$ZYXI
ZYNEX INC

2014 Q3 Form 10-Q Financial Statement

#000156459014005224 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $4.404M $5.191M
YoY Change -15.16% -48.61%
Cost Of Revenue $1.211M $1.546M
YoY Change -21.67% -30.23%
Gross Profit $3.193M $3.645M
YoY Change -12.4% -53.78%
Gross Profit Margin 72.5% 70.22%
Selling, General & Admin $2.609M $4.713M
YoY Change -44.64% -34.3%
% of Gross Profit 81.71% 129.3%
Research & Development $250.0K
YoY Change
% of Gross Profit 6.86%
Depreciation & Amortization $470.0K $200.0K
YoY Change 135.0% -13.04%
% of Gross Profit 14.72% 5.49%
Operating Expenses $2.609M $4.713M
YoY Change -44.64% -34.3%
Operating Profit $412.0K -$1.068M
YoY Change -138.58% -250.0%
Interest Expense $169.0K $136.0K
YoY Change 24.26% 14.29%
% of Operating Profit 41.02%
Other Income/Expense, Net -$144.0K -$136.0K
YoY Change 5.88% 8.8%
Pretax Income $268.0K -$1.204M
YoY Change -122.26% -305.11%
Income Tax $0.00 -$455.0K
% Of Pretax Income 0.0%
Net Earnings $258.0K -$738.0K
YoY Change -134.96% -306.15%
Net Earnings / Revenue 5.86% -14.22%
Basic Earnings Per Share $0.01 -$0.02
Diluted Earnings Per Share $0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding 31.22M 31.15M
Diluted Shares Outstanding 31.22M 31.15M

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $320.0K $470.0K
YoY Change -31.91% -44.05%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $110.0K $1.712M
YoY Change -93.57% 0.12%
Inventory $2.480M $6.131M
Prepaid Expenses $178.0K
Receivables $4.460M $8.824M
Other Receivables $220.0K $0.00
Total Short-Term Assets $7.590M $19.17M
YoY Change -60.4% -10.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.830M $3.282M
YoY Change -44.24% -16.06%
Goodwill $212.0K
YoY Change
Intangibles $64.00K
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $630.0K
YoY Change -100.0% 125.0%
Total Long-Term Assets $1.980M $4.191M
YoY Change -52.76% -10.12%
TOTAL ASSETS
Total Short-Term Assets $7.590M $19.17M
Total Long-Term Assets $1.980M $4.191M
Total Assets $9.570M $23.36M
YoY Change -59.03% -10.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.750M $2.289M
YoY Change 20.14% -6.57%
Accrued Expenses $790.0K $1.120M
YoY Change -29.46% -55.2%
Deferred Revenue
YoY Change
Short-Term Debt $4.540M $6.290M
YoY Change -27.82% 3.45%
Long-Term Debt Due $80.00K $110.0K
YoY Change -27.27% -21.43%
Total Short-Term Liabilities $8.350M $11.61M
YoY Change -28.08% -9.65%
LONG-TERM LIABILITIES
Long-Term Debt $80.00K $120.0K
YoY Change -33.33% -20.0%
Other Long-Term Liabilities $2.860M $1.480M
YoY Change 93.24% 43.69%
Total Long-Term Liabilities $2.940M $1.600M
YoY Change 83.75% 35.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.350M $11.61M
Total Long-Term Liabilities $2.940M $1.600M
Total Liabilities $11.36M $13.99M
YoY Change -18.83% -3.9%
SHAREHOLDERS EQUITY
Retained Earnings -$7.459M $3.808M
YoY Change -295.88%
Common Stock $5.714M $5.582M
YoY Change 2.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.745M $9.390M
YoY Change
Total Liabilities & Shareholders Equity $9.568M $23.36M
YoY Change -59.04% -10.81%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $258.0K -$738.0K
YoY Change -134.96% -306.15%
Depreciation, Depletion And Amortization $470.0K $200.0K
YoY Change 135.0% -13.04%
Cash From Operating Activities $310.0K $260.0K
YoY Change 19.23% -262.5%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K
YoY Change -118.18%
Acquisitions
YoY Change
Other Investing Activities $30.00K $440.0K
YoY Change -93.18% -155.0%
Cash From Investing Activities $30.00K $380.0K
YoY Change -92.11% -180.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -330.0K -610.0K
YoY Change -45.9% -172.62%
NET CHANGE
Cash From Operating Activities 310.0K 260.0K
Cash From Investing Activities 30.00K 380.0K
Cash From Financing Activities -330.0K -610.0K
Net Change In Cash 10.00K 30.00K
YoY Change -66.67% -85.71%
FREE CASH FLOW
Cash From Operating Activities $310.0K $260.0K
Capital Expenditures -$60.00K
Free Cash Flow $320.0K
YoY Change -165.31%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Use Of Estimates
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<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>
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us-gaap Inventory Related Text
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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 previously.
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1.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y10M24D
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2014Q3 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 Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1663593
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
120294
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
826697
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.29
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.22
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.71
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.25
CY2014Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
174000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M9D
CY2014Q2 zyxi Payment For Contingent Consideration
PaymentForContingentConsideration
4000
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.37
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.37
CY2014Q3 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
CY2014Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2484000
CY2014Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
674000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2014-12-19
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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