ZYNEX INC: insider trades · United States · SEC (Form 4)

About ZYNEX INC

Zynex Inc. (ticker: ZYXI) is a U.S. medical-device company that has been listed on the NASDAQ market in the United States. Headquartered in Englewood, Colorado, the company was founded in 1996 by Thomas Sandgaard. Its core franchise has historically focused on electrotherapy and pain-management solutions, serving patients and healthcare providers primarily in the United States and, more broadly, North America. ([sec.gov](https://www.sec.gov/Archives/edgar/data/846475/000155837025002717/zyxi-20241231x10k.htm?utm_source=openai)) The company’s main operating business is Zynex Medical, which designs, manufactures, and markets devices used to treat acute and chronic pain and to activate and rehabilitate muscles through electrical stimulation. Its commercial portfolio includes devices such as TENS, IFC, and NMES systems, sold or leased alongside recurring consumables, as well as complementary rehabilitation products including cervical and lumbar traction, knee braces, wrist supports, and hot/cold therapy products. That mix of device sales and recurring supply revenue is an important feature of the model, as growth in the installed base can support follow-on consumable demand. ([sec.gov](https://www.sec.gov/Archives/edgar/data/846475/000155837025009557/zyxi-20241231x10ka.htm?utm_source=openai)) Zynex also operates Zynex Monitoring Solutions (ZMS), a smaller and more developmental segment focused on non-invasive monitoring technologies. SEC filings indicate that ZMS developed a fluid-monitoring system that received initial FDA approval in the U.S., and the company has also pursued European regulatory pathways. More recently, the company disclosed a strategic reset of this business, including a major workforce reduction at ZMS to capture cost savings, underscoring that monitoring remains an option value asset rather than a mature earnings driver. ([sec.gov](https://www.sec.gov/Archives/edgar/data/846475/000155837025002717/zyxi-20241231x10k.htm?utm_source=openai)) From a competitive standpoint, Zynex is a niche player in non-invasive pain treatment and rehabilitation rather than a broad diversified medtech platform. Its positioning depends on physician relationships, sales-force execution, reimbursement access, and the breadth of its home-use therapy offering. The company has stated that substantially all of its revenue has come from North America, so its geographic footprint remains concentrated and comparatively limited internationally. ([sec.gov](https://www.sec.gov/Archives/edgar/data/846475/000155837025009557/zyxi-20241231x10ka.htm?utm_source=openai)) Recent developments are highly material for investors. During 2025, Zynex reported weaker order trends, lower supplies revenue, a trimmed sales force, and pressure from temporary Tricare reimbursement issues. The company also disclosed a restructuring of ZMS. Most importantly, on December 15, 2025, Zynex and certain subsidiaries filed voluntary Chapter 11 petitions in the United States, after which Nasdaq suspended trading of the common stock and the shares were moved to the Pink Limited Market in late December 2025. For equity investors, that means Zynex should be viewed as a distressed turnaround case with significant operational, reimbursement, and balance-sheet risk. ([sec.gov](https://www.sec.gov/Archives/edgar/data/846475/000110465925121390/zyxi-20251215x8k.htm?utm_source=openai))