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Zynex (NASDAQ:ZYXI) stock is falling on Friday following the release of the medical device maker’s earnings report for the second quarter of 2024.
This starts with diluted earnings per share of 4 cents. That’s well below Wall Street’s estimate of 8 cents for the quarter. It’s also down from the company’s diluted EPS of 9 cents from the same period of the year prior.
Zynex also reported revenue of $49.9 million for the quarter. That’s another miss compared to analysts’ estimate of $52.09 million. It’s also down from the $50 million reported in the second quarter of 2023.
Zynex president and CEO Thomas Sandgaard said the following in the earnings report.
“Revenue during the quarter was impacted by a continued change in product mix, with sales of our private labeled pain management products growing more than anticipated. While this growth diversifies revenue, these product sales are one-time and lack the trailing revenue model present in our electrotherapy products.”
ZYXI Stock Drops on Guidance
Zynex’s updated outlook includes Q3 revenue of at least $50 million and 2024 revenue of at least $200 million. However, both of these would miss Wall Street’s revenue estimates of $60.23 million in Q3 and $226.95 million for 2024.
ZYXI stock is down 23.9% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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