Revenue plummeted to $13.4 million in 2025Q3, representing a 73.3% year-over-year contraction while gross margins compressed to 60.5% from historical 80% levels.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'98 |
|---|
| Sales/Revenue | 108.2M | 192.35M | 184.32M | 158.17M | 130.3M | 80.12M | 45.47M | 31.92M | 23.43M | 13.31M | 11.64M | 11.12M | 21.68M | 39.67M | 34.15M | 24.09M | 18.68M | 11.76M | 8.05M | 2.56M | 2.26M | 1.26M | 0 | 0 | 0 | 160.88K | 12.41K |
| Revenue Growth % | -44.13% | 4.36% | 16.54% | 21.39% | 62.63% | 76.2% | 42.47% | 36.21% | 76.01% | 14.36% | 4.71% | -48.73% | -45.33% | 16.16% | 41.78% | 28.93% | 58.81% | 46.16% | 214.78% | 13.19% | 79.74% | - | - | - | -100% | 1195.98% | - |
| Cost of Goods Sold | 30.69M | 39.43M | 38.37M | 32.01M | 26.92M | 17.42M | 8.81M | 6.04M | 4.82M | 3.52M | 4.94M | 7.61M | 8.14M | 8.77M | 7.37M | 5.2M | 3.79M | 2.24M | 729.05K | 303.72K | 309.63K | 237.64K | 0 | 0 | 0 | 232.37K | 6.21K |
| COGS % of Revenue | - | 20.5% | 20.81% | 20.23% | 20.66% | 21.74% | 19.38% | 18.92% | 20.57% | 26.42% | 42.41% | 68.47% | 37.54% | 22.11% | 21.59% | 21.6% | 20.31% | 19.04% | 9.06% | 11.88% | 13.71% | 18.91% | - | - | - | 144.43% | 50% |
| Gross Profit | 77.51M | 152.93M | 145.96M | 126.16M | 103.38M | 62.7M | 36.66M | 25.88M | 18.61M | 9.8M | 6.7M | 3.5M | 13.54M | 30.9M | 26.78M | 18.88M | 14.89M | 9.52M | 7.32M | 2.25M | 1.95M | 1.02M | 0 | 0 | 0 | -71.49K | 6.21K |
| Gross Margin % | 71.64% | 79.5% | 79.19% | 79.77% | 79.34% | 78.26% | 80.62% | 81.08% | 79.43% | 73.58% | 57.59% | 31.53% | 62.46% | 77.89% | 78.41% | 78.4% | 79.69% | 80.96% | 90.94% | 88.12% | 86.29% | 81.09% | - | - | - | -44.43% | 50% |
| Gross Profit Growth % | - | 4.77% | 15.69% | 22.04% | 64.87% | 71.05% | 41.65% | 39.04% | 90.01% | 46.12% | 91.27% | -74.12% | -56.16% | 15.38% | 41.8% | 26.83% | 56.32% | 30.12% | 224.85% | 15.59% | 91.28% | - | - | - | 100% | -1251.7% | - |
| Operating Expenses | 145.42M | 146.94M | 135.18M | 103.22M | 81.01M | 52.46M | 25.59M | 15.51M | 9.67M | 9.16M | 9.19M | 9.2M | 21.14M | 28.16M | 23.68M | 17.32M | 11.07M | 9.21M | 4.16M | 2.42M | 1.94M | 1.99M | 35.52K | 22.72K | 37.35K | 1.53M | 17.55K |
| OpEx % of Revenue | - | 76.39% | 73.34% | 65.26% | 62.17% | 65.47% | 56.28% | 48.59% | 41.26% | 68.77% | 78.9% | 82.77% | 97.51% | 70.99% | 69.33% | 71.92% | 59.28% | 78.33% | 51.65% | 94.68% | 86.01% | 158.18% | - | - | - | 948.75% | 141.36% |
| Selling, General & Admin | 114.68M | 146.94M | 135.18M | 103.22M | 77.46M | 52.46M | 25.59M | 15.51M | 9.67M | 9.16M | 9.19M | 11.4M | 21.14M | 18.04M | 23.68M | 17.32M | 11.07M | 9.21M | 4M | 2.33M | 1.88M | 1.91M | 35.52K | 22.72K | 37.35K | 1.51M | 17.18K |
| SG&A % of Revenue | - | 76.39% | 73.34% | 65.26% | 59.45% | 65.47% | 56.28% | 48.59% | 41.26% | 68.77% | 78.9% | 102.52% | 97.51% | 45.48% | 69.33% | 71.92% | 59.28% | 78.33% | 49.74% | 91% | 83.14% | 151.82% | - | - | - | 940.51% | 138.42% |
| Research & Development | 12M | 0 | 0 | 0 | 2.6M | 0 | 600K | 200K | 100K | 256K | 256K | 394K | 754K | 874K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 2% | - | 1.32% | 0.63% | 0.43% | 1.92% | 2.2% | 3.54% | 3.48% | 2.2% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 949K | 0 | 880K | 0 | 0 | -204K | -7K | -47K | 77K | 31K | 0 | 0 | 0 | 0 | 153.44K | 94.01K | 64.8K | 80.03K | 0 | 0 | 0 | 13.26K | 366 |
| Operating Income | -67.91M | 5.99M | 10.78M | 22.94M | 22.37M | 10.25M | 11.07M | 10.37M | 8.94M | 640K | -2.48M | -5.7M | -7.6M | 2.74M | 3.1M | 1.56M | 3.81M | 309.18K | 3.16M | -167.71K | 6.41K | -968.83K | -35.52K | -22.72K | -37.35K | -1.6M | -11.34K |
| Operating Margin % | -62.76% | 3.11% | 5.85% | 14.5% | 17.16% | 12.79% | 24.34% | 32.49% | 38.17% | 4.81% | -21.31% | -51.25% | -35.05% | 6.9% | 9.08% | 6.48% | 20.42% | 2.63% | 39.29% | -6.56% | 0.28% | -77.09% | - | - | - | -993.41% | -91.36% |
| Operating Income Growth % | - | -44.43% | -53% | 2.56% | 118.23% | -7.38% | 6.71% | 15.94% | 1297.5% | 125.8% | 56.45% | 25.04% | -377.68% | -11.74% | 98.65% | -59.07% | 1133.54% | -90.22% | 1985.57% | -2717.23% | 100.66% | -2627.47% | -56.34% | 39.18% | 97.66% | -13991.19% | - |
| EBITDA | -64.31M | 10.77M | 15M | 26.07M | 24.65M | 11.82M | 11.84M | 10.82M | 9.23M | 1.07M | -2.06M | -5.04M | -6.76M | 3.65M | 3.91M | 2.33M | 4.49M | 745.67K | 3.53M | 77.32K | 71.21K | -924.04K | -35.52K | -22.72K | -37.35K | -1.58M | -10.98K |
| EBITDA Margin % | -59.44% | 5.6% | 8.14% | 16.48% | 18.92% | 14.75% | 26.05% | 33.89% | 39.39% | 8.07% | -17.67% | -45.31% | -31.18% | 9.2% | 11.44% | 9.69% | 24.04% | 6.34% | 43.89% | 3.02% | 3.15% | -73.53% | - | - | - | -984.94% | -88.42% |
| EBITDA Growth % | -580.71% | -28.19% | -42.45% | 5.73% | 108.54% | -0.19% | 9.48% | 17.2% | 758.6% | 152.26% | 59.16% | 25.5% | -285.28% | -6.6% | 67.32% | -48.01% | 502.31% | -78.89% | 4469.02% | 8.58% | 107.71% | -2501.4% | -56.34% | 39.18% | 97.64% | -14336.97% | - |
| D&A (Non-Cash Add-back) | 3.6M | 4.78M | 4.22M | 3.13M | 2.29M | 1.57M | 778K | 448K | 286K | 435K | 424K | 660K | 839K | 912K | 806K | 774K | 677.41K | 436.49K | 370.25K | 245.03K | 64.8K | 44.78K | 0 | 0 | 0 | 13.62K | 366 |
| EBIT | -67.91M | 6.01M | 13.67M | 22.64M | 22.37M | 10.17M | 11.07M | 10.37M | 8.94M | 640K | -2.49M | -5.74M | -7.52M | 2.77M | 3.1M | 1.55M | 3.99M | 336.57K | 3.17M | -167.71K | 232.22K | -968.83K | 108.03K | 72.03K | 0 | -1.6M | -10.99K |
| Net Interest Income | -3.04M | -2.38M | -1.09M | -440K | -95K | -19K | -5K | -154K | -1.45M | -352K | -503K | -536K | -607K | -435K | -459K | -210K | -161K | -65.2K | -244.82K | -154.12K | -37.09K | -37.38K | -110.1K | 0 | 0 | 0 | -5.5K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 5K | 4.13K | 424 | 24 | 1.37K | 234 | 1.36K | 0 | 0 | 0 | 0 | 352 |
| Interest Expense | 3.04M | 2.38M | 1.09M | 440K | 95K | 19K | 5K | 154K | 1.45M | 352K | 503K | 536K | 607K | 435K | 460K | 215K | 164.99K | 65.62K | 244.84K | 155.49K | 37.32K | 38.74K | 110.1K | 72.03K | 91.42K | 30.29K | 5.85K |
| Other Income/Expense | -3.04M | -2.36M | 1.8M | -740K | -95K | -96K | 875K | -154K | -1.45M | -556K | -510K | -583K | -530K | -401K | -457K | -226K | 9.49K | -38.22K | -240.98K | -152.66K | 101.55K | -39.89K | 35.52K | -72.03K | -91.42K | -30.29K | -5.5K |
| Pretax Income | -70.95M | 3.63M | 12.58M | 22.2M | 22.27M | 10.15M | 11.94M | 10.22M | 7.49M | 84K | -2.99M | -6.28M | -8.13M | 2.34M | 2.64M | 1.33M | 3.82M | 270.95K | 2.92M | -320.37K | 107.96K | -1.01M | -145.62K | -94.75K | -128.77K | -1.63M | -16.84K |
| Pretax Margin % | -65.57% | 1.89% | 6.82% | 14.03% | 17.09% | 12.67% | 26.26% | 32.01% | 31.98% | 0.63% | -25.69% | -56.49% | -37.49% | 5.89% | 7.74% | 5.54% | 20.47% | 2.3% | 36.3% | -12.53% | 4.78% | -80.27% | - | - | - | -1012.24% | -135.65% |
| Income Tax | 3.01M | 633K | 2.85M | 5.15M | 5.17M | 1.08M | 2.45M | 664K | 129K | 15K | -57K | -49K | -790K | 788K | 1.08M | 985K | 1.44M | 160K | 790K | 0 | -101.55K | -32.84K | 145.62K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -4.24% | 17.45% | 22.63% | 23.2% | 23.21% | 10.63% | 20.51% | 6.5% | 1.72% | 17.86% | 1.91% | 0.78% | 9.72% | 33.73% | 40.85% | 73.78% | 37.69% | 59.05% | 27.04% | 0% | -94.06% | 3.26% | -100% | 0% | 0% | 0% | 0% |
| Net Income | -73.96M | 2.99M | 9.73M | 17.05M | 17.1M | 9.07M | 9.49M | 9.55M | 7.37M | 69K | -2.91M | -6.2M | -7.3M | 1.55M | 1.56M | 350K | 2.38M | 110.95K | 2.13M | -320.37K | 107.96K | -975.88K | -145.62K | -94.75K | -128.77K | -1.63M | -16.84K |
| Net Margin % | -68.35% | 1.56% | 5.28% | 10.78% | 13.13% | 11.33% | 20.87% | 29.93% | 31.43% | 0.52% | -25.01% | -55.76% | -33.67% | 3.92% | 4.58% | 1.45% | 12.75% | 0.94% | 26.48% | -12.53% | 4.78% | -77.66% | - | - | - | -1012.24% | -135.65% |
| Net Income Growth % | -1633.13% | -69.24% | -42.91% | -0.32% | 88.48% | -4.4% | -0.63% | 29.69% | 10573.91% | 102.37% | 53.04% | 15.09% | -570.12% | -0.7% | 346.86% | -85.31% | 2047.16% | -94.79% | 765.28% | -396.76% | 111.06% | -570.16% | -53.68% | 26.42% | 92.09% | -9570.52% | - |
| Net Income (Continuing) | -73.96M | 2.99M | 9.73M | 17.05M | 17.1M | 9.07M | 9.49M | 9.55M | 7.37M | 69K | -2.93M | -6.23M | -7.34M | 1.55M | 1.56M | 350K | 2.38M | 110.95K | 2.13M | -320.37K | 301.06K | -975.88K | 40.7K | -94.75K | -128.77K | -1.63M | -16.84K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -89K | -89K | -89K | -89K | -89K | -66K | -34K | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.44 | 0.09 | 0.27 | 0.44 | 0.40 | 0.24 | 0.25 | 0.26 | 0.20 | 0.00 | -0.08 | -0.18 | -0.21 | 0.05 | 0.05 | 0.01 | 0.07 | 0.00 | 0.06 | -0.01 | 0.01 | -0.04 | -0.01 | -0.64 | -81.97 | -682.53 | -0.00 |
| EPS Growth % | -1741.28% | -66.67% | -38.64% | 10% | 66.67% | -4% | -3.85% | 30% | - | 102.36% | 53% | 14.29% | -561.54% | 0% | - | -87.48% | - | -94.81% | 625.62% | - | 123.33% | - | 99.06% | 99.22% | 87.99% | - | - |
| EPS (Basic) | - | 0.09 | 0.27 | 0.44 | 0.41 | 0.24 | 0.27 | 0.27 | 0.21 | 0.00 | -0.08 | -0.18 | -0.21 | 0.05 | 0.05 | 0.01 | 0.07 | 0.00 | 0.07 | -0.01 | 0.01 | -0.04 | -0.01 | -0.64 | -81.97 | -682.53 | -0.00 |
| Diluted Shares Outstanding | 30.31M | 32.3M | 36.14M | 39.13M | 43.12M | 38.44M | 37.36M | 37.45M | 36.52M | 34.4M | 34.4M | 34.33M | 34.27M | 34.34M | 34.08M | 33.78M | 33.41M | 33.69M | 31.3M | 26.43M | 25.43M | 25M | 24.37M | 148.53K | 1.57K | 2.39K | 37.45M |
| Basic Shares Outstanding | 30.31M | 31.94M | 35.55M | 38.47M | 42.15M | 37.26M | 35.68M | 35.75M | 35.37M | 34.4M | 34.4M | 34.1M | 34.27M | 34.17M | 33.83M | 33.6M | 33.13M | 31.89M | 29.26M | 26.43M | 25.43M | 25M | 24.37M | 148.53K | 1.57K | 2.39K | 35.75M |
| Dividend Payout Ratio | - | 0.3% | 0.03% | 21.19% | 0.01% | - | 23.83% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Severe Revenue and Margin Erosion
As reported in recent financial statements, ZYXI experienced a dramatic revenue decline to $13.4 million in 2025Q3, representing a 73.3% year-over-year contraction that signals significant instability in the company's core outpatient electrotherapy business model and its ability to maintain historical prescription volumes.
The precipitous drop in quarterly revenue suggests that the company's reliance on a direct sales force may no longer be effectively converting physician interest into billable insurance claims. Investors should monitor whether this trend reflects a fundamental loss of market share or a broader regulatory tightening of medical necessity requirements for electrotherapy devices.
Based on the company's latest quarterly filings, gross margins have deteriorated to 60.5% in 2025Q3, a significant departure from the 80% levels maintained throughout 2023 and early 2024, indicating potential pricing pressure or a shift toward lower-reimbursing payer segments within the US market.
The erosion of gross margin suggests that the company's high-margin 'razor-blade' model for consumables is facing structural headwinds. This contraction may imply that the company is forced to accept lower reimbursement rates to maintain volume, which undermines the long-term profitability of its installed base.
According to the income statement data, ZYXI's operating income plummeted to a loss of $44.0 million in 2025Q3, as SG&A expenses of $21.3 million failed to scale down in proportion to the collapsing top-line revenue, resulting in a negative operating margin of 3.3%.
The inability to right-size SG&A expenses in response to falling revenue indicates a lack of operational flexibility. This suggests that the company's fixed cost base, particularly its sales infrastructure, has become a significant burden that is actively accelerating the depletion of capital reserves.
Financial data indicates that ZYXI's net income has swung to a $42.9 million loss in 2025Q3, raising serious questions about the viability of the current business model as the company struggles to reconcile high fixed operating costs with a rapidly shrinking revenue base.
Short-sellers would likely focus on the disconnect between the company's historical reliance on aggressive sales expansion and the current reality of declining demand. The transition to negative net margins suggests that the company may be approaching a critical inflection point where external financing or drastic restructuring becomes necessary.
Quick answers to the most common questions about buying ZYXI stock.
For fiscal year 2024, Zynex, Inc. (ZYXI) reported total revenue of $192.4M. This represents a 1549392.5% increase compared to $0.0M in 1998.
Zynex, Inc. (ZYXI) is profitable, generating $3.0M in net income for the fiscal year ending 2024 with a net profit margin of 1.6%.
Zynex, Inc. (ZYXI) reported an operating income of $6.0M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Zynex, Inc. (ZYXI) generated $152.9M in gross profit for the year, representing a gross profit margin of 79.5%. This demonstrates the company's core pricing power and production efficiency.