Zynex reported its third‑quarter 2025 financial results on November 17, 2025, showing net revenue of $13.4 million—down 73% from $50.0 million in the same quarter a year earlier—and a net loss of $42.9 million versus a $2.3 million profit in the prior year period. The sharp revenue decline reflects the ongoing TRICARE payment suspension and reduced device orders.
Gross profit fell to $8.1 million, or 60% of revenue, compared with 80% in the prior year quarter. Sales and marketing expenses dropped 54% to $9.5 million, while general and administrative costs fell 23% to $11.8 million. A $30.7 million impairment charge related to Zynex Monitoring Solutions further eroded profitability.
Cash and cash equivalents stood at $13.3 million, a significant reduction from $39.6 million at the end of the previous year. The company elected to defer the $1.5 million interest payment on its $60 million convertible notes maturing in May 2026 and is in discussions with note holders to restructure the debt.
These results underscore Zynex’s continued liquidity challenges and the material impact of the TRICARE suspension. Management’s focus on cost reductions, debt refinancing, and strategic restructuring signals an ongoing effort to restore positive cash flow and address the company’s financial distress.
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