LONE TREE, CO--(Marketwired - November 18, 2013) -
Zynex, Inc. (OTCQB: ZYXI
), a provider of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnosis and cardiac monitoring, announced today that it has been ranked 15th in revenue growth among all medical device companies in the US and Canada on Deloitte's 2013 Technology Fast 500. The company was ranked 7th in 2012.
Zynex was ranked 335th for revenue growth between 2008 and 2012 across all companies in North America. Zynex's revenue grew 237% over that period, with 2012 revenue reaching $39,666,000. The list also indicates Zynex is the number one fastest growing medical device company in Colorado. The 2013 Deloitte Technology Fast 500 list can be found at www.fast500.com.
"It is an honor to be recognized this year by Deloitte's Technology Fast 500 for revenue growth for the fourth year in a row," said Thomas Sandgaard, CEO and founder of Zynex Inc. "This award truly reflects the strong commitment of the Zynex team and gives me an opportunity to thank everyone here for their dedication and hard work. We appreciate this award and look forward to continued success going forward."
"The 2013 Deloitte Technology Fast 500 companies are exemplary cases of those spurring growth in a tough market through innovation," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. "This year's list is a who's who of companies behind the most exciting and innovative products and services in the technology space. We congratulate the Fast 500 companies and look forward to what they do next."
About Deloitte's 2013 Technology Fast 500™
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies -- both public and private -- in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2008 to 2012.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
Zynex (founded in 1996), operates under three primary business segments; Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions. Zynex Medical engineers, manufactures, markets and sells its own design of electrotherapy medical devices for electrotherapy, used for pain management and rehabilitation. Zynex Medical's product lines are fully developed, FDA-cleared and commercially sold world-wide. Zynex NeuroDiagnostics, sells the company's proprietary NeuroMove device designed to help stroke and spinal cord injury patients and is currently expanding into markets for EMG, EEG, sleep pattern, auditory and nerve conductivity neurological diagnosis devices through product development and acquisitions. Zynex Monitoring Solutions, currently in the development stage, has been established to develop and market medical devices for non-invasive cardiac monitoring.
For additional information, please visit: http://www.ir-site.com/zynex/default.asp.
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital in order to grow our business, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2012.