Zynex Reports Financial Results for First Quarter Ended March 31, 2006.LITTLETON, Colo. -- Zynex Medical Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ZYNX), a provider of pain management systems and electrotherapy electrotherapy /elec·tro·ther·a·py/ (-ther´ah-pe) treatment of disease by means of electricity. e·lec·tro·ther·a·py n. Medical therapy using electric currents. products for medical patients with functional disability, today announced financial results for the first quarter ended March 31, 2006. Gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. and rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time was $877,504, compared with $865,395 in the first quarter of 2005, an increase of 1.4%. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and rental income was $505,091, compared with $544,493 in the first quarter of 2005. The decline in net revenues was primarily due to a $67,457 increase in estimated contractual insurance company adjustments during the quarter. In addition, increases in our selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. primarily related to an increase in sales commissions resulted in a net loss of ($64,825), or $0.00 per share, for the first quarter of 2006, compared with a net profit of $56,080, or $0.00 per share, in the corresponding period a year ago. Diluted weighted average shares outstanding used in computing per share amounts in the first quarter of 2006 were 23,208,748 compared with 23,136,558 in the corresponding 2005 period. "Although sales and income figures fell short of our expectations for the period, order intake remains consistent compared to the first quarter for 2005 and significantly higher than the 2005 level for our NeuroMove(TM) Stroke Recovery System and related products going into the second quarter of 2006," stated Zynex President and Chief Executive Officer Thomas Sandgaard. The NeuroMove(TM) system increases the functionality of many stroke victims by helping to teach the healthy parts of the brain to compensate for damaged areas. The NeuroMove(TM), which is significantly more sensitive than most diagnostic equipment, monitors muscle activity and selects signals from the brain indicating that the patient is attempting to move a certain muscle. It then introduces the actual movement through electrical stimulation. Eventually the connection between the brain and muscle can often be reestablished. The NeuroMove(TM) (www.neuromove.com) also can be used to treat spinal cord injuries Spinal Cord Injury Definition Spinal cord injury is damage to the spinal cord that causes loss of sensation and motor control. Description Approximately 10,000 new spinal cord injuries (SCIs) occur each year in the United States. . About Zynex Zynex Medical Holdings, Inc. (www.zynexmed.com), a leading provider of therapeutic devices for patients with functional disability through the creation, distribution, and marketing of electrotherapy devices since 1996, strives to uphold its mission to improve the quality of life of patients suffering from debilitating de·bil·i·tat·ing adj. Causing a loss of strength or energy. Debilitating Weakening, or reducing the strength of. Mentioned in: Stress Reduction pain or illness by providing innovative technology. Utilizing a unique combination of electromyographic (EMG EMG abbr. electromyogram Electromyography (EMG) A diagnostic test that records the electrical activity of muscles. ) technology combined with a system of instruction and reinforcement, including electrical muscle stimulation (EMS), Zynex offers new treatment options to post-stroke and spinal injury patients. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provision Certain statements in this release are "forward-looking" 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, risks and delays associated with product development, risk of market acceptance of products, technology or product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , competitive risks, reliance on manufacturing partners, dependence on reimbursement from insurance companies, additional capital needs and other risks described in our Form 10-KSB for the year ended December 31, 2005.
Consolidated Statement of Operations
First Quarter Ended March 31,
2006 2005
---- ----
Net Sales & Rental Income $ 505,091 $ 544,943
Net Income (Loss) $ (64,825) $ 56,080
Net Loss per Common Share -
Basic and Diluted $ 0.00 $ 0.00
Common Shares Used in
Computing Per Share Amounts -
Diluted 23,208,748 23,136,558
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