LONE TREE, CO--(Marketwired - Jul 22, 2013) - Zynex, Inc. (OTCQB: ZYXI), a provider and developer of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnostics and cardiac monitoring, announces that it signed a strategic sales, marketing and distribution agreement with California based Advanced Brain Monitoring.
Zynex, through its wholly-owned subsidiary Zynex NeuroDiagnostics Inc., will sell, market and distribute Advanced Brain Monitoring's Sleep Profiler™ and Apnea Guard® devices, and InsomniCare(SM) service within the United States. Zynex believes that these products help to improve the quality of care available in the sleep diagnostics and therapy markets which approximate several hundred million dollars annually.
Advanced Brain Monitoring's Sleep Profiler™ device and InsomniCare® service enables hospitals, sleep centers, and clinicians to expand the scope of patient care to address the needs of over 30 million patients suffering from poor sleep quality. Advanced Brain Monitoring's Apnea Guard device helps to reduce the costs of sleep apnea treatment by providing clinicians a low-cost means to identify patients who will benefit before ordering a more expensive custom oral appliance.
Thomas Sandgaard, Zynex President and CEO, commented, "We are very excited to enter this strategic agreement with Advanced Brain Monitoring. Advanced Brain Monitoring's products are cutting-edge technology and represent a key element for Zynex to expand its presence further in the sleep disorder market. We believe the agreement with Advanced Brain Monitoring will provide us with a significant revenue opportunity in our Zynex NeuroDiagnostics subsidiary."
Daniel J. Levendowski, Advanced Brain Monitoring President, stated, "The introduction of new products into the medical marketplace is challenging given the changing landscape of healthcare. We entered into this strategic relationship with Zynex NeuroDiagnostics in large part because the quality of their sales team enables delivery of a sophisticated product explanation to our customers."
About Zynex: Zynex (founded in 1996), operates under three primary business segments; Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions. Zynex Medical engineers, manufactures, markets and sells its own design of electrotherapy medical devices for electrotherapy, used for pain management and rehabilitation. Zynex Medical's product lines are fully developed, FDA-cleared and commercially sold world-wide. Zynex NeuroDiagnostics, sells the company's proprietary NeuroMove device designed to help stroke and spinal cord injury patients and is currently expanding into markets for EMG, EEG, sleep pattern, auditory and nerve conductivity neurological diagnosis devices through product development and acquisitions. Zynex Monitoring Solutions, currently in the development stage, was established to develop and market medical devices for non-invasive cardiac monitoring. For additional information, please visit: http://www.ir-site.com/zynex/default.asp.
About Advanced Brain Monitoring: Advanced Brain Monitoring, headquartered in Carlsbad, CA, is a privately-held industry leader focused on developing innovative solutions for the diagnosis and treatment of sleep, neurological, and psychiatric disorders. Sleep Profiler™ and Apnea Guard® are patented and patent-pending technologies developed by the inventors of the ARES™, the world's most widely-used home sleep test for the diagnosis of obstructive sleep apnea. The Company has been named to the Inc. 5000 fastest growing U.S. companies for five consecutive years. For additional information, please visit: http://www.advancedbrainmonitoring.com.
Safe Harbor Statement: 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, the need to obtain additional capital in order to grow our business, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2011.