Zynex Inc Founder and CEO Thomas Sandgaard joined Steve Darling from Proactive to share news the company has been recognized as one of the Top 100 Healthcare Technology Companies of 2023 by The Healthcare Technology Report.
Zynex secured the 23rd spot on the list, marking its second consecutive appearance in the top 100. Sandgaard says this is the second year in a row that Zynex has received recognition in The Healthcare Technology Report's top 100 list. In the previous year, the company was ranked 33rd.
Zynex's consistent presence on this prestigious list underscores its ongoing commitment to innovation and excellence in healthcare technology. The company has a focus on pain management and hospital monitoring products.
While both divisions are important, the company's primary revenue source lies in pain management, where they've maintained a successful business model for 27 years. Their pain management therapies are side-effect-free and covered by insurance companies, leading to impressive annual revenues, expected to exceed $200 million in the near future.
The profitability of the pain management division enables Zynex to fund the development of products in the monitoring division. This financial strength and product diversity attract various types of investors, both retail and institutional.
Zynex's recent financial performance has been outstanding, with consistent growth and successful quarterly results, continually surpassing analyst estimates. Zynex's future growth primarily hinges on its pain management division, with significant revenue expected in the coming years.