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<SEC-DOCUMENT>0001079974-09-000185.txt : 20090401
<SEC-HEADER>0001079974-09-000185.hdr.sgml : 20090401
<ACCEPTANCE-DATETIME>20090401080149
ACCESSION NUMBER:		0001079974-09-000185
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090331
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090401
DATE AS OF CHANGE:		20090401

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:		09721303

	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
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<FILENAME>zynex8k_412009.htm
<DESCRIPTION>REPORT 8-K
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of Operations and Financial Condition</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">See Item
4.02 below for information regarding estimated revenues and net income for the
year ended December 31, 2008.</font></div>
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4.02&#160;&#160;Non-Reliance on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">On March
31, 2009, the Board of Directors and Audit Committee of Zynex, Inc. concluded
that Zynex&#8217;s unaudited financial statements for the quarters ended March 31,
2008, June 30, 2008 and September 30, 2008, included in its Quarterly Reports on
Form 10-Q for those quarters, should be revised to reflect adjustments to
Zynex&#8217;s allowance for provider discounts, accounts receivable and net revenue
for such periods.&#160;&#160;Accordingly, the unaudited financial statements and
press releases on results for these quarters should not be relied
upon.</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">These
quarterly adjustments were determined after an evaluation of adjustments
identified in connection with the 2008 year-end closing and the audit of the
2008 financial statements.&#160;&#160;Zynex will restate its unaudited financial
statements for the first three quarters of 2008.&#160;&#160;Zynex will include
restated information regarding these quarters in its Annual Report on Form 10-K
for the year ended December 31, 2008 or will amend its Quarterly Reports on Form
10-Q for the first three quarters of 2008.&#160;&#160;Zynex believes that there
will not be a restatement of 2007 financial statements.&#160;&#160;Zynex intends
to file its Annual Report on Form 10-K for the year ended December 31, 2008 as
soon as practicable.</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
adjustments identified in connection with the year-end closing and 2008 year-end
audit result in a decrease in net accounts receivable and related net revenues
of approximately $5.1 million as of and for the year ended December 31,
2008.&#160;&#160;A substantial part of these adjustments applies to the first
three quarters of 2008.&#160;&#160;These adjustments are based on a
re-evaluation of the estimated allowance for provider discounts that management
believes should have been utilized in 2008.&#160;&#160;The change in the
provider discount rates is based on management&#8217;s analysis of business
conditions, recent rates of collection and additional methodologies that the
Company applied in estimating these rates at year end, which management believes
are more accurate than previously applied rates during the quarterly periods in
2008.&#160;&#160;Zynex&#8217;s allowance for provider discounts is recorded to account
for the risk of non-payment arising from reimbursements from insurance providers
that are less than amounts claimed, amounts subject to patients&#8217; deductibles and
benefit denials.</font></div>
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management estimates, that, after taking into account the unaudited impact of
the adjustments, the results for the year ended December 31, 2008 will be
approximately as follows:</font></div>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">11,750,000</font></td>
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                        <td align="left" nowrap valign="bottom" width="30%" bgcolor="white"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">330,000</font></td>
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                        <td align="left" nowrap valign="bottom" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">215,000</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="30%" bgcolor="white"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
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unaudited amounts are subject to change until the 2008 financial statements are
finalized.</font></div><br>
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2 -</font></div>
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</font></div>
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management is developing new methodologies that it believes will identify
changes in collections of accounts receivable and business conditions in order
to make more accurate estimates of the allowance for provider discounts on a
timely basis.</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Zynex&#8217;s
Board of Directors, Audit Committee and management discussed the matters
described above with GHP Horwath, P.C., the Company&#8217;s independent registered
public accounting firm.</font></div>
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a press release concerning these matters is Exhibit 99.1 to this
Report.</font></div>
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Events</font></font></div>
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to terms of the revolving credit facility with Marquette Healthcare Finance,
Zynex is to provide accurate financial statements prepared in accordance with
generally accepted accounting principles to
Marquette.&#160;&#160;Representations and financial covenants on the subject may
be breached by the proposed restatement of unaudited financial statements for
the first three quarters of 2008.&#160;&#160;In addition, the Company believes
that it will be in default in complying with one or more financial covenants,
including an EBITDA covenant, as of December 31, 2008 and would also be in
potential default under the covenants unless they are revised for
2009.&#160;&#160;The Company&#8217;s management is discussing with Marquette a waiver
or forbearance under the revolving credit facility regarding these
defaults.&#160;&#160;However, there is no assurance that Zynex will be able to
maintain the credit facility in place or obtain the waiver or forbearance of
Marquette.</font></div>
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9.01.&#160;&#160;Financial Statements and Exhibits</font></font></div>
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following exhibit accompanies this Report:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
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      No.</font></div>
                  </td>
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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 id="TAB2" style="LETTER-SPACING: 11pt"><font id="TAB2" style="LETTER-SPACING: 11pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 11pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 11pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 11pt">&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 11pt">&#160;&#160;</font>&#160;<font style="TEXT-DECORATION: underline">Document</font></font></div>
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">99.1</font></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">Press
      Release dated April 1, 2009 regarding adjustments and unaudited quarterly
      financial statements for the first three quarters of
  2008.</font></div>
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3 -</font></div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
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</font></div>
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      <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: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
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>
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                <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">      </font></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">Zynex,
      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>
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                <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>
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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: 10pt; FONT-FAMILY: Times New Roman"><font size="3">Date:&#160;&#160;April 1,
    2009&#160;&#160;&#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:
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                <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>
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                <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Fritz
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>zynex8kexhibit991_412009.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title>zynex8kexhibit991_412009.htm</title>
<!-- Licensed to: EdgarTech Filing Services-->
<!-- Document Created using EDGARizer 4.0.7.0 -->
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</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps">Exhibit
99.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps">Zynex
Announces Adjustments to</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps">2008
Quarterly Financial Statements</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps">and
Estimated 2008 Net Income</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">LITTLETON,
Colo.&#160;&#160;April 1, 2009&#160;&#160;Zynex, Inc. (OTCBB: ZYXI), a provider
of pain management systems and electrotherapy products for medical patients with
functional disability, announces that the Board of Directors and Audit Committee
of Zynex has concluded that Zynex&#8217;s unaudited financial statements for the
quarters ended March 31, 2008, June 30, 2008 and September 30, 2008, included in
its quarterly reports, should be revised to reflect adjustments to Zynex&#8217;s
allowance for provider discounts, accounts receivable and net revenue for such
periods.&#160;&#160;These quarterly adjustments were determined after an
evaluation of adjustments identified in connection with the 2008 year-end
closing and the audit of the 2008 financial statements.</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Zynex
will restate its unaudited financial statements for the first three quarters of
2008.&#160;&#160;Zynex will include restated information regarding these
quarters in its Annual Report on Form 10-K for the year ended December 31, 2008
or will amend its Quarterly Reports on Form 10-Q for the first three quarters of
2008.&#160;&#160;Zynex believes that there will not be a restatement of 2007
financial statements.&#160;&#160;Zynex intends to file its Annual Report on Form
10-K for the year ended December 31, 2008 as soon as practicable.</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
adjustments identified in connection with the year-end closing and 2008 year-end
audit result in a decrease in net accounts receivable and related net revenues
of approximately $5.1 million as of and for the year ended December 31,
2008.&#160;&#160;A substantial part of these adjustments applies to the first
three quarters of 2008.&#160;&#160;These adjustments are based on a
re-evaluation of the estimated allowance for provider discounts that management
believes should have been utilized in 2008.&#160;&#160;The change in the
provider discount rates is based on management&#8217;s analysis of business
conditions, recent rates of collection and additional methodologies that the
Company applied in estimating these rates at year end, which management believes
are more accurate than previously applied rates during the quarterly periods in
2008.&#160;&#160;Zynex&#8217;s allowance for provider discounts is recorded to account
for the risk of non-payment arising from reimbursements from insurance providers
that are less than amounts claimed, amounts subject to patients&#8217; deductibles and
benefit denials.</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Zynex&#8217;s
management estimates, that, after taking into account the unaudited impact of
the adjustments, the results for the year ended December 31, 2008 will be
approximately as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="left">
              <div style="MARGIN-LEFT: 77pt" align="left">
                <table cellpadding="0" cellspacing="0" width="82%">
                    <tr bgcolor="#cceeff">
                      <td align="left" valign="bottom" width="44%">
                        <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">Net
      Rental and Sales Revenue</font></div>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">11,750,000</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="20%" bgcolor="white"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
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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">Income
      Before Taxes</font></div>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">330,000</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Net
      Income</font></div>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">215,000</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="20%" bgcolor="white"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          </div>
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      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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"><font id="TAB2" style="LETTER-SPACING: 11pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;
The unaudited amounts presented above are subject to change until the 2008
financial statements are finalized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Thomas
Sandgaard, President and CEO of Zynex commented:&#160;&#160;&#8220;Zynex&#8217;s business
continues as usual, and we are working on improvements to our accounting
estimates and our internal operations.&#160;&#160;Doctors and patients continue
to have a readiness to use our products, and our rental and sales of products
continue at favorable levels.&#160;&#160;The adjustments to our financial
statements are to better recognize the current environment and collectability of
accounts receivables.&#8221;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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      <div id="FTR">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 44pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 44pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Because
of the adjustments, the unaudited financial statements and press releases
previously issued on results for the first three quarters of 2008 should not be
relied upon.&#160;&#160;Zynex&#8217;s management is developing new methodologies that
it believes will identify changes in collections of accounts receivable and
business conditions in order to make more accurate estimates of the allowance
for provider discounts on a more timely basis.</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: 44pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
to terms of the revolving credit facility with Marquette Healthcare Finance,
Zynex is to provide accurate financial statements prepared in accordance with
generally accepted accounting principles to
Marquette.&#160;&#160;Representations and financial covenants on the subject may
be breached by the proposed restatement of unaudited financial statements for
the first three quarters of 2008.&#160;&#160;In addition, Zynex believes that it
will be in default in complying with one or more financial covenants, including
an EBITDA covenant, as of December 31, 2008 and would also be in potential
default under the covenants unless they are revised for
2009.&#160;&#160;Management is discussing with Marquette a waiver or forbearance
under the revolving credit facility regarding these
defaults.&#160;&#160;However, there is no assurance that Zynex will be able to
maintain the credit facility in place or obtain the waiver or forbearance of
Marquette.</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: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">About
Zynex</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Zynex,
Inc. (founded in 1996) engineers, manufactures, markets and sells its own design
of electrotherapy medical devices in two distinct markets: standard digital
electrotherapy products for pain relief and pain management; and the
NeuroMove(TM) for stroke and spinal cord injury (SCI) rehabilitation. Zynex's
product lines are fully developed, FDA-cleared, commercially sold, and have been
developed to uphold the Company's mission of improving the quality of life for
patients suffering from impaired mobility due to stroke, spinal cord injury, or
debilitating and chronic pain.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Safe
Harbor Statement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Certain
statements in this release 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 need to obtain additional capital in order to grow our
business, larger competitors with greater financial resources, the need to keep
pace with technological changes, our dependence on the reimbursement from
insurance companies for products sold or rented to our customers, acceptance of
our products by health insurance providers, acceptance of our products by
hospitals and clinicians, our dependence on third party manufacturers to produce
our goods on time and to our specifications, implementation of our sales
strategy including a strong direct sales force and other risks described in our
10-KSB Report for the year ended December 31, 2007 and our 10-Q Report for the
quarter ended September 30, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Contact:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Zynex,
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">Thomas
Sandgaard, CEO, 303-703-4906</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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">www.zynexmed.com</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
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