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11/30/2010 7:57:23 AM
LITTLETON, Colo., Nov 30, 2010 (BUSINESS WIRE) -- Zynex, Inc. /quotes/comstock/11k!zyxi (ZYXI 0.58, -0.07, -10.77%) , a provider of pain management systems and electrotherapy products for medical patients with functional disability, announced the hiring of James Miller as President of its wholly owned subsidiary, Zynex NeuroDiagnostic Inc.
Mr. Miller will be responsible for all activities of Zynex NeuroDiagnostic, which includes the development and marketing of neurological diagnosis devices to hospitals and clinics worldwide through the utilization of our diagnostic EMG (electromyography) technology. Our goal is for Zynex NeuroDiagnostic to become a primary worldwide neurological device provider for monitoring EMG, EEG, sleep pattern, auditory and nerve conductivity applications. We believe that this subsidiary will significantly contribute to our long-term growth and provide a platform for potential strategic acquisitions within the neurology monitoring industry.
Thomas Sandgaard, CEO of Zynex stated, "Since the creation of Zynex NeuroDiagnostic in April 2010, we have worked diligently to further develop and commercialize the Company's proprietary EMG technology, which has been leveraged from our existing NeuroMove product. We believe the addition of Mr. Miller will allow us to more rapidly capitalize on the high growth global market opportunity that exists in this market space and help to establish Zynex as a premiere company delivering neurological diagnosis products. I believe that Mr. Miller's extensive medical device experience and exemplary personal attributes will serve us well in leading Zynex through our next exciting growth phase. Our long-term goal is to have this subsidiary contribute significantly to the revenue and profit already being generated in Zynex Medical with our line of electrotherapy products."
Mr. Miller has over 30 years of executive management experience in the global healthcare market with specific expertise in neurostimulation, ultrasound imaging, infusion therapy and point-of-care diagnostics. Mr. Miller has a proven track record of growing early stage businesses and has been responsible for managing all aspects of an organization, including research and development, worldwide marketing and sales, strategic alliances, corporate partnerships and acquisitions. Mr. Miller recently served as President of Otomedicine, as well as President of Boston Scientific's auditory division and President of Cochlear Corporation. His experiences also include Senior Executive positions with companies such as Johnson and Johnson, Procter and Gamble, Diametrics Corp., IMED Corp and Advanced Technology Laboratories. Mr. Miller holds a BA in Chemistry from the University of Denver.
Zynex, Inc. (founded in 1996) engineers, manufactures, markets and sells its own design of medical devices in three subsidiaries. Zynex Medical is a provider of electrotherapy products for home use, Zynex Monitoring Solutions develops products for cardiac monitoring for use in hospitals and Zynex NeuroDiagnostic develops devices for EMG and EEG diagnostic purposes in the neurology clinic markets. Zynex Medical's product line is fully developed, FDA-cleared, commercially sold, and has been developed to uphold the Company's mission of improving the quality of life for patients suffering from impaired mobility due to stroke, spinal cord injury, or debilitating and chronic pain. Zynex Monitoring Solutions and Zynex NeuroDiagnostic are currently both in the development stages without any significant revenues.
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, 2009.