Current Report Filing (8-k)
July 13 2020 - 08:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 9, 2020
Zynex, Inc.
(Exact Name of Registrant as Specified in
its Charter)
Nevada
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001-38804
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90-0275169
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(State or other jurisdiction
of incorporation)
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Commission File
Number
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(I.R.S. Employer Identification number)
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9555 Maroon Circle, Englewood,
CO 80112
(Address of principal
executive offices) (Zip Code)
Registrant's telephone number, including
area code: (303) 703-4906
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Ticker symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.001 par value per share
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ZYXI
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The Nasdaq Stock Market LLC
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Indicate by check mark whether the registrant is an emerging
growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
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ITEM 2.02
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Results of Operations and Financial Condition
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On July 9, 2020, Zynex, Inc. (the “Company”)
issued a press release announcing select estimated results for the three months ended June 30, 2020 and updated guidance for the
full year 2020. The full text of the press release is furnished herewith as Exhibit 99.1.
Non-GAAP Financial Measures
The Company reports its financial results in accordance with
accounting principles generally accepted in the U.S. (GAAP). In addition, the Company provided in the furnished press release financial
information in the form of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, other income/expense and
stock compensation). The Company’s management believes this non-GAAP financial measure is useful to investors and lenders
in evaluating the overall financial health of the Company in that it allows for greater transparency of additional financial data
routinely used by management to evaluate performance. Adjusted EBITDA can be useful for investors or lenders as an indicator of
available earnings. Non-GAAP financial measures should not be considered in isolation from or as an alternative to the financial
information prepared in accordance with GAAP.
The Company’s income tax expense for the
three months ended June 30, 2020 has not yet been finalized and is currently estimated to range from 10% to 20% of pre-tax income.
The following is a reconciliation of GAAP to
Non-GAAP financial measures provided in the furnished press release assuming a 10% or 20% effective tax rate:
ZYNEX, INC.
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Reconciliation of GAAP to Non-GAAP Measures
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(in thousands)
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(unaudited)
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For the Three Months Ended June 30,
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20% Effective Tax Rate
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2020
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Adjusted EBITDA:
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Net income
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$
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3,291
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Depreciation and Amortization*
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97
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Stock-based compensation expense
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579
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Interest expense and other, net
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5
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Income tax expense
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928
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Adjusted EBITDA
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$
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4,900
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For the Three Months Ended June 30,
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10% Effective Tax Rate
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2020
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Adjusted EBITDA:
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Net income
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$
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3,347
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Depreciation and Amortization*
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97
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Stock-based compensation expense
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579
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Interest expense and other, net
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5
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Income tax expense
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372
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Adjusted EBITDA
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$
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4,400
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*
Depreciation does not include amounts related to units on lease to third parties which are depreciated and included in cost of
goods sold.
The Company is not able to provide a reconciliation of the Company’s forward-looking
guidance for full year 2020 Adjusted EBITDA to full year 2020 GAAP net income without unreasonable efforts due to the unknown
effect, timing and potential significance of the expense items that affect the comparable GAAP financial measure.
The information disclosed under this Item 2.02, including Exhibit
99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to
the Securities Act of 1933, as amended, except as expressly set forth in such filing.
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ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS
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d)
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Exhibits. The following exhibit is furnished with this report.
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SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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Zynex, Inc.
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Date:
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July 13, 2020
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By:
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/s/ Daniel Moorhead
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Daniel Moorhead
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Chief Financial Officer
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