| Zynex, Inc. | |
| Type: | Public |
| Traded As: | NASDAQ: |
| Industry: | Medical Technology |
| Foundation: | 1996 |
| Founder: | Thomas Sandgaard |
| Products: | Medical devices |
| Revenue: | (2022)[1] |
| Net Income: | US$17 million (2022)[2] |
| Num Employees: | 1100 (2023) |
| Subsid: | Zynex Medical, Inc. Zynex Neurodiagnostics, Inc. Zynex Monitoring Solutions, Inc. Zynex Billing and Consulting, LLC Zynex Europe ApS. |
Zynex, Inc. is a medical device manufacturer that produces and markets electrotherapy devices for use in pain management, physical rehabilitation, neurological diagnosis and cardiac monitoring.[3] [4] [5] [6] Thomas Sandgaard founded Zynex Medical in 1996.[5]
The company is based in unincorporated Douglas County, Colorado.[7] Thomas Sandgaard serves as the company's CEO.
In 1996, Thomas Sandgaard founded Zynex Medical as a wholesaler of electrotherapy products.[8] [9] Sandgaard began working with medical devices in his native Denmark and immigrated to the United States with plans to open a medical devices business.[10] He launched his company in a one-bedroom apartment with $4,000 and a credit card.[4] [11] In 1998, the company received its first Food and Drug Administration approval for one of its products, “an electric-stimulation device that managed pain and increased blood circulation to promote healing.”[10]
The company went public in 2004.[10] In 2008, the company changed its name from Zynex Medical Holdings to Zynex and began trading on the OTC Bulletin Board under the symbol ZYXI.[8] It relocated from Lone Tree, Colorado to Englewood, Colorado in early 2018.[12]
In February 2010, Zynex restructured its business into three subsidiaries: Zynex Medical, Zynex Monitoring Solutions and Zynex NeuroDiagnostic.[13] [14] Zynex Medical manufactures electrotherapy devices for pain management and physical rehabilitation; Zynex Monitoring Solutions manufactures devices for non-invasive cardiac monitoring; and Zynex NeuroDiagnostic manufactures devices for neurological diagnosis.[3] [4]
In March 2012, Zynex Medical acquired the assets of NeuroDyne Medical. NeuroDyne Medical was a Cambridge, Massachusetts-based manufacturer of “medical devices for non-invasive measurement of surface electromyography and autonomic nervous systems.” NeuroDyne Medical was folded into Zynex's NeuroDiagnostic subsidiary.[3] [15]
In February 2019, Zynex Medical began trading on Nasdaq under the symbol ZYXI.[16]
In February 2020, Zynex received FDA clearance for their CM-1500 Cardiac Monitor.[17] [18]