Shares of Zynex, Inc. (ZYXI), a medical technology company, are falling more than 26 percent or $5.26 in Monday's morning trade at $14.47.
Monday, Zynex said its order growth for the third quarter was 96 percent year over year and 87 percent sequentially, but slightly lower than originally projected by the company for the quarter.
Due to lower than expected orders in the second and third quarter related to COVID-19, Zynex lowered its revenue estimate for the third quarter to between $20.0 million and $20.5 million from the prior range between $22.3 and $22.8 million. However, third-quarter adjusted EBITDA is in-line with the previous estimate and is expected to come in between $2.3 million and $2.8 million.
For fiscal 2020, Zynex now projects revenue between $80 million and $81 million, which is within the previously announced range of $80 million to $85 million.
The company also lowered its outlook for full-year adjusted EBITDA to a range of $12.5 million to $13.5 million, from the prior range of $15 million to $18 million, with the decrease primarily related to the accelerated hiring of sales reps.
Zynex has traded in a range of $7.51 to $29.73 in the past 52 weeks.
For comments and feedback contact: editorial@rttnews.com
