Zynex Stock Surges 35.6% After Delayed Q3 Filing
By ATTN Desk · Editorial oversight: Sean Han
Introduction
ZYNEX INC (ticker: ZYXI; exchange: NAS) is a medical device manufacturer specializing in non-invasive electrotherapy solutions. Founded in 1996 by Thomas Sandgaard, the company develops and markets products for pain management, physical rehabilitation, neurological diagnosis, and cardiac monitoring. Its flagship device, the NexWave TENS/IFC/NMES unit, is FDA-cleared and CE-marked for home and clinical use.
Corporate structure and experience
Headquartered in Englewood, Colorado, Zynex operates through three subsidiaries:
- Zynex Medical, which produces electrotherapy devices for home use.
- Zynex Monitoring Solutions, focusing on non-invasive cardiac monitoring systems for hospitals.
- Zynex NeuroDiagnostics, developing electromyography (EMG) and autonomic nervous system diagnostic devices.
The company employs between 501 and 1,000 people. On August 18, 2025, Steven Dyson assumed the role of chief executive officer; founder Thomas Sandgaard continues as chairman and chair of the board’s technology committee.
Electrotherapy by Abby Anaday
Developments and news
- On November 12, 2025, Zynex filed a Form NT 10-Q notifying the U.S. Securities and Exchange Commission of its inability to timely file the quarterly report for the period ended September 30, 2025.
- On November 17, 2025, the company submitted its Form 10-Q for Q3 2025 and concurrently filed a Form 8-K (items 2.02 and 9.01) covering corporate updates.
- On November 21, 2025, shares closed at $0.6471, representing a 35.60% increase on a volume of 2,314,485 shares.
- LinkedIn posts in November 2025 highlight Zynex’s community engagements, including sponsorship of the U.S. Marine Corps’ and U.S. Navy’s 250th anniversary celebrations, alongside internal employee events.
Financial and strategic analysis
Zynex’s trailing twelve-month and quarterly metrics (as of September 30, 2025) detail operational aspects alongside its cash position:
| Metric | Value |
|---|---|
| Revenue (TTM) | $144.81 M |
| Net Income (TTM) | – $28.66 M |
| EPS (TTM) | – $0.93 |
| Profit Margin | – 19.79% |
| Return on Assets | – 12.11% |
| Return on Equity | – 168.22% |
| Total Cash (MRQ) | $17.54 M |
| Total Debt/Equity (MRQ) | 5,746.23% |
| Price/Sales (TTM) | 0.12 |
| Price/Book (MRQ) | 13.65 |
| Enterprise Value | $72.13 M |
| EV/Revenue | 0.50 |
Zynex does not pay a dividend and has no forward P/E ratio. As of November 21, 2025, analysts assign a HOLD rating with a consensus price target of $6.00. Subratings are: Industry Medium; Management Low; Safety Low; Financial Strength Low; Growth Medium; Value High.
Market position and industry context
Zynex competes in the medical equipment manufacturing sector, where reimbursement trends and regulatory approvals drive market access. Its NexWave platform positions the company in the electrotherapy niche, alongside broader neurodiagnostic and cardiac monitoring offerings. A key strategic focus is optimizing the payer mix to support revenue growth in a competitive landscape.
TL;DR
On November 21, 2025, ZYNEX INC shares increased 35.60% to $0.6471 amid high trading volume. The company filed its delayed Q3 2025 Form 10-Q and a Form 8-K on November 17. Steven Dyson has served as CEO since August 18, 2025, with Thomas Sandgaard as chairman. Trailing twelve-month results show $144.81 million in revenue against a $28.66 million net loss, with $17.54 million in cash and high leverage. Analysts maintain a HOLD rating and a $6.00 target as management continues to finalize filings and adjust growth initiatives.