$ZYXI
ZYNEX INC

2015 Q4 Form 10-Q Financial Statement

#000156459015010837 Filed on November 17, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $2.720M $2.667M $2.196M
YoY Change 23.86% -39.44% -34.45%
Cost Of Revenue $1.580M $726.0K $1.410M
YoY Change 12.06% -40.05% -44.05%
Gross Profit $1.140M $1.941M $790.0K
YoY Change 44.3% -39.21% -4.82%
Gross Profit Margin 41.91% 72.78% 35.97%
Selling, General & Admin $2.260M $1.943M $2.390M
YoY Change -5.44% -25.53% -41.28%
% of Gross Profit 198.25% 100.1% 302.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0K
YoY Change 0.0%
% of Gross Profit 24.05%
Operating Expenses $2.260M $1.943M $2.390M
YoY Change -5.44% -25.53% -46.29%
Operating Profit -$1.120M -$226.0K -$1.600M
YoY Change -30.0% -154.85% -55.8%
Interest Expense -$140.0K $98.00K -$70.00K
YoY Change 100.0% -42.01% -46.15%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$98.00K -$80.00K
YoY Change -87.5% -31.94% -900.0%
Pretax Income -$1.260M -$324.0K $450.0K
YoY Change -380.0% -220.9% -112.06%
Income Tax -$60.00K $0.00 -$50.00K
% Of Pretax Income -11.11%
Net Earnings -$1.200M -$322.0K $530.0K
YoY Change -326.42% -224.81% -111.67%
Net Earnings / Revenue -44.12% -12.07% 24.13%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$38.38K -$0.01 $16.95K
COMMON SHARES
Basic Shares Outstanding 31.27M 31.27M
Diluted Shares Outstanding 31.27M

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $40.00K $60.00K
YoY Change -83.33% -87.5% -81.25%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $30.00K $40.00K $250.0K
YoY Change -88.0% -63.64% 614.29%
Inventory $305.0K $1.110M $1.935M
Prepaid Expenses $27.00K $250.0K
Receivables $2.426M $2.780M $3.189M
Other Receivables $0.00 $0.00 $270.0K
Total Short-Term Assets $2.766M $3.967M $5.705M
YoY Change -51.52% -47.73% -58.37%
LONG-TERM ASSETS
Property, Plant & Equipment $801.0K $874.0K $1.276M
YoY Change -37.23% -52.24% -55.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.00K $60.00K $0.00
YoY Change -100.0%
Total Long-Term Assets $930.0K $1.013M $1.409M
YoY Change -34.0% -48.84% -59.94%
TOTAL ASSETS
Total Short-Term Assets $2.766M $3.967M $5.705M
Total Long-Term Assets $930.0K $1.013M $1.409M
Total Assets $3.696M $4.980M $7.114M
YoY Change -48.05% -47.96% -58.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.477M $2.490M $2.540M
YoY Change -2.48% -9.45% -7.4%
Accrued Expenses $299.0K $530.0K $802.0K
YoY Change -62.72% -32.91% -13.76%
Deferred Revenue
YoY Change
Short-Term Debt $4.000M $4.320M $4.440M
YoY Change -9.91% -4.85% -23.71%
Long-Term Debt Due $110.0K $90.00K $80.00K
YoY Change 37.5% 12.5% -11.11%
Total Short-Term Liabilities $7.539M $7.641M $8.057M
YoY Change -6.43% -8.49% -16.8%
LONG-TERM LIABILITIES
Long-Term Debt $220.0K $260.0K $310.0K
YoY Change -29.03% 225.0% 106.67%
Other Long-Term Liabilities $10.00K $10.00K $10.00K
YoY Change 0.0% -99.65% -99.6%
Total Long-Term Liabilities $230.0K $270.0K $320.0K
YoY Change -28.13% -90.82% -87.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.539M $7.641M $8.057M
Total Long-Term Liabilities $230.0K $270.0K $320.0K
Total Liabilities $7.767M $7.909M $8.381M
YoY Change -7.33% -30.36% -32.26%
SHAREHOLDERS EQUITY
Retained Earnings -$9.845M -$8.645M -$6.934M
YoY Change 41.98% 15.9% 843.4%
Common Stock $5.863M $5.800M $5.733M
YoY Change 2.27% 1.51% 2.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.982M -$2.845M -$1.201M
YoY Change
Total Liabilities & Shareholders Equity $3.696M $4.980M $7.114M
YoY Change -48.05% -47.95% -58.69%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$1.200M -$322.0K $530.0K
YoY Change -326.42% -224.81% -111.67%
Depreciation, Depletion And Amortization $190.0K
YoY Change 0.0%
Cash From Operating Activities $260.0K $270.0K -$80.00K
YoY Change -425.0% -12.9% -126.67%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K
YoY Change 92.86%
Acquisitions
YoY Change
Other Investing Activities $50.00K -$10.00K -$40.00K
YoY Change -225.0% -133.33% -119.05%
Cash From Investing Activities $50.00K -$10.00K -$310.0K
YoY Change -116.13% -133.33% -542.86%
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 -320.0K 130.0K
YoY Change -353.85% -3.03% -125.0%
NET CHANGE
Cash From Operating Activities 260.0K 270.0K -80.00K
Cash From Investing Activities 50.00K -10.00K -310.0K
Cash From Financing Activities -330.0K -320.0K 130.0K
Net Change In Cash -20.00K -60.00K -260.0K
YoY Change -92.31% -700.0% 73.33%
FREE CASH FLOW
Cash From Operating Activities $260.0K $270.0K -$80.00K
Capital Expenditures -$270.0K
Free Cash Flow $190.0K
YoY Change -56.82%

Facts In Submission

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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, the life of its rented equipment, stock-based compensation, valuation of long-lived assets, and income taxes. </p></div>
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The Company estimates that finished units held for sale will be reserved beginning in year three and fully reserved after four years.
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CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2452000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2536000
CY2015Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1578000
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1260000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2015Q3 zyxi Number Of Active Subsidiaries
NumberOfActiveSubsidiaries
3
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-6199000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
-7301000
CY2015Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
0
CY2014 zyxi Increase Decrease In Working Capital
IncreaseDecreaseInWorkingCapital
-2352000
CY2015Q3 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.20
CY2015Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1901000
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
936000
CY2015Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2401000
CY2014Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
171000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2015Q3 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
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
67000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.011
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1735519
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.59
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y1M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
734019
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1450500
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
74000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
449000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.44
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.35
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
612172
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.35
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.46
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.63
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
945940
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
322879
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
233733
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
838328
CY2014Q4 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
0.44
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.56
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.25
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.34
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
99000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y29D
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
CY2015Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.00
CY2014Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.00
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
268000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2014-12-19

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