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Night Market Research
Initial Report Date(2020/10/05)Share Price:NA  
Zynex: Deteriorating Fundamentals and Signs of Reimbursement Pressure
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Zynex: Deteriorating Fundamentals and Signs of Reimbursement Pressure Revenue growth masks deteriorating profitability: operating margins trend lower (64% lower past two years) as Zynex accelerates hiring in face of early signs of reimbursement pressure. Tricare becomes first large health plan since Medicare to drop ZYXI’s device for one of its largest indications citing poor efficacy – we expect other payors to follow
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