Zynex Empowers Shareholders with $10 Million Stock Repurchase Plan
ENGLEWOOD, Colo., Sept. 11, 2023 /PRNewswire/ — In a strategic move to fortify its market position, Zynex, Inc. (NASDAQ: ZYXI), a trailblazing innovator in the realm of medical technology, specializing in cutting-edge non-invasive medical devices for pain management, rehabilitation, and patient monitoring, is thrilled to announce the launch of a $10.0 million stock repurchase program. This exciting initiative, approved by the board of directors, is set to kick off on September 13, 2023, and will run until September 12, 2024, or until the $10.0 million limit is attained.
Thomas Sandgaard, the Founder and CEO of Zynex, commented, “We remain steadfast in our commitment to delivering exceptional returns to our valued shareholders. Our decision to continue this repurchase program underscores our unwavering confidence in the bright prospects and robust cash flow of the Company. This affords us the opportunity to invest in Zynex’s promising future while simultaneously rewarding our loyal shareholders.”
The Company is poised to engage in stock repurchases via open market transactions and negotiated deals throughout the next twelve months. The execution of these transactions will align with the guidelines stipulated by the SEC’s Rule 10b-18 and will be contingent upon various factors, including market conditions, liquidity, cash flow, and legal requirements.
Zynex retains full discretion over the pricing, quantity, and timing of these purchases. It’s important to note that this program is non-binding and can be halted or terminated at any time, including if the Company is deemed to be acquiring its shares under Rule 13e-3 of the Securities Exchange Act of 1934, as amended.
The Company intends to finance these stock acquisitions using its existing cash reserves, with no expected material impact on its capital levels.
As of September 8, 2023, Zynex, Inc. boasted approximately 41.7 million shares issued, with 35.1 million shares outstanding.
About Zynex, Inc.
With a legacy dating back to 1996, Zynex has been at the forefront of pioneering medical technology. The company’s focus is on the development, manufacturing, and distribution of cutting-edge medical devices. These devices serve critical functions, ranging from effective pain management and rehabilitation to advanced non-invasive systems for monitoring fluid levels, detecting sepsis, and utilizing laser-based pulse oximetry in hospital settings. Zynex’s dedication to innovation continues to reshape the landscape of healthcare.
Safe Harbor Statement
In this age of innovation, we must tread carefully when it comes to envisioning what lies ahead. The following message contains forward-looking statements, an attempt to gaze into the crystal ball of tomorrow’s possibilities. But remember, these statements are not guarantees of what’s to come; they’re more like educated guesses based on our current beliefs, expectations, and assumptions about the future of our business. We’re talking about our plans, strategies, events, and trends that we hope will unfold as we anticipate.
But, as with any peek into the future, it comes with its fair share of uncertainties and risks. Many factors, often beyond our control, can influence the actual outcomes. What we predict today may not align perfectly with reality tomorrow, so it’s best not to put all your eggs in this particular basket.
We make no promises or guarantees about the completeness, achievability, or accuracy of our forward-looking statements or projections. Things change, circumstances shift, and surprises happen. There’s always a chance that our actual results and financial status will look quite different from what we’re discussing here.
Some of the things that might throw a wrench into our well-laid plans include regulatory hurdles, the reception of our products by medical professionals and institutions, fierce competition from well-funded rivals, the need to stay up-to-date with rapidly advancing technology, the ever-evolving landscape of health insurance reimbursement, and our reliance on third-party manufacturers. Add to that mix the ongoing impact of the COVID-19 pandemic on the world’s economy.
So, while we’re excited about the possibilities, please take our forward-looking statements with a pinch of caution. They’re based on information we have at the moment and speak only as of today. We’re not making any promises to update these statements, and the future is an unpredictable place. Let’s journey forward with our eyes wide open.