zynex Monitoring Solutions, which focuses on the development of cardiac monitoring products specifically tailored for hospital usage. Their solutions play a crucial role in monitoring patients’ heart health and ensuring timely interventions when necessary. Additionally, Zynex NeuroDiagnostics concentrates on creating cutting-edge devices for EMG (Electromyography) and EEG (Electroencephalography) diagnostic purposes within the neurology clinic market. These devices aid in the accurate diagnosis and treatment of neurological conditions, further underscoring Zynex’s commitment to advancing healthcare.
The company’s expansion efforts have included strategic acquisitions such as NeuroDyne Medical and Kestrel Labs, reinforcing its position in the medical device industry. Zynex’s global presence, world-class technology, and unwavering dedication to service standards make it a premier manufacturer and distributor of devices crucial for pain management, physical rehabilitation, neurological diagnosis, and cardiac monitoring on a global scale. Through the tireless efforts of its committed team, Zynex has solidified its reputation as a global leader in the electrotherapy industry, delivering innovative solutions that positively impact patients’ lives worldwide.
This product of Zynex Medical’s is an all-in-one device that seamlessly integrates Interferential Current (IFC), Transcutaneous Electrical Nerve Stimulation (TENS), and Neuromuscular Electrical Stimulation (NMES) into a user-friendly package. With over three decades of proven effectiveness, these modalities have been trusted by patients for pain symptom management. The NexWave is thoughtfully designed, with a weight of just 5.8 ounces, ensuring portability and convenience for users. Notable features include a treatment timer to track sessions, a compliance meter to monitor usage, and the assurance of a robust 5-year manufacturer’s warranty.
The Zynex Pro LSOs
This product is designed to provide lateral support and alleviate pain for patients grappling with various conditions such as Postoperative Support, Post Laminectomy Syndrome, Deconditioned trunk muscles, Degenerative Disc Disease, and Chronic Low Back Pain. It offers a discreet and lightweight bracing option that discreetly fits under clothing, prioritizing patient comfort and usability. Notable features include its adaptable back panel that conforms naturally to the patient’s lower back, providing essential structural support during movement. Furthermore, the design prioritizes breathability, ensuring that wearers can use the brace without discomfort from heat accumulation or sweating. Enhanced midline support and pressure relief zones in the Zynex Pro LSOs contribute to patient comfort and pain management, catering to their unique needs.
Pro Post-Op Knee Brace
The Pro Post-Op Knee Brace by Zynex is engineered to offer controlled, protected range-of-motion (ROM) support for patients in post-knee surgery recovery or those dealing with knee injuries and instabilities. Noteworthy features of this brace include telescoping struts, allowing for easy length adjustment within the range of 17″ to 29″ (43.18 cm to 76.33 cm). Its user-friendly design incorporates a simple rotate and release mechanism for flexion/extension settings, enhancing ease of use. Moreover, the inclusion of a unique safety lock serves to promote patient compliance. The Pro Post-Op Knee Brace prides itself on offering 100% tool-free adjustments and quick locking capabilities at pivotal angles of 0°, 15°, 30°, and 45°, ensuring effective support for patients in their knee rehabilitation journey.
NeuroMoveTM is an FDA-cleared neurological re-learning tool designed to facilitate neuroplasticity and aid stroke rehabilitation. It has demonstrated significant effectiveness in improving functional impairments in stroke survivors, supported by clinical studies and practical application. The device is versatile, and suitable for both clinical and home use, with recommended daily sessions of 30 minutes over 4–5 months yielding excellent results. NeuroMoveTM operates by detecting brain-initiated attempts to move muscle groups and rewards patients with brief muscle contractions, using visual and sensory feedback to aid relearning. It features a built-in rechargeable battery, requiring weekly recharging for optimal performance, and stands out for its sensitivity in capturing early neural signals and adaptability to individual patients and treatment sessions.
Customers shared their experiences with Zynex Medical, awarding it an impressive 4.8-star rating on Birdeye based on a staggering 9500+ reviews. The overwhelming consensus among customers is a testament to the company’s exceptional products and unwavering commitment to providing effective healthcare solutions. Many customers have expressed their appreciation for the professionalism, expertise, and accommodation they’ve encountered when dealing with Zynex’s team. This sentiment is particularly noteworthy for those who have undergone significant medical procedures, such as spinal surgery, where Zynex’s support has played a crucial role in their recovery journey.
Customers have felt genuinely grateful for the effectiveness of the Zynex system, especially the remarkable wave system, which has assisted them in regaining muscle and nerve coordination, even in the most basic daily functions. The impact of this technology on their lives is a testament to Zynex Medical’s dedication to advancing healthcare. Moreover, it’s not just the products but also the company’s exceptional customer support that has left a lasting impression. Customers have consistently praised Zynex for providing not only top-notch products but also invaluable support.
Zynex’s customer support stands out as a shining example of excellence in these reviews. The team has been repeatedly lauded for offering all the necessary information, being readily available for inquiries, and conducting follow-up checks with remarkable patience and dedication. Whether it’s providing guidance on product usage, ensuring the timely supply of essential accessories like electrodes and batteries, or simply being there to address concerns,
The company’s commitment to comprehensive and patient-centered support shines through. This holistic approach to customer care further solidifies Zynex Medical’s reputation as a company that genuinely cares about its customers’ well-being and ensures they receive the best possible experience in their healthcare journey.
In a remarkable success story, a customer shared their journey of using the NeuroMove machine NM 900 after a pediatric stroke. Their journey from paralysis to regained movement, with the help of this innovative device, reflects the transformative impact of Zynex’s technology on improving patients’ lives. Another customer praised the AM 800 machine for its user-friendliness and unique features in pain management. They noted its ability to override antagonist spasticity and facilitate limb movement in various patient settings, offering a valuable alternative to traditional electrical stimulation.
Lastly, a stroke center received a grant to acquire the NeuroMove900, highlighting its role in combining biofeedback and muscle stimulation to assist patients in regaining control of affected limbs after a stroke, showcasing Zynex’s contribution to cutting-edge rehabilitation equipment. These accounts emphasize Zynex Medical’s commitment to innovative solutions that empower patients on their healing journeys.
- Number of subsidiaries through which their devices are offered: 3
- Number of medical products offered: 14
- Number of employees: 850+
- Number of companies acquired: 2
- Founding Year: 1996
- Q2 2023 Revenue: $45.0 Million, Marking a 22% Increase
- Net Income during Q2 2023: $3.4 million
- Percentage of orders increased per year: 51%
- Q2 2023 Gross Profit: $35.7 Million, Representing 79% of Revenue
- Patients reached: 1 million
Rating and Commentary
Zynex Medical, under the visionary leadership of its founder Thomas Sandgaard since its inception in 1996, has emerged as a pioneering force in the realm of advanced electrotherapy technology. Committed to alleviating chronic pain and aiding the recovery of patients grappling with debilitating illnesses, the company’s journey has been marked by resilience and innovation.
Driven by an unwavering commitment to excellence and propelled by the relentless efforts of its dedicated team, the company has solidified its position as a global leader in the manufacturing of electrotherapy devices. These devices serve multifaceted purposes, spanning pain management, physical rehabilitation, neurological diagnosis, and cardiac monitoring. Moreover, Zynex is charting a new course in at-home pain management devices, fortified by a robust and sustainable business model yielding high recurring revenue. Simultaneously, the company is expanding its presence in the hospital monitoring division, tapping into a vast and burgeoning market.
A testament to their exceptional growth trajectory, Zynex Medical celebrated a significant milestone this year by reaching the remarkable milestone of treating over 1 million patients. This achievement underscores the company’s expanding impact on the healthcare landscape.
The company’s success story is further corroborated by the resounding feedback and insights garnered from both customers and employees alike. Their collective optimism serves as a harbinger of a promising future brimming with potential.
In the financial realm, Zynex stands as a publicly traded entity, with prominent shareholders such as BlackRock Inc., Vanguard Group Inc., State Street Corporation, and Millennium Management LLC. These affiliations underscore the confidence reposed in the company by esteemed entities in the financial sector.
Despite navigating a competitive landscape populated by formidable healthcare players like AxoGen, Hyperfine, and Semler Scientific, Zynex Medical not only survives but thrives. This resilience and tenacity are emblematic of their commitment to advancing healthcare technology and enhancing the quality of life for patients worldwide.
Zynex Medical's Video
Thomas Sandgaard, President & CEO
Thomas Sandgaard, the Founder of Zynex in 1996, currently holds the positions of Chairman of the Board, President, and Chief Executive Officer at the company. Throughout his career, he has also occupied key management roles at notable organizations such as ITT, Siemens, GN Danavox, Dataco, and Philips. His professional background is primarily rooted in international sales and distribution, technology transfers, mergers, and marketing management, spanning diverse industries including semiconductors, telecommunications, data communications, and medical equipment. Mr. Sandgaard extends his influence beyond the corporate sphere as the Founder and CEO of Sandgaard Capital, a private equity investment group, and family office. Additionally, he is the Founder and President of the Sandgaard Foundation, dedicated to addressing the opioid and fentanyl crisis in the United States by supporting initiatives aimed at saving lives from overdose, aiding individuals in breaking the cycle of relapse, and providing assistance to victims and their families.
Anna Lucsok, COO
Anna has a rich background within Zynex Medical, where she previously served as Vice President of Reimbursement and Sales Operations. In this capacity, she led and expanded key operational areas, including order processing, reimbursement, patient experience, and inside sales support, achieving consistent quarterly targets and team expansion. With over nine years of experience in healthcare operations, Anna brings essential expertise in revenue cycle management and medical care collections. Her journey with Zynex dates back to 2018, encompassing various operational and managerial roles, including her role as Billing Manager. Prior to joining Zynex, Anna held significant positions at institutions like the University of Colorado Hospital and Schryver Medical.
Dan Moorhead, CFO
In his role as the Chief Financial Officer at Zynex, Dan Moorhead plays a pivotal role in overseeing and managing all finance and accounting functions within the company. Before joining Zynex, Mr. Moorhead served as the Chief Financial Officer of Evolving Systems, Inc. (Nasdaq: EVOL) from January 2016 to June 2017. His tenure at Evolving Systems was marked by significant contributions, including his role as Vice President of Finance & Administration from December 2011 to December 2015. Notably, Mr. Moorhead had previously held various financial management positions within the company between 2002 and 2005, and again from 2008 to 2011. His extensive experience in financial leadership positions underscores his expertise and valuable insights in the financial aspects of the healthcare industry, making him a valuable asset to Zynex.
Stephen Fox, VP, Sales
Bringing more than 15 years of management and sales expertise to his role, Stephen Fox serves as the Vice President (VP) of Sales at Zynex. Prior to his appointment as VP, Steve held the position of Regional Sales Manager (RSM) for the Texas, Great Lakes, and Mid-Central Regions during 2020 and a significant part of 2021. A proud alumnus of Metropolitan State University of Denver, Steve holds a Bachelor’s Degree in History with a minor in Secondary Education. He is deeply passionate about coaching, fostering a robust work culture at Zynex, and leading his teams to achieve remarkable success. Outside of the office, Steve actively dedicates his time as an Executive Board Member of the OneGoat Foundation, a charitable organization committed to supporting First Responder Foundations across the nation. His multifaceted experience and dedication make him a valuable asset to Zynex.
Zynex Medical has cultivated an outstanding organizational culture, as reflected by its impressive Glassdoor rating of 4.2 out of 5 stars. A significant 80% of employees express their willingness to recommend working at the company to friends, while an even more remarkable 82% approve of CEO Thomas Sandgaard.
Employees commonly share their experiences of a positive work culture marked by transparency and camaraderie. The company’s commitment to maintaining an open dialogue with its workforce stands out, as upper management is described as highly transparent and accessible. Teams collaboratively brainstorm, even across different locations, fostering a sense of unity. This inclusivity is complemented by a strong work-life balance, enhancing the overall experience for employees.
Training at Zynex is perceived as instrumental in shaping success, with employees feeling well-prepared for their roles. The company’s products are highly regarded, motivating employees to offer innovative solutions to healthcare providers. Area sales managers provide guidance, but employees are encouraged to take ownership of their territories, strengthening client relationships.
The organization’s commitment to growth is evident, with opportunities for advancement, including promotion from territory sales managers to area sales managers. This commitment extends to treating employees exceptionally well, fostering a positive environment.Interactions with colleagues at Zynex are consistently positive, described as respectful and motivated, contributing to a culture that prioritizes the well-being of employees, patients, and providers. The company’s headquarters in Denver, Colorado, reflects a youthful and energetic workforce, complete with excellent amenities and ergonomic workspaces.
Zynex Medical’s onboarding process is characterized as seamless, and flexible working hours are appreciated by employees. The company’s unique mission and vision resonate with employees, who find themselves building valuable relationships and are enthusiastic about their roles. The patient-centric focus and commitment to fighting the opioid crisis stand out. Employees find deep satisfaction in knowing that they are changing lives every day
Zynex values professionalism, accessibility, and reliability in all interactions, emphasizing its genuine care for patients and providers.The company recognizes its people as its greatest assets and invests in their growth and development. Zynex empowers its employees to evolve their skills, enabling them to drive positive change for patients and clients.
Furthermore with a 401k plan featuring company contributions, Zynex encourages long-term financial planning. Generous paid time off, including 10 holidays and an additional 3 weeks, allows for a healthy work-life balance. The company supports a healthy lifestyle with a monthly health and wellness reimbursement of up to $50, while also promoting community involvement by reimbursing up to $75 per month for volunteer hours. Employees enjoy flexible work arrangements, including a 4-day/10-hour work week, for greater control over their schedules. On-site amenities such as a cafeteria and gym enhance the workplace experience. Zynex invests in continuous learning through an annual LinkedIn Learning subscription and fosters career development with mentorship programs for all employees, making it a workplace that prioritizes employee well-being and professional growth.
Michael currently holds the position of Chairman and managing Partner at MD Cress Ventures, a national healthcare firm involved in various healthcare activities, including investments, operational management, and advisory services. Previously, he was the President and CEO of Cornerstone Healthcare Group, overseeing hospitals nationwide, and held multiple roles at Kindred Healthcare, including hospital CEO and Corporate Vice President of Business Development. Mr. Cress also served as the CEO of Vencor Hospital of San Diego and worked as an Adjunct Professor at the University of Kansas in the Masters of Healthcare Administration program. He serves on several corporate and philanthropic boards, including Zynex Medical, Rainier Healthcare, Linley Capital, Austin Healthcare Council, Sleep Research, Rachel’s Challenge, and The Sandgaard Foundation.
Barry brings four decades of financial and general management expertise in the medical device and biotechnology sectors, having held key positions at industry giants such as Medtronic, Johnson & Johnson, and Baxter Healthcare. Additionally, he has held leadership roles as President or Chief Financial Officer at seven emerging-stage companies. His most recent engagement was as a consultant to Organovo Holdings, Inc., where he also served as Chief Financial Officer from 2011 until his retirement in 2016.
Josh, a seasoned professional with nearly twenty-five years of experience in the life sciences industry spanning pharmaceuticals, diagnostics, and medical devices, co-founded Aytu BioPharma in 2015. In his role as Chairman and Chief Executive Officer, he successfully took the company public by leading its listing on NASDAQ in 2017. Prior to Aytu, Josh served as the Chief Operating Officer of Ampio Pharmaceuticals, a clinical-stage biotech firm specializing in anti-inflammatory treatments. He is a results-driven pharmaceutical executive with a track record of commercial success, strategic M&A proficiency, capital markets acumen, and a proven ability to guide companies from inception to profitability while achieving revenue growth. His expertise extends to forming and launching innovative life science ventures, expanding U.S. and international sales, establishing corporate and commercial infrastructure, and effective team leadership.
Zynex Medical is a publicly traded company and its major shareholders are Blackrock Inc., Vanguard Group Inc., State Steet Corporation, Millennium Management LLC, Geode Capital Management LLC, Morgan Stanley, Point 72 Asset Management LLC, Bank Of New York Mellon Corporation, AQR Capital Management LLC, Cambridge Investment Research Advisors Inc.
- In August 2023, the CEO expressed immense pride in the company’s achievement of treating over 1 million patients.
- In August 2023, the company introduced three new pain management therapy products, including the Zynex Pro Thoracic Lumbar Sacral Orthosis (“TLSO”), Zynex Pro Wrist brace, and Zynex Cryoheat fluid therapy system.
- In July 2023, Zynex achieved recognition by winning the 2023 National Top Workplaces Award in the Manufacturing Industry category.
- In June 2023, the company’s board of directors authorized a program to repurchase $10.0 million worth of the Company’s common stock.
- In May 2023, Zynex announced its intention to conduct a secondary public offering of common stock.
- In May 2023, Zynex was named as a winner of Colorado’s Top Workplaces 2023 by The Denver Post.
- In February 2023, Zynex announced its inclusion in the MSCI USA Small Cap Index.
- In 2022, Zynex achieved a significant milestone by securing the 57th position on Forbes’ prestigious list of America’s Best Small Companies.
News and Press Releases
- September 5, 2023: Zynex to Present at the H.C. Wainwright Global Investment Conference (Read)
- August 3, 2023: Zynex, Inc Founder and CEO Thomas Sandgaard to participate in Benzinga’s Pharma Companies vs. A Tough Macro Backdrop Free Webinar on August 3rd at 12:15 PM ET (Read)
- July 27, 2023: Zynex Reports Second Quarter 2023 Financial Results (Read)
- June 20, 2023: Zynex Receives FDA Clearance of CM-1600 Monitor for Improved Blood and Fluid Management (Read)
- May 29, 2023: Those who invested in Zynex (NASDAQ:ZYXI) five years ago are up 214% (Read)
- May 4, 2023: Zynex Announces Update Regarding Previously Announced Offerings (Read)
- April 28, 2023: Zynex Inc. (ZYXI) Beats Q1 Earnings and Revenue Estimates (Read)
- February 21, 2023: Zynex Leases New Facility to Accommodate Growth (Read)
AxoGen, a leader in surgical solutions for peripheral nerve repair, boasts over a decade of expertise. Their products are primarily employed by hand surgeons, reconstructive plastic surgeons, and oral and maxillofacial surgeons for diverse nerve repair surgeries. Headquartered in Alachua, Florida, AxoGen is a developer of surgical solutions, including human tissue grafts, aimed at addressing peripheral nerve damage. Founded in 2002 by Jamie Grooms, John P. Engels, and Richard R. Allen, the company went public in 2013. AxoGen, Inc. specializes in developing treatment options for peripheral nerve injuries, offering the AVANCE Nerve Graft, a human allograft nerve for repairing and reconstructing damaged peripheral nerves. Orders can be placed via phone, fax, or email, and the company serves a wide range of surgeons. Additionally, AxoGen has a strategic tissue recovery partnership with the American Tissue Services Foundation (ATSF).
With nearly four decades of presence in the medical field, EDAP TMS (NASDAQ: EDAP) stands as a global leader in therapeutic ultrasound. The company specializes in the development, manufacturing, promotion, and distribution of minimally invasive medical devices for urology, all founded upon its proprietary ultrasound technology. The company operates on a global scale, maintaining an extensive network of corporate offices, subsidiaries, and distribution partners. Through continuous investment in Research and development and collaborations with institutions like INSERM, a French public laboratory, and renowned medical research entities worldwide, EDAP TMS has cultivated a robust patent portfolio rooted in its innovative technologies.
Semler Scientific, Inc. stands at the forefront of portable Peripheral Arterial Disease (PAD) testing, poised to advance patient care. The company specializes in delivering technology solutions that enhance the clinical effectiveness and efficiency of healthcare providers. Their core mission revolves around the development, manufacturing, and promotion of innovative products and services tailored to aid customers in the evaluation and treatment of chronic diseases.
Hyperfine, founded in 2014 by Jonathan M. Rothberg, is a pioneering medical device company behind the innovative Swoop®—the world’s first FDA-cleared point-of-care MRI system. Swoop, designed by Hyperfine, is a game-changer aimed at facilitating swift diagnoses and treatment for all patients, irrespective of their financial means or location. It pushes the boundaries of traditional imaging technology, broadening patient access to critical care. The Swoop Portable MR Imaging System™ delivers high-quality images at a lower magnetic field strength, empowering clinicians to efficiently scan, diagnose, and treat patients in diverse clinical settings. Hyperfine’s overarching mission is to revolutionize patient care by providing life-saving diagnostics and actionable data at the point of care. Fueled by a vision to enhance accessibility and affordability, Rothberg and a dedicated team of scientists and engineers embarked on a mission to make magnetic resonance imaging (MRI) universally accessible to all patients, regardless of their geographical location.
Zynex Medical holds a strong commitment to corporate social responsibility (CSR), recognizing that their responsibility extends far beyond the boardroom. Their Central Illinois team actively participates in local community initiatives, exemplifying the company’s dedication to making a positive impact both within and outside the workplace. A notable event was their engagement with OSF St. Matthew’s Garden for Hope in Peoria, where employees joined forces to give back to the community.
Moreover, Zynex values its employees as their most valuable assets and invests in their professional development at every career stage. With the rapid evolution of technology, the company empowers its workforce by providing tools and opportunities to expand their skills, fostering creativity, and driving innovations that benefit patients and clients.
They believe in promoting a work-life balance for its employees, supporting their health and well-being, encouraging travel, volunteerism, and ensuring access to the necessary financial resources and support.
The company also adheres to stringent data privacy standards, particularly the Health Insurance Portability and Accountability Act of 1996 (HIPAA), safeguarding patients’ confidential medical information. Their commitment to patient privacy extends to all aspects of healthcare, ensuring that the highest standards of security are maintained in the collection, use, and sharing of medical data.
In addition, Zynex has established an audit committee, emphasizing transparency and accountability in its financial processes and reporting, and they maintain a robust Code of Business Conduct and Ethics. The company goes a step further by adhering to the AdvaMed Code of Ethics, fostering ethical interactions with the healthcare community.
Overall, Zynex Medical is dedicated to creating a positive impact on their employees, the community, and the healthcare industry, emphasizing their commitment to values that go beyond profit margins.