Lone Tree, Colo.-based Zynex reported profits of $2.4 million, or 7¢ per share, on sales of $9.2 million for the quarter ended March 31, for a bottom-line gain of 22.3% on sales growth of 33.7% compared with Q1 2018.
Diluted earnings per share were 7¢, two pennies ahead of Wall Street, where analysts were looking for sales of $8.5 million.
“We started 2019 strong, with revenue of $9.2 million in the first quarter and net income of $2.4 million,” said Zynex CEO Thomas Sandgaard in prepared remarks. “Orders grew 30% compared to the first quarter of 2018 and were 4% higher than the fourth quarter of 2018. In the first quarter, we continued to aggressively expand our sales force. We expect the addition of new sales reps to have an impact on order and revenue growth this year and going forward.”
Zynex said it expects to report second-quarter sales of $9.5 million to $10.0 million.
Investors reacted by sending ZYXI shares up 6.8% to $5.95 apiece today in midday trading.
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