Zynex Rises On Sharp Increase In Earnings Above Estimates

(RTTNews) - Medical technology company Zynex, Inc. (ZYXI) shares are up more than 7% Wednesday morning following significantly higher earnings, better than the consensus estimate.

Net income in the third quarter increased significantly to $6.11 million or $0.17 per share from $1.33 million or $0.04 per share in the same quarter a year ago. Analysts surveyed by Thomson Reuters expected the company to report earnings of $0.12 per share.

Revenue for the quarter increased 74% year over year to $34.79 million, driven by growth in orders.

For the fourth quarter, the company expects revenue to be between $40 million and $43 million. The consensus estimate stands at $41.22 million.

Full-year revenue is expected in the range of $130 million- $133 million. Analysts see revenue of $131.52 million for the period.

ZYXI, currently at $13.39, has traded in the range of $10.66- $22.89 in the last one year.