ENGLEWOOD, Colo., Nov. 1, 2022
/PRNewswire/ -- Zynex, Inc. (NASDAQ: ZYXI), an innovative
medical technology company specializing in the manufacture and sale
of non-invasive medical devices for pain management,
rehabilitation, and patient monitoring, today announced that its
board of directors approved a program to buy back $10.0 million of the Company's common stock. The
program will commence on November 1,
2022 and is scheduled to terminate on October 31, 2023 or when the $10.0 million buyback limit is reached.
"We are committed to driving long-term value for our
shareholders and believe that the current strength of our balance
sheet presents a strategic opportunity for a third buyback
program," said Thomas Sandgaard,
founder, and CEO of Zynex. "We've repurchased $20 million of our common stock thus far in 2022
and an additional $10 million share
buyback reiterates our commitment to creating value. We believe our
consistent performance and ability to maintain profitability is not
reflected in Zynex's market valuation and are initiating this
buyback program as an attractive opportunity to deploy capital and
return value to our shareholders."
Under the share buyback program, buybacks may be made from
time-to-time in open market and negotiated purchases, effective
immediately through the next twelve months. These buybacks
will be made in compliance with the SEC's Rule 10b-18, subject to market conditions, available
liquidity, cash flow, applicable legal requirements, and other
factors. The specific prices, numbers of shares, and timing of
purchase transactions will be determined by the Company from time
to time in its sole discretion. This program does not
obligate the Company to acquire any particular amount of
common stock, and the program may be suspended or discontinued at
any time, including in the event the Company would be deemed to be
making an acquisition of its own shares under Rule 13e-3 of the
Securities Exchange Act of 1934, as amended.
The Company expects to finance the purchases with existing
cash balances, which is not expected to have a material impact on
capital levels.
Zynex, Inc. had approximately 41.6 million shares issued and
37.5 million shares outstanding as of November 1, 2022.
About Zynex, Inc.
Zynex, founded in 1996, develops, manufactures, markets, and
sells medical devices used for pain management and rehabilitation
as well as non-invasive fluid, sepsis, and laser-based pulse
oximetry monitoring systems for use in hospitals. For additional
information, please visit: www.zynex.com.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to
the future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore you should not rely on any of
these forward looking statements. The Company makes no express or
implied representation or warranty as to the completeness of
forward-looking statements or, in the case of projections, as to
their attainability or the accuracy and completeness of the
assumptions from which they are derived. Factors that could cause
actual results to materially differ from forward-looking statements
include, but are not limited to, the need to obtain CE marking of
new products, the acceptance of new products as well as existing
products by doctors and hospitals, larger competitors with greater
financial resources, the need to keep pace with technological
changes, our dependence on the reimbursement for our products from
health insurance companies, our dependence on third party
manufacturers to produce our products on time and to our
specifications, implementation of our sales strategy including a
strong direct sales force, the impact of COVID-19 on the global
economy and other risks described in our filings with the
Securities and Exchange Commission including but not limited to,
our Annual Report on Form 10-K for the year ended December 31,
2021 as well as our quarterly reports on Form 10-Q and current
reports on Form 8-K.
Any forward-looking statement made by us in this release is
based only on information currently available to us and speaks only
as of the date on which it is made. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Contact: Zynex, Inc. (800) 495-6670
Investor Relations Contact:
Gilmartin Group
650 Fifth Ave., Suite 2720
New York, NY 10019
ir@zynex.com
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SOURCE Zynex