$ZYXI
ZYNEX INC

2014 Q2 Form 10-Q Financial Statement

#000156459014004237 Filed on October 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $760.0K $3.350M $3.829M
YoY Change -80.15% -68.37% -61.82%
Cost Of Revenue $903.0K $2.520M $1.485M
YoY Change -39.19% -14.86% -17.04%
Gross Profit -$143.0K $830.0K $2.344M
YoY Change -106.1% -89.14% -71.55%
Gross Profit Margin -18.82% 24.78% 61.22%
Selling, General & Admin $2.947M $4.070M $6.153M
YoY Change -52.1% -42.11% -15.83%
% of Gross Profit 490.36% 262.5%
Research & Development $370.0K $330.0K
YoY Change
% of Gross Profit 44.58% 14.08%
Depreciation & Amortization $190.0K $220.0K
YoY Change -17.39% -8.33%
% of Gross Profit 22.89% 9.39%
Operating Expenses $2.947M $4.450M $6.153M
YoY Change -52.1% -36.7% -15.71%
Operating Profit -$5.424M -$3.620M -$2.564M
YoY Change 111.54% -693.44% -372.77%
Interest Expense $144.0K -$130.0K $214.0K
YoY Change -32.71% -7.14% -367.5%
% of Operating Profit
Other Income/Expense, Net -$135.0K $10.00K -$136.0K
YoY Change -0.74% -75.0% 1260.0%
Pretax Income -$5.559M -$3.730M -$2.700M
YoY Change 105.89% -831.37% -421.43%
Income Tax $0.00 $820.0K -$973.0K
% Of Pretax Income
Net Earnings -$5.553M -$4.540M -$1.716M
YoY Change 223.6% -1235.0% -465.11%
Net Earnings / Revenue -730.66% -135.52% -44.82%
Basic Earnings Per Share -$0.18 -$0.06
Diluted Earnings Per Share -$0.18 -$145.7K -$0.06
COMMON SHARES
Basic Shares Outstanding 31.17M 31.15M 31.15M
Diluted Shares Outstanding 31.17M 31.15M

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $310.0K $320.0K $450.0K
YoY Change -31.11% -60.98% -27.42%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $35.00K $35.00K $3.300M
YoY Change -98.94% -38.6% 92.98%
Inventory $2.580M $5.002M $5.850M
Prepaid Expenses $346.0K
Receivables $4.980M $7.033M $9.780M
Other Receivables $370.0K $900.0K $0.00
Total Short-Term Assets $8.527M $13.70M $19.37M
YoY Change -55.98% -35.85% -7.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.051M $2.891M $3.850M
YoY Change -46.73% -21.97% 4.62%
Goodwill
YoY Change
Intangibles $178.0K
YoY Change -49.0%
Long-Term Investments
YoY Change
Other Assets $10.00K $450.0K $650.0K
YoY Change -98.46% 66.67% 124.14%
Total Long-Term Assets $2.216M $3.517M $4.780M
YoY Change -53.64% -23.11% 7.32%
TOTAL ASSETS
Total Short-Term Assets $8.527M $13.70M $19.37M
Total Long-Term Assets $2.216M $3.517M $4.780M
Total Assets $10.74M $17.22M $24.15M
YoY Change -55.52% -33.6% -5.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000M $2.743M $2.110M
YoY Change 42.18% 33.35% -22.14%
Accrued Expenses $500.0K $930.0K $1.260M
YoY Change -60.32% -56.94% -46.61%
Deferred Revenue
YoY Change
Short-Term Debt $4.880M $5.820M $6.870M
YoY Change -28.97% -1.52% 32.12%
Long-Term Debt Due $40.00K $90.00K $130.0K
YoY Change -69.23% -35.71% -7.14%
Total Short-Term Liabilities $9.806M $9.684M $11.63M
YoY Change -15.68% -19.92% -6.96%
LONG-TERM LIABILITIES
Long-Term Debt $120.0K $150.0K $140.0K
YoY Change -14.29% 36.36% -26.32%
Other Long-Term Liabilities $2.840M $2.470M $1.510M
YoY Change 88.08% 177.53% 36.04%
Total Long-Term Liabilities $2.960M $2.620M $1.650M
YoY Change 79.39% 162.0% 26.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.806M $9.684M $11.63M
Total Long-Term Liabilities $2.960M $2.620M $1.650M
Total Liabilities $12.84M $12.37M $14.05M
YoY Change -8.59% -10.86% -1.75%
SHAREHOLDERS EQUITY
Retained Earnings -$7.718M -$735.0K
YoY Change -111.19%
Common Stock $5.672M $5.617M
YoY Change 2.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.046M $4.882M $10.10M
YoY Change
Total Liabilities & Shareholders Equity $10.74M $17.22M $24.15M
YoY Change -55.52% -33.6% -5.26%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income -$5.553M -$4.540M -$1.716M
YoY Change 223.6% -1235.0% -465.11%
Depreciation, Depletion And Amortization $190.0K $220.0K
YoY Change -17.39% -8.33%
Cash From Operating Activities $730.0K $300.0K $50.00K
YoY Change 1360.0% -6.25% -118.52%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$380.0K
YoY Change -62.16% -40.63%
Acquisitions
YoY Change
Other Investing Activities $160.0K $210.0K -$140.0K
YoY Change -214.29% -8.7%
Cash From Investing Activities $170.0K $70.00K -$520.0K
YoY Change -132.69% -153.85% -18.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -780.0K -520.0K 230.0K
YoY Change -439.13% 160.0% -71.25%
NET CHANGE
Cash From Operating Activities 730.0K 300.0K 50.00K
Cash From Investing Activities 170.0K 70.00K -520.0K
Cash From Financing Activities -780.0K -520.0K 230.0K
Net Change In Cash 120.0K -150.0K -240.0K
YoY Change -150.0% 1400.0% 118.18%
FREE CASH FLOW
Cash From Operating Activities $730.0K $300.0K $50.00K
Capital Expenditures -$140.0K -$380.0K
Free Cash Flow $440.0K $430.0K
YoY Change -36.23% 16.22%

Facts In Submission

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-330000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-944000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
964000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
87000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
72000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1031000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
892000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-12000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-378000
CY2012Q4 us-gaap Cash
Cash
823000
CY2013Q2 us-gaap Cash
Cash
445000
us-gaap Interest Paid
InterestPaid
133000
us-gaap Interest Paid
InterestPaid
315000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2000
us-gaap Income Taxes Paid
IncomeTaxesPaid
539000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
137000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">USE OF ESTIMATES </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant management estimates used in the preparation of the accompanying condensed consolidated financial statements are associated with the allowance for contractual adjustments and uncollectible accounts receivable, the reserve for obsolete and damaged inventory, stock-based compensation, valuation of long-lived assets, and income taxes. </p></div>
CY2014Q2 us-gaap Inventory Adjustments
InventoryAdjustments
246000
CY2014Q2 zyxi Inventory Purchase Commitments
InventoryPurchaseCommitments
81000
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4532000
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4948000
CY2014Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2481000
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2057000
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Subsidiary Of Limited Liability Company Or Limited Partnership Ownership Interest
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest
0.80
CY2013 us-gaap Profit Loss
ProfitLoss
-7340000
CY2014Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
0
zyxi Operating Expenses Reduced By Cutting Annual Employee Costs Through Headcount Reduction
OperatingExpensesReducedByCuttingAnnualEmployeeCostsThroughHeadcountReduction
7000000
zyxi Operating Expenses Reduced By Cutting Annual Employee Costs Through Headcount Reduction
OperatingExpensesReducedByCuttingAnnualEmployeeCostsThroughHeadcountReduction
7000000
us-gaap Operating Leases Rent Expense Contingent Rentals
OperatingLeasesRentExpenseContingentRentals
1000
CY2014Q2 zyxi Consumable Supplies Unsold To Patients
ConsumableSuppliesUnsoldToPatients
1641000
CY2014Q1 zyxi Consumable Supplies Unsold To Patients
ConsumableSuppliesUnsoldToPatients
468000
CY2013Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
0
CY2014Q2 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.20
CY2014Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1010000
CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1837000
CY2014Q2 us-gaap Inventory Write Down
InventoryWriteDown
2005000
CY2014Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2394000
CY2014Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
289000
CY2014Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
403000
CY2014Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
503000
CY2013Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1278000
us-gaap Inventory Related Text
InventoryRelatedText
The Company now estimates that finished units held for sale will be reserved beginning in year three and fully reserved after four years compared to five years
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3000000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
25000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
33000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
50000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2472216
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
919822
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1602394
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
801875
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.29
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.66
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.00
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y2M12D
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1663593
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
90002
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
823072
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
800519
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.29
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.69
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.25
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.28
CY2014Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
146000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y7D
CY2014Q2 zyxi Payment For Contingent Consideration
PaymentForContingentConsideration
4000
CY2013Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.36
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.36
CY2014Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.00
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.00
CY2014Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1999000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2514000
CY2014Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2014Q2 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
522000
CY2014Q2 us-gaap Income Tax Receivable
IncomeTaxReceivable
893000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2014-12-19
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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