<SEC-DOCUMENT>0001564590-14-004166.txt : 20140929
<SEC-HEADER>0001564590-14-004166.hdr.sgml : 20140929
<ACCEPTANCE-DATETIME>20140929153737
ACCESSION NUMBER:		0001564590-14-004166
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140925
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140929
DATE AS OF CHANGE:		20140929

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:		141126896

	BUSINESS ADDRESS:	
		STREET 1:		9990 PARK MEADOWS DRIVE
		CITY:			LONE TREE
		STATE:			CO
		ZIP:			80124
		BUSINESS PHONE:		(303) 703-4906

	MAIL ADDRESS:	
		STREET 1:		9990 PARK MEADOWS DRIVE
		CITY:			LONE TREE
		STATE:			CO
		ZIP:			80124

	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>zyxi-8k_20140925.htm
<DESCRIPTION>8-K
<TEXT>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:14pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WASHINGTON, D.C. 20549</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8&#8209;K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d)&#160;of the </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (date of earliest event reported): <font style="font-weight:bold;">September 25, 2014</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:14pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Zynex, Inc.</p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of Registrant as specified in its charter)</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Nevada</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">33-26787-D</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">90-0275169</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(State or other jurisdiction</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of incorporation)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Commission File Number)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(I.R.S. Employer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Identification No.)</p></td>
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<p style="text-align:center;margin-top:24pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9990 Park Meadows Drive</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Lone Tree, Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">80124</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
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<p style="text-align:center;margin-bottom:24pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Registrant&#8217;s telephone number, including area code: <font style="font-weight:bold;">(303) 703-4906</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:'Wingdings';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:'Wingdings';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:'Wingdings';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:'Wingdings';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:13.46%;text-indent:-13.46%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;"><br></font></p>
<p style="text-align:left;margin-top:12pt;line-height:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>

<hr style="page-break-after:always">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:13.46%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Item 2.02. Results of Operations and Financial Condition. </font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:13.46%;text-indent:-13.46%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 25, 2014, Zynex, Inc. issued a press release reporting its results of operations for the three and six months ended  June 30, 2014. A copy of the press release is furnished as Exhibit 99.1 to this report. </p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:13.46%;text-indent:-13.46%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:left;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01.<font style="margin-left:36pt;"></font>Financial Statements and Exhibits.</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)&#160;&#160;<font style="font-style:italic;">Exhibits.</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit<br>No.</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.1</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Press release dated September 25, 2014.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-align:left;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:-15.38%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;"><br></font></p>
<p style="text-align:left;margin-top:12pt;line-height:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>

<hr style="page-break-after:always">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">SIGNATURES</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.85%;">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.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-bottom:24pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Zynex, Inc.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 29, 2014</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#;font-size:14pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Zynex Announces Second Quarter 2014 Results</p></td>
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<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">LONE TREE, Colo<font style="font-weight:normal;">. &#8211; September 25, 2014&#8212;Zynex, Inc. (OTCQB: </font><font style="text-decoration:underline;font-weight:normal;color:#000000;">ZYXI</font><font style="font-weight:normal;">), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, neurological diagnostics, and compound pharmacy, announced today its unaudited financial results for the three and six months ended June 30, 2014.</font></p>
<p style="margin-top:19pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">President and CEO Commentary:</font></p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thomas Sandgaard, CEO stated: &#8220;Net revenue for the second quarter was $1,349,000 compared to $5,472,000 for the 2013 quarter and $4,516,000 for the six months compared to $13,140,000 in the 2013 period. Net revenue declined for the three and six month periods of 2014 by 75% and 66% respectively, as compared to the corresponding 2013 periods. <font style="color:#000000;">Revenue</font> in the second quarter of 2014 was negatively impacted by our lack of liquidity, resulting in delays of shipping consumable supplies to patients, amounting to a reduction in revenue of $1,641,000 for both the three and six month periods ended June 30, 2014.  We have made excellent progress catching up on the shipment of backordered supplies during the third quarter, and expect to be substantially current by the quarter end. During the second quarter of 2014, we continued to see our core electrotherapy business stabilize and revenue from our new compound pharmacy grow.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As reported late last year, we commenced operations of an in-house, non-sterile compound pharmacy providing topical and transdermal pain creams. We believe Zynex-branded pain creams, in conjunction with our electrotherapy products, offer a wider range of conservative pain management solutions for the market, and leverage the strengths of our existing electrotherapy sales team. For the second quarter of 2014, net revenue from the shipment of pain creams was $258,000 compared to $110,000 in the first quarter. The typical pain cream sales cycle includes refills, providing us an element of recurring revenue similar to our electrotherapy products. </p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the first half of 2014, we continued to ramp the national rollout of topical pain cream sales, which yield higher margins and have a shorter collection cycle than our electrotherapy products.&nbsp;&nbsp;We have received 39 state licensing approvals to date and see a great opportunity to grow this pain cream segment.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While our core electrotherapy business was stable in the second quarter, we took additional steps in the quarter to streamline our electrotherapy products offerings. In that regard, we now emphasize just three key products, NexWave, InWave and NeuroMove that we believe offer the best opportunity for growth, and reduce our overall inventory requirements. In connection with this effort, we recorded a cost of revenue amount in the second quarter of $2,655,000 for the write-off of noncore inventory.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We also made significant progress reducing our operating expenses during the first half of this year through headcount reductions and spending controls. In addition, we are in advanced negotiations with our landlord to vacate 50,000 square feet of office space which, if successful, we anticipate will reduce our rent expense by approximately $1 million per year.</p>
<p style="margin-top:19pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Summary of Financial Results (unaudited):</font></p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s net revenue decreased 75% to $1,349,000 for the three months ended June 30, 2014 from $5,472,000 for the three months ended June 30, 2013. For the six months ended June 30, 2014 net revenue was $4,516,000 compared to $13,140,000 for the 2013 period. Net revenue for the three and six month periods in 2014 consisted of rental revenue of $589,000 and $1,324,000 and sales of $760,000 and $3,192,000 respectively. For the comparable periods in 2013, rental revenue was $1,643,000 and $3,322,000 and sales were $3,829,000 and $9,818,000 in the respective 2013 periods. Net revenue for both the three and six month periods in 2014, were negatively impacted by the delay in shipments of consumable supplies amounting to $1,641,000. The decline in net revenue for the 2014 periods, as compared to 2013, also reflects the decline in orders for the Company&#8217;s electrotherapy products impacted by health care reform, and coverage and reimbursement changes that negatively affected demand for the Company&#8217;s electrotherapy products. For the three and six month periods ended June 30, 2014, net revenue from the sale of pain creams amounted to $258,000 and $368,000 respectively.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company reported cost of revenue - rental was $268,000 and $403,000, for the three and six month periods ended June 30, 2014, as compared to $398,000 and $699,000 for the corresponding 2013 periods. Cost of revenue - sales was $903,000 and $1,765,000, for the three and six month periods ended June 30, 2014, as compared to $1,485,000 and $3,375,000 for the corresponding 2013 periods. The Company also reported cost of revenue - write-off of non-core inventory of $2,655,000 in both the three and six month periods ended June 30, 2014. In the second quarter of 2014, Zynex narrowed its focus on the sale of its NexWave, InWave and NeuroMove electrotherapy products and building the sales representative group for the electrotherapy and pain cream solutions to better positon for future growth,. As a result, the Company wrote off all inventory unrelated to those specific product lines.</p>
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<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company reported Selling, General and Administrative (SG&amp;A) expenses of $2,947,000 and $6,403,000 for the three and six months ended June 30, 2014, as compared to $6,153,000 and $11,986,000 for the corresponding periods in 2013. Decreases in the Company&#8217;s SG&amp;A expenses for the three and six month periods in 2014, as compared to 2013, were primarily attributable to lower sales commissions, based on the decrease in orders and net revenue, and a reduction in headcount and general cost controls to adjust operating expenses to the lower level in revenue.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company generated a net loss of $5,553,000 and $6,983,000, or $0.18 and $0.22 net loss per share for the three months and six months ended June 30, 2014, versus a net loss of $1,716,000 and $2,020,000, or $0.06 and $0.06 net loss per share for the corresponding periods in 2013.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s cash balance and outstanding line of credit as of June 30, 2014 was $311,000 and $4,875,000, respectively, as compared to a cash balance and outstanding line of credit as of June 30, 2013 of $445,000 and $6,870,000. The Company is currently facing liquidity challenges due to the decline in revenues and lack of available borrowings under its revolving credit facility. The Company is default of the terms of it credit agreement with its lender and the lender has accelerated the payment of the outstanding loan balance. The lender has continued to make advances to the Company based on cash collections and the Company has been able to utilize its key bank accounts. The Company is exploring ways to improve its liquidity and is actively seeking a new lender or investor to replace the existing lender The Company can make no assurance that it will be able to improve its liquidity or obtain new capital to replace the existing lender.</p>
<p style="margin-bottom:5pt;margin-top:5pt;text-indent:0%;font-weight:bold;color:#;font-size:10.5pt;font-family:Avenir;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Webcast Details</font>: Thursday, September 25th, 2014 at 9:00 a.m. MT - 11:00 a.m. ET<font style="font-weight:normal;"> </font></p>
<p style="margin-bottom:5pt;margin-top:5pt;text-indent:0%;color:#;font-size:10.5pt;font-family:Avenir;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To register and participate in the webcast, interested parties should click on the following link approximately 10-15 minutes prior to the webcast: </p>
<p style="margin-bottom:5pt;margin-top:5pt;text-indent:0%;font-weight:bold;color:#;font-size:10.5pt;font-family:Avenir;font-style:normal;text-transform:none;font-variant: normal;">http://www.visualwebcaster.com/event.asp?id=100455</p>
<p style="margin-bottom:5pt;margin-top:5pt;text-indent:0%;font-style:italic;color:#;font-size:10.5pt;font-family:Avenir;font-weight:normal;text-transform:none;font-variant: normal;">Please note: questions can only be submitted via the webcast user interface. Parties without access to the internet may join the presentation in listen only mode by dialing the toll free number provided below.</p>
<p style="margin-bottom:5pt;margin-top:5pt;text-indent:0%;font-weight:bold;color:#;font-size:10.5pt;font-family:Avenir;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Phone Access Details</font>:<font style="font-weight:normal;"> <br>Participant Toll Free Dial-in Number: </font>888-430-8694<br><font style="font-weight:normal;">Participant Phone Access Passcode: </font>8597883</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">About Zynex</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Zynex, founded in 1996, operates under five primary business segments: Zynex Medical, NeuroDiagnostics, Monitoring Solutions, International, and Billing and Consulting. Zynex Medical engineers, manufactures, markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation and the company&#8217;s proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients. Zynex Medical&#8217;s product lines are fully developed, FDA-cleared and commercially sold world-wide. Zynex Medical also operates a non-sterile compound pharmacy providing topical and transdermal pain creams. Zynex NeuroDiagnostics sells and distributes EMG, EEG, sleep pattern, auditory and nerve conductivity neurological devices. Zynex Monitoring Solutions, currently in the development stage, was established to develop and market medical devices for non-invasive cardiac monitoring. Zynex International is dedicated to supporting sales and marketing of Zynex products worldwide through a network of medical distributors. Zynex Billing and Consulting division provides medical billing and consulting service for offices and hospitals.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">For additional information, please visit: <font style="text-decoration:underline;">www.ir-site.com/zynex</font><font style="font-weight:normal;">.</font>Safe Harbor Statement</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain statements in this release are &#8220;forward-looking&#8221; 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 or augment our liquidity in order to continue our business, the success of our compound pharmacy and international expansion efforts, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, 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, 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, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the &#8220;Risk Factors&#8221; section of our Annual Report on Form 10-K for the year ended December&#160;31, 2013.</p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;color:#;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Contact: Zynex, Inc. 303-703-4906</p>
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