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<SEC-DOCUMENT>0001079974-08-000906.txt : 20081104
<SEC-HEADER>0001079974-08-000906.hdr.sgml : 20081104
<ACCEPTANCE-DATETIME>20081103183013
ACCESSION NUMBER:		0001079974-08-000906
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081103
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20081104
DATE AS OF CHANGE:		20081103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZYNEX INC
		CENTRAL INDEX KEY:			0000846475
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				870403828
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-26787-D
		FILM NUMBER:		081158768

	BUSINESS ADDRESS:	
		STREET 1:		8022 SOUTHPARK CIRCLE
		STREET 2:		SUITE 100,
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80120
		BUSINESS PHONE:		(303) 703-4906

	MAIL ADDRESS:	
		STREET 1:		8022 SOUTHPARK CIRCLE
		STREET 2:		SUITE 100,
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZYNEX MEDICAL HOLDINGS INC
		DATE OF NAME CHANGE:	20050812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZYNEX MEDICAL HOLDINGS   INC
		DATE OF NAME CHANGE:	20040120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FOX RIVER HOLDINGS  INC
		DATE OF NAME CHANGE:	20031126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>zynex8k_1132008.htm
<DESCRIPTION>REPORT 8-K
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D.C. 20549</font><br></div>
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Securities Exchange Act of 1934</font><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 8.01.&#160;&#160;Other
Events</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Zynex,
Inc. declined on October 31, 2008 a settlement offer regarding a refund request
by Anthem Blue Cross and Blue Shield (&#8220;Anthem&#8221;), a major health insurance
provider.&#160;&#160;The refund claim concerns payments previously made by
Anthem for certain medical devices (the &#8220;devices&#8221;) rented or sold to insureds of
Anthem by Zynex from September&#160;1, 2007 through July 31,
2008.&#160;&#160;Despite Anthem&#8217;s paying claims for such devices, including some
that were individually subject to an Anthem review process and resulted in
decisions favorable to Zynex, Anthem claimed in a retrospective review that the
devices were considered investigational or not medically necessary under a
medical policy statement of Wellpoint, Inc. (the parent entity) and therefore
not eligible for payment.&#160;&#160;As a result, Anthem now claims that it
should receive a refund of approximately $1,065,000.&#160;&#160;Zynex met with
representatives of Anthem for a reconsideration of the claim; however, Anthem
continues to assert the claim.&#160;&#160;Anthem offered to allow payments over
12 months without interest if Zynex agreed on October 31, 2008 to pay the
claimed amount.&#160;&#160;However, Zynex has indicated to Anthem that it is
appealing the claim to a higher authority at Anthem.&#160;&#160;Zynex will
consider other options if the appeal is not successful<font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font></font></div>
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also indicating that it will not pay current outstanding amounts with respect to
such devices, which receivables are estimated to be&#160;&#160;approximately
$700,000 as of June&#160;30, 2008.&#160;&#160;Pending the appeal, Zynex is not
recording any revenues from rentals or sales of the devices to Anthem insureds
since July 1, 2008.&#160;&#160;Other products of Zynex are now provided to
Anthem insureds who previously may have been prescribed the devices subject to
the claim.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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previously disclosed, Zynex has a line of credit with Marquette Health Care
Finance.&#160;&#160;This loan facility requires the consent of Marquette for
Zynex to make or settle the claim made by Anthem and to reduce or waive any
accounts receivable that would otherwise be owed by Anthem.&#160;&#160;Marquette
may assert that Anthem&#8217;s claim constitutes a breach of representations and
warranties made to Marquette, which would be an event of default; it may also
assert that there has been a material adverse change which would affect
Marquette&#8217;s obligations to make any advances.&#160;&#160;Zynex has commenced
discussions with Marquette regarding the claim.&#160;&#160;There is, however, no
assurance that Zynex will be able to maintain the loan facility in place or
obtain the approval of Marquette for any potential future payments to
Anthem.</font></div>
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amounts described above are pre-tax.&#160;&#160;Nevertheless, payments that
might be made to Anthem as a result of the claim, and any changes to or
termination of the Marquette line of credit, could have a material impact on the
cash flow and liquidity of Zynex.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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an agreement (terminable by either party upon advance notice) with Anthem making
Zynex part of the Anthem network.&#160;&#160;Although less advantageous, Zynex
can provide services to Anthem insureds on an out of network basis, if
needed.&#160;&#160;Neither Anthem nor Zynex has indicated that it will terminate
this agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Anthem
has been and continues to be one of the largest health insurers in terms of
payments to Zynex for the rental and sale of its products.&#160;&#160;Zynex
continues to provide a variety of its devices to Anthem insureds, including
devices which may be used to treat insureds with the same medical conditions as
those using devices subject to the claim.</font></div>
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to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
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            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2" valign="top" width="38%">
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      Inc.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font size="3">Date:&#160;&#160;November 3, 2008&#160;</font></font></div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
      </font></div>
              </td>
              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;<font size="3">Fritz Allison</font></font></td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">      </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Fritz
      Allison</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Chief
      Financial Officer</font></div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="35%">&#160;</td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
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