Citing solid increase in orders and strong collections, medical technology company Zynex Inc. (ZYXI) raised its Q2 revenue outlook to a range of $18.9 million – $19.4 million from the previously communicated range of $17.5 million – $18.0 million.
Analysts polled by Thomson Reuters expect revenue of $17.98 million for the quarter. Analysts’ estimate typically exclude certain special items.
The Englewood, Colorado-based company also boosted its fiscal 2020 revenue guidance range to $80 million – $85 million compared to the prior estimated view of $78 million – $83 million. The updated revenue estimate is now about 76% – 87% above last year’s full year revenue of $45.5 million. Four Wall Street analysts have a consensus revenue estimate of $81.02 million for fiscal 2020.
Orders in the second quarter were 37% above the number of orders in the second quarter of 2019 and 23% sequentially below the first quarter of 2020 due to COVID-19.
Thomas Sandgaard, CEO of Zynex said, “Similar to most companies we have seen the impact of the COVID-19 pandemic, not only on the availability of physicians to prescribe our products but also on navigating employee and supply chain issues. Our continued order growth during this pandemic shows the strength of relationships our sales force has with many prescribers and the need for them to prescribe non-opioid, non-addictive prescription strength solutions for their patients in pain.”
ZYXI closed Thursday’s regular trading session at $25.71, down 65 cents or 2.47%. However, in the extended session, the stock rose $1.24 or 4.82% to $26.95. Trading volume was 619K shares versus an average volume of 1.08 million shares.
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