Zynex has reported net revenues of $8,395,000 for the three months ended 30 June 2011, a 46% increase over second quarter 2010 net revenue and a 27% increase over the first quarter of 2011.
Year to date net revenue of $15,028,000 increased 42% over the prior year to date net revenue.
Zynex has reported an operating income of $899,000, income before income tax of $822,000 and net income of $484,000, versus second quarter 2010 income from operations of $130,000, income before income tax of $82,000 and net income of $30,000.
Second quarter 2011 gross profit $6,668,000 reflects a 79% gross profit percentage, unchanged from the second quarter 2010 gross profit percentage.
Selling, general and administrative (SG&A) expenses increased 31% from $4,390,000 to $5,769,000 due to specific investments made to expand the sales force and improve billing and reimbursement department efficiencies.
CEO Thomas Sandgaard said overall demand for our products remains robust, as we continued strong top-line growth for the quarter.
Previous investments made in our infrastructure to accommodate our current and anticipated sales growth have begun to payoff.
"Our long term goal is to diversify our revenue base currently being driven by our Zynex Medical, electrotherapy subsidiary, through our additional subsidiaries, Zynex Monitoring Solutions and Zynex NeuroDiagnostics, which should provide us access to new markets.
"We continue to make progress on our blood volume monitor device, currently being developed in our Zynex Monitoring Solutions subsidiary, in which we have a working prototype preparing for clinical evaluations that will be used to provide substantiation for FDA submission and international regulatory clearance.
"We have also been studying the markets for both Zynex NeuroDiagnostics and Zynex Monitoring Solutions and have identified potential growth opportunities," Sandgaard said.