ZYXI Company Report

Zynex, Inc. and its subsidiaries initiated voluntary Chapter 11 bankruptcy proceedings on December 15, 2025.
To support operations during bankruptcy, the company secured a $22.3 million delayed draw senior secured debtor-in-possession (DIP) term loan facility on December 17, 2025, receiving an initial draw of $10.15 million on December 18, 2025.
Nasdaq notified Zynex on December 17, 2025, of its decision to delist the company's common stock due to the Chapter 11 cases, with trading suspension set for December 24, 2025. The company does not intend to appeal this determination.
The company cautions that trading in its securities is highly speculative, and equity holders are expected to experience a significant loss on their investment.

Dec 18, 2025, 9:30 PM

8-K

Zynex Initiates Chapter 11 Financial Restructuring

ZYXI

Legal Proceedings

Debt Issuance

Delisting/Listing Issues

Zynex, Inc. and certain subsidiaries voluntarily filed for Chapter 11 financial restructuring on December 15, 2025, in the United States Bankruptcy Court for the Southern District of Texas.
The restructuring is supported by new financing from the Company’s lenders, including a $22.3 million Debtor-in-Possession (DIP) Facility provided by DIP Lenders, which includes CEO Steven Dyson.
Consenting Noteholders, representing approximately 80% of the outstanding principal amount of the 5.00% Convertible Senior Notes due 2026, have agreed to support the Restructuring Transactions.
The restructuring plan contemplates a competitive sale process for all or substantially all of the Company’s assets or equity interests, with the Plan Sponsor receiving 100% of the equity of Reorganized Zynex.
The company states that operations will continue as usual with no impact to patients, customers, or employees, aiming for long-term success.

Dec 16, 2025, 1:09 PM

8-K

Zynex Enters Chapter 11 Financial Restructuring

ZYXI

Legal Proceedings

Debt Issuance

Zynex, Inc. (NASDAQ: ZYXI) has voluntarily entered into a Chapter 11 court-supervised financial restructuring.
This restructuring is supported by new financing from the Company's lenders, which the CEO believes demonstrates confidence and puts Zynex on a path to long-term success.
Zynex operations will continue as usual, with no impact to patients, customers, or employees.

Dec 16, 2025, 1:00 PM

Press Release

Zynex Reports Q3 2025 Results Amidst Turnaround Efforts and Debt Challenges

ZYXI

Earnings

Management Change

Legal Proceedings

Zynex reported net revenue of $13.4 million for Q3 2025, a significant decrease from Q3 2024, primarily due to the TRICARE payment suspension and a $2.8 million reduction in revenue related to TRICARE payments. The company posted a net loss of $42.9 million, or $1.42 per share, which included a $30.7 million non-cash asset impairment charge.
As of September 30, 2025, Zynex had $13.3 million in cash and cash equivalents and experienced negative cash flow of $6.3 million in Q3.
The company did not make a $1.5 million interest payment due November 17, 2025, on its $60 million convertible senior notes that mature in May 2026, and has entered a 30-day grace period while engaging in discussions with debt holders regarding potential restructuring.
A new management team, including CEO Stephen Dyson and CFO Vikram Bajaj, has been in place for three months, implementing a three-part strategy focused on addressing government investigations, managing debt obligations and liquidity, and improving core business revenue and cash flow performance.

Nov 18, 2025, 2:00 PM

Transcript

Zynex Reports Significant Q3 2025 Financial Decline Amidst Debt Challenges and New Management Turnaround Efforts

ZYXI

Earnings

Management Change

Debt Issuance

Zynex reported a significant decline in Q3 2025 financial results, with net revenue of $13.4 million compared to $50 million in Q3 2024, and a net loss of $42.9 million or $1.42 per share, primarily due to the TRICARE payment suspension and a $30.7 million non-cash asset impairment charge.
The company faces liquidity challenges, reporting $13.3 million in cash as of September 30, 2025, with negative cash flow of $6.3 million in Q3, and has entered a 30-day grace period after failing to make a $1.5 million interest payment on its $60 million convertible notes due May 2026.
A new management team, including CEO Stephen Dyson and CFO Vikram Bajaj, has implemented a three-part strategy focusing on addressing government investigations, managing debt obligations, and improving core business performance, with early signs of order stabilization.

Nov 18, 2025, 2:00 PM

Transcript

Zynex Reports Q3 2025 Financial Results Amidst Strategic Turnaround Efforts

ZYXI

Earnings

Management Change

Legal Proceedings

Zynex reported net revenue of $13.4 million for Q3 2025, a significant decrease from $50 million in Q3 2024, primarily attributed to the TRICARE payment suspension and workforce reductions.
The company recorded a net loss of $42.9 million and an Adjusted EBITDA loss of $12.3 million in Q3 2025, compared to net income and positive Adjusted EBITDA in the prior year period, with a $30.7 million non-cash asset impairment charge contributing to the loss.
As of September 30, 2025, Zynex held $13.3 million in cash and cash equivalents but experienced negative cash flow of $6.3 million in Q3. The company's $60 million convertible senior notes are due in May 2026, and it entered a 30-day grace period for a $1.5 million interest payment due November 17, 2025, while engaging in discussions with debt holders regarding potential restructuring.
Zynex has implemented a three-part strategy to address its challenges, focusing on engaging with government agencies regarding ongoing investigations, managing debt obligations and liquidity concerns, and improving core business revenue and cash flow performance, supported by a new management team and board additions.

Nov 18, 2025, 2:00 PM

Transcript

Zynex Reports Q3 2025 Financial Results and Strategic Actions

ZYXI

Earnings

Profit Warning

Debt Issuance

Zynex reported a significant decline in Q3 2025 financial results, with net revenue of $13.4 million (down from $50.0 million in Q3 2024) and a net loss of ($42.9) million, or ($1.42) per basic and diluted share, compared to net income of $2.3 million, or $0.07 per share, in the prior year quarter.
The company's net loss was negatively impacted by a $30.7 million non-cash asset impairment charge and operational challenges including a Tricare payment suspension and workforce reductions.
To address liquidity challenges, Zynex has engaged Province, LLC, to evaluate strategic alternatives and will not make a $1.5 million interest payment due November 17, 2025, on its $60 million Convertible Notes, entering a 30-day grace period and discussing restructuring with note holders.
As of September 30, 2025, Zynex held $13.3 million in cash and cash equivalents and reported ($23.0) million in cash flow from operations for the nine months ended September 30, 2025.

Nov 17, 2025, 10:15 PM

Press Release

Zynex Announces Strategic Initiatives and Board Appointment

ZYXI

Board Change

M&A

Zynex, Inc. has engaged Province, LLC, a financial advisory firm, to evaluate a range of strategic alternatives, including potential capital raising opportunities and recapitalization and restructuring strategies.
The company announced the appointment of Paul Aronzon to its Board of Directors. Mr. Aronzon brings over 40 years of experience in corporate restructurings and reorganizations.
A Special Committee composed of independent directors has been formed to oversee the assessment of these strategic alternatives, with Mr. Aronzon serving as Chair.

Nov 14, 2025, 1:15 PM

Press Release

Zynex Announces Strategic Shift for NiCO™ CO-Oximeter and Related Charges

ZYXI

Layoffs

New Projects/Investments

Profit Warning

Zynex, Inc. is changing its strategy for the NiCO™ CO-Oximeter, developed by its subsidiary Zynex Monitoring Solutions, Inc. (ZMS), and will now seek a commercialization partner rather than pursuing independent commercialization.
This strategic shift resulted in the termination of a majority of ZMS employees on October 1, 2025.
The company expects to incur approximately $0.1 million in pre-tax cash severance charges in Q4 2025 and up to approximately $31.0 million in pre-tax non-cash asset impairment charges, primarily related to ZMS goodwill and assets, in Q3 2025.