Type Public Industry Medical Technology Revenue $39.67 million (2012) Founder Thomas Sandgaard | Traded as OTCBB: ZYXI Products Medical devices Net income $1.55 million (2012) Founded 1996 | |
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Stock price ZYXI (OTCMKTS) US$ 0.31 0.00 (-0.65%)31 Mar, 4:00 PM GMT-4 - Disclaimer Headquarters Lone Tree, Colorado, United States Subsidiaries Zynex NeuroDiagnostic Inc. | ||
Zynex medical inc
Zynex (OTCBB: ZYXI) is a medical device manufacturer that produces and markets electrotherapy devices for use in pain management, physical rehabilitation, neurological diagnosis and cardiac monitoring. Thomas Sandgaard founded Zynex in 1996.
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Zynex is based in Lone Tree, Colorado. Sandgaard serves as the company’s CEO.
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History
In 1996, Thomas Sandgaard founded Zynex as a wholesaler of electrotherapy products. Sandgaard began working with medical devices in his native Denmark and immigrated to the United States with plans to open a medical devices business. He launched his company in a one-bedroom apartment with $4,000 and a credit card. In 1998, the company received its first Food and Drug Administration approval for one of its products, “an electric-stimulation device that managed pain and increased blood circulation to promote healing.”
The company went public in 2004. In 2008, the company changed its name from Zynex Medical Holdings to Zynex and began trading on the OTC Bulletin Board under the symbol ZYXI. It relocated from Littleton, Colorado to Lone Tree, Colorado in early 2010.
In February 2010, Zynex restructured its business into three subsidiaries: Zynex Medical, Zynex Monitoring Solutions and Zynex NeuroDiagnostic. Zynex Medical manufactures electrotherapy devices for pain management and physical rehabilitation; Zynex Monitoring Solutions manufactures devices for non-invasive cardiac monitoring; and Zynex NeuroDiagnostic manufactures devices for neurological diagnosis.
In March 2012, Zynex acquired the assets of NeuroDyne Medical. NeuroDyne Medical was a Cambridge, Massachusetts-based manufacturer of “medical devices for non-invasive measurement of surface electromyography and autonomic nervous systems.” NeuroDyne Medical was folded into Zynex’s NeuroDiagnostic subsidiary.