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Night Market Research
Initial Report Date（2021/12/10）Share Price:NA
Initial Report Date（2021/12/10）Share Price:NA
Zynex: Turnaround Nears Inevitable End – Largest Payor Cuts TENS Reimbursement, May Eliminate Earnings
Details Link > Zynex: Turnaround Nears Inevitable End – Largest Payor Cuts TENS Reimbursement, May Eliminate Earnings
We identify UnitedHealthcare as Zynex’s largest payor and estimate it was paying ~7x more per order relative to other commercial insurers, artificially sustaining the weak underlying business
We find UHC recently changed its TENS coverage policy which may lower its payments to Zynex by 80% – equivalent to 40-100% of 2021 EBITDA
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