<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>zynex8kex992_6282005.txt
<DESCRIPTION>INTERVIEW ARTICLE - CEO
<TEXT>
REPRINTED FROM JUNE 2005

                                 THE WALL STREET
                                   TRANSCRIPT

                           Zynex Medical, Inc. (ZYNX)


[PHOTO OF MR. SANDGAARD]

THOMAS SANDGAARD, President and Chief Executive Officer of Zynex Medical, Inc.,
founded the company in 1996. Over the past 23 years he has held management
positions with companies such as ITT, Siemens, GN Danavox, Dataco and Philips
Telecom. Most of his work has been in the areas of international sales and
distribution, technology transfers, mergers and marketing management in the
semiconductor, telecommunications, data communications and medical equipment
industries. Mr. Sandgaard has a degree in Electronics Engineering from Denmark's
Odense Teknikum and an MBA from the Copenhagen Business School.


(ABZ611) TWST: Give us a history and overview of Zynex Medical.

     Mr. Sandgaard: Zynex was founded in 1996 as a wholesaler of electrotherapy
products. Since then, the company has developed its own proprietary line of
electrotherapy products and has expanded into a business that deals directly
with physicians, patients and insurance companies. The end result is full
vertical integration and we now control the development, manufacturing and the
entire sales and marketing of our product line.

     TWST: Let's talk about the product line. Tell us about electrotherapy.

     Mr. Sandgaard: Traditionally, electrotherapy has mainly been used for pain
relief preventing disuse atrophy in muscles and preventing deep vein thrombosis
during or right after surgery. It has also been used to increase healing post-op
orthopedic surgery and many similar applications. Our traditional products
compete very well in those areas.

     Additionally, we developed the Neuromove(TM), a totally new and innovative
and highly effective device to help stroke survivors and those suffering spinal
cord injuries to regain movement for the impaired regions of their bodies. The
NeuroMove system increases the functionality of many stroke victims by teaching
the healthy parts of the brain to compensate for damaged areas. It monitors
muscle activity and selects signals from the brain indicating that the patient
is attempting to move a certain muscle. It then introduces the actual movement
through electrical stimulation. Eventually the connection between the brain and
muscle often are reestablished by relearning. This entirely new application
targets a US population of 4 million disabled stroke survivors and 400,000
people with spinal cord injuries. The NeuroMove is covered by a pending patent
with 22 claims. So, as a company we have two very solid legs to stand on: a) the
traditional, proven electrotherapy line with an existing market and b) a new and
very large worldwide market to treat stroke and spinal cord injuries with new,
proprietary and clinically proven technology. All of our products are approved
by the U.S. Food and Drug Administration.

     TWST: Let's look at the traditional market first. How big is it and is it
growing at this point?

     Mr. Sandgaard: Electrotherapy for pain relief has been a well-established
market for a couple of decades. It's about $450 million in the United States, a
similar size in the rest of the world and it's growing at about 5% or 10% a
year. We have a number of products addressing this market including TENS
(transcutaneous electrical nerve stimulation) units and IFC (interferential
current) devices. TENS units, such as our TruWave model, are small,
battery-powered devices that augment healing, alleviate swelling through
increased blood circulation and reduce both acute and chronic pain. These
benefits are accomplished

                      C O M P A N Y    I N T E R V I E W
<PAGE>


                    COMPANY INTERVIEW -- ZYNEX MEDICAL, INC.


through the use of electrical currents delivered through adhesive surface
electrodes. IFC devices, such as our IF8000, have a higher concentration of
electrical current than the TENS device and alleviate pain in patients who have
not found relief through less intense therapeutic applications. IFC penetrates
the skin more deeply than a regular TENS unit, suppressing pain transmission and
possibly even releasing endorphins, the body's natural pain killers.

     TWST: Whom do you compete with in that traditional market?

     Mr. Sandgaard: Two publicly owned $100 million plus US companies -- Empi,
Inc. in Minneapolis, Compex Technologies, formerly known as Rehabilicare, also
from Minneapolis, and privately owned RS Medical, in Vancouver, Washington.

     TWST: Where do you stand in there?

     Mr. Sandgaard: At a current $2 million plus run rate, we are obviously
quite small compared to these guys. There are also a number of privately owned
smaller players.

     TWST: In the traditional market, how do you compete against those big guys?
What sets your technology apart?

     Mr. Sandgaard: We have a much bigger potential with the stroke rehab and
spinal cord injury than the traditional market offers. So we see a great upside
there. Technology-wise, our product platform makes it very easy to develop new
products just by changing the software, thus utilizing the already developed
hardware platform. We have added a lot of features that our competition doesn't
have. And one of the most important elements in competing in this area is the
quality of the sales force. We became a publicly traded company last year and
utilized our resources to develop the sales force and expand our marketing
efforts. Beginning at the first of this year, we began seeing a substantial
increase in sales as a result of these efforts.

     TWST: Do you have to get each software change approved or is it just part
of the equipment?

     Mr. Sandgaard: A new product has to be approved by the Food and Drug
Administration, and all of our units require a prescription by a physician. So
all of our products have gone through that process. And you're right; it's a
fairly complicated regulatory process to make product modifications. But that's
just part of the medical device environment that we operate in.

     TWST: Let's talk about the newer market that you mentioned, the stroke and
spinal cord injury market. Dollarwise, how big is this market?

     Mr. Sandgaard: Dollar-wise, since we are developing it, it's still in the
million-dollar range. However, we believe that potentially this market could be
as big as $6 billion long term and, therefore, become at least as big as the
traditional electrotherapy market. This is a market where we expect to be the
frontrunner. Also, the NeuroMove receives a tremendous amount of end-user
interest, whereas the standard products receive very little.

     TWST: What is it that the Zynex product can do for these patients?

     Mr. Sandgaard: The NeuroMove enables a stroke survivor who has problems
with mobility -- it could be an arm or a leg -- to gain more movement. It's
clinically proven to be nearly 3 times as effective as regular physical therapy,
and that gives a lot of stroke survivors, even up to 20 years post stroke, the
opportunity to regain some movement. And that, in some cases, is just being able
to stretch their fingers a little more if they have a closed fist, which is a
very common problem, to a much higher level of independence in their daily
living. Maybe they can get to the point where they can use that hand to drink
water from a glass or program a microwave, or they can wash their hair using
both hands or something like that. We get testimonials from patients every day.
For example, we had an older woman who now can go to the nail salon and stretch
out her fingers to get her nails done. It can be a huge improvement, both
physically and emotionally. People who have not suffered a loss of mobility
cannot appreciate how seemingly small improvements can make enormous differences
in the quality of life for those who have. Being able to pick up a coffee cup
when two months ago you could not move your fingers is a big deal.

     TWST: How about the spinal cord patients?

     Mr. Sandgaard: The disabilities that you see in terms of mobility problems
are caused by something different from a stroke. A stroke, obviously, is damage
to brain cells, while spinal cord injury is damage to the spinal cord. We have
found that by introducing a much more sensitive mode in picking up the brain
signals in the NeuroMove that we can actually detect attempts to move, for
instance, a foot or a leg or a hand at levels where it was not possible to do so
before. And we can introduce the same treatment regimen to spinal cord victims.
They can achieve some of the same kind of mobility improvements that you can get
with stroke survivors.

     TWST: What's been the response as you've introduced these products?

     Mr. Sandgaard: As I've said, the most visible response has been the number
of people who contact us every day. Many of our customers are referred to our
products by their physician, by looking up information on the Internet or just
by word of mouth. We have really good clinical documentation and a lot of solid
testimonials, too. Those are what people look for most in terms of finding out
that we have a credible product.

     TWST: How has the medical community responded?

     Mr. Sandgaard: Great. We have really good support from a lot of leading
physicians among the specialty group that we are addressing the most, the
physical medicine and rehabilitation physicians. In addition to the existing
clinical documentation, several research institutions across the United States
are currently involved in further clinical studies on our device.

     TWST: With the device, what's the sales model? Is it a one-time sale or a
lease? How are you getting that in the market?

     Mr. Sandgaard: The NeuroMove costs about $5,000 to purchase and we have
developed a moderately priced lease/rental


                      C O M P A N Y    I N T E R V I E W
<PAGE>


                    COMPANY INTERVIEW -- ZYNEX MEDICAL, INC.

program that is within the range of most patients. We interest clinicians at the
technical level and end users at the practical level. Although the device
utilizes high-end technology, the user interface is easy to operate and allows
patients to use the NeuroMove at home without the need for professional
assistance. Our market strategy and objective is that all 4 million US stroke
survivors with impeded movement be able to obtain the NeuroMove and benefit from
it.

     TWST: What's the story on reimbursement?

     Mr. Sandgaard: Most private health insurance companies reimburse us for the
product, just like the other products. Medicare currently does not reimburse us
on the NeuroMove, but we have taken several hundred cases to court, of which we
have won well over 90%. We are working to obtain a separate Medicare billing
code and allowance payable. Because of the physical, mental and emotional
benefits for the stroke victim we believe this expectation is entirely feasible.

     TWST: With this new business developing, what are the goals that you've set
for the company for the next two or three years?

     Mr. Sandgaard: We will continue to develop our sales and marketing
capabilities, and we have very high expectations as to a significant growth over
the next few years. From an investor's point of view, one of our positive
financial attributes is our high gross margin, 84% in the first quarter of 2005.
With this high margin we can focus on our distribution, sales and marketing
systems and organization.

     TWST: What are the barriers to competition, if any, in this new space with
the strokes and spinal cord injury?

     Mr. Sandgaard: From a technical standpoint, we have a 22-claim patent
pending and the technology is quite unique and not that easy to duplicate or
work around. Additionally, as a "first to market" supplier we hope to establish
a strong reputation and brand recognition before potential competitors really
see the value in this particular space.

     TWST: So it would be difficult for somebody else to come in.

     Mr. Sandgaard: Yes. Even with our proprietary knowledge and expertise it
took a long time of concentrated effort to develop a product that was effective
and would gain FDA approval. Long term, our objective is for the NeuroMove and
its future generation product to dominate the stroke recovery market.

     TWST: So you've got first mover advantage as they say.

     Mr. Sandgaard: Yes.

     TWST: Is your NeuroMove technology for stroke and spinal cord treatment
replacing a current approach or is this really something new?

     Mr. Sandgaard: This is really something new. The current approach is
physical therapy. There are a couple of variations that are fairly popular
today. One is called constraint-induced therapy. It's where therapists, for many
hours in a day and for several days in a row, basically tie down the good arm or
the good leg of the patient and force them to do certain tasks with the affected
limb. It's a methodology that has proven useful in some cases, often based on
the patient's self-motivation. In comparison, the NeuroMove is a motivating
therapy. Constrained therapy is like using a whip whereas the NeuroMove is the
carrot and several published clinical studies have shown the NeuroMove to be
effective.

     TWST: So it's got to be labor intensive?

     Mr. Sandgaard: Physical therapy and especially constraint induced therapy
is very labor intensive. And it often requires that the patient, and maybe a
caregiver, go to a treatment center and stay there for a couple of weeks and
possibly live in a hotel. That really makes it very expensive. Leasing NeuroMove
for $99 a month is more cost effective and it can be used in the comfort of the
patient's home.

     TWST: You mentioned building out your organization. What are your plans for
this? What has to be done?

     Mr. Sandgaard: Currently, we are focusing on expanding our sales force and
will continue to do so well into the future. We will build a high performance,
contract-based national sales force to cover both metropolitan and rural areas
in the US and will select the top medical device distributors to work with us in
Europe, Asia and the rest of the world. Once we receive the required CE
certification for Europe, we will begin penetrating that market as well, but
through distributors. As I mentioned, the international market is roughly the
same as the US.

     TWST: Do you have the manufacturing capability to meet the kind of demand
you're talking about?

     Mr. Sandgaard: All of our products are made for us by outside
manufacturers, just like you'd see at many larger electronics manufacturers,
such as Hewlett-Packard. At this stage it's much more cost efficient for us to
have experienced and reliable contractors make our products rather than make
large capital investments in manufacturing machinery and incur fixed overhead by
building up our operations staff. With outside contractors we are also able to
react quickly to up or down changes in volume.

     TWST: Is it difficult to find the people you need for sales?

     Mr. Sandgaard: That's all relative. There are a lot of good sales people
out there, and I'd say developing the sales force is a pretty straightforward
process. We currently have an excellent sales force and as our balance sheet
strengthens, our revenue increase and our financial flexibility improves we will
be able to build on this base by adding additional experienced, high quality and
high performance medical reps.

     TWST: Why go the route of developing your own sales force? Why not recruit
one of these sales agencies that are out there?

     Mr. Sandgaard: Over the years we've tried several models. We have found
that dealing with sales people who represent your company, who focus most of
their time on representing your company, is more effective. The process of
dealing with the physicians, the patients and the insurance companies requires
that you oftentimes

                      C O M P A N Y    I N T E R V I E W
<PAGE>


                    COMPANY INTERVIEW -- ZYNEX MEDICAL, INC.



have to be in touch with all three parties. You have to be very close to the
company to do that and to gain the trust of the physicians so that they have
complete confidence that we will take good care of their patients.

     TWST: Looking at the financial side of the equation, what does the balance
sheet look like at this point?

     Mr. Sandgaard: We have hardly any debt, we are cash flow breakeven and
expect to be cash flow positive later this year or early in 2006. We received an
investment of just over $1 million after we went public last year and we have
invested most of that in developing the organization and our sales and marketing
programs. Because of extensive costs related to becoming a public company in
2004 and major one time sales and marketing investments we lost money in 2004,
for the first time in our nine-year history, We returned to profitability in the
first quarter of 2005. Revenue for that period was 107% greater than the
corresponding 2004 quarter and we earned approximately $56,000. Based on our
current run rate we believe that our 2005 revenue will be at least 150% greater
than for 2004.

     TWST: Do you foresee a need for additional cash?

     Mr. Sandgaard: We believe that additional capital would significantly
accelerate our growth and we currently are exploring several alternatives to
obtain that capital. We could potentially jumpstart our growth with some
wellconsidered, strategic and synergistic acquisitions. If we were to do that,
we would need outside capital.

     TWST: In terms of acquisitions, what would you be looking for?

     Mr. Sandgaard: Synergistic companies -- either companies that have sales
forces established in the industry or products or technology that would
complement what we already do.

     TWST: Are you getting much investor interest in the company at this point?

     Mr. Sandgaard: We have a lot of interest; we are receiving phone calls
daily from individual investors, institutions, brokers and market markers.

     TWST: When you get those calls, what's the prime question you are being
asked?

     Mr. Sandgaard: Obviously, everybody wants to know how the business is
doing, particularly sales. And obviously we've had a very positive message to
give out, so that's been very encouraging for the investors who have been
calling in.

     TWST: When you talk to potential investors, what are the two or three
reasons you give them to take a look at the company at this point?

     Mr. Sandgaard: Mainly, we mention the revenue growth that we experienced in
the first quarter and foresee in the future, our premier stroke recovery
product, our mid-80% gross margin and our modest fixed expenses. Additionally,
the industry segments, i.e., pain management and stroke recovery, are easy for
people to relate to and our products are easy for the layperson to understand.
Not the technology of course, but what they do. Considering that the company has
returned to profitability and the fact that we are already over the hump with
developing the core of our product line, I'd say we are in a very good position.
So we've come a very long way and still consider our company to be a startup
and, for many, this would be a ground floor opportunity to get in at this point.

     TWST: Thank you.

THOMAS SANDGAARD
President & CEO
Zynex Medical, Inc.
8100 Southpark Way
Suite A-9 Littleton, CO 80120
(800) 495-6670 - TOLL FREE (800) 495-6695 - FAX
www.zynexmed.com
e-mail: info@zynexmed.com

Forward-Looking Statements
Certain statements in this interview are "forward-looking" and as such are
subject to numerous risks and uncertainties. Actual results may vary
significantly from the results expressed or implied in such statements. Factors
that could cause actual results to materially differ from forward-looking
statements include, but are not limited to, the Company's ability to meet terms
and conditions required to obtain project financing, risks and delays associated
with product development, risk of market acceptance of new products, technology
or product obsolescence, competitive risks, reliance on development partners and
additional capital needs.


         (C) 2005 The Wall Street Transcript, 67 Wall Street, NYC 10005
        Tel: (212) 952-7400 o Fax: (212) 668-9842 o Website: www.twst.com
</TEXT>
</DOCUMENT>
