Zynex expects to post $15 million in revenue for 2016

Medical technology company Zynex updated its November orders, fourth-quarter estimate and a loan forbearance agreement.
"I am excited to see our business continue to improve and I expect a significant financial improvement in the fourth quarter this year compared to the same period last year,” CEO Thomas Sandgaard said in a news release. “Orders for the company's electrotherapy products, primarily our flagship product, the NexWave, came in at 1,512 which were 2 percent higher than October this year and 20 percent higher than November of last year.”
Zynex manufactures non-invasive medical devices for pain management, stroke rehabilitation, neuro diagnostics, cardiac and blood volume monitoring.
Sandgaard noted that the company’s fourth-quarter revenue estimate is higher than the third quarter. He stated that the company therefore expects to achieve roughly $15 million in revenue for 2016 with positive net income.
“We continue to reduce the balance of our line of credit at a rate of $1 million per year and yesterday we received yet another quarterly forbearance of default from the lender," he said. "We continue to seek additional funding to keep up with the increase in orders which is the underlying reason for our $1.5 million offering."
Sandgaard also said Zynex was invited to participate in a new U.S. Army Hemorrhaging Detection Project.