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Zynex Stock Rises on FDA Clearance of Its New Pain Management Device
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Zynex Inc. (ZYXI - Free Report) recently announced the Food and Drug Administration (“FDA”) clearance of its new TensWave device, which aligns perfectly with Zynex’s commitment to providing comprehensive pain management solutions. Following the announcement, shares of Zynex rose 0.4% till yesterday.
The latest FDA clearance strengthens Zynex's pain management product portfolio and supports the ongoing mission to improve patient outcomes through its innovative medical technology.
About Zynex’s TensWave Device
TensWave offers a user-friendly, portable design that can be easily integrated into patients' daily routines. The device is aimed at providing effective pain relief through TENS (Transcutaneous Electrical Nerve Stimulation) therapy, which has been clinically proven to reduce chronic and acute pain without the use of any medication.
The device is built upon Zynex's strong legacy of innovation in pain management. It complements the company offerings of electrotherapy products, cervical traction, braces, cold/hot therapy and compression devices.
More on the News
The TensWave device also complements Zynex’s flagship multi-modality device — the NexWave. In the NextWave device, Interferential current is the main modality and driver of obtaining prescriptions. The company highlighted that TensWave is not intended to replace its NexWave electrotherapy device; it is rather a complementary product designed for those whose insurance plan exclusively cover the TENS therapy.
Industry Prospects Favoring Zynex
Per a MarketsandMarkets report, the global pain management device market was valued at $2.2 billion in 2021 and is expected to reach $3.3 billion by 2026, at a CARG of 8.6% during the period. Key factors supporting market growth include the growing number of surgical procedures across the globe. Technological advancements and the introduction of minimally invasive surgical further drive market growth.
Looking at the market potential, Zynex’s latest FDA clearance of TensWave is well-timed.
Image Source: Zacks Investment Research
Other Developments by Zynex
Earlier this year, Zynex introduced two new therapy products — the Zynex Pro Hybrid LSO and the Zynex DynaComp Cold Compression. The Zynex Pro Hybrid LSO is a versatile 3-in-1 spinal orthosis featuring a modular design that adapts seamlessly to individual patient needs.
The Zynex DynaComp Cold Compression is a cutting-edge device that combines cold therapy and compression to accelerate recovery anytime, anywhere. It offers on-the-go relief for muscle soreness, swelling and inflammation, allowing individuals to recover faster.
Additionally, the company received FDA clearance for its next-generation M-Wave Neuromuscular Electrical Stimulation ("NMES") device. NMES treatments have several uses, including aiding recovery from surgery, managing chronic conditions and even enhancing exercise performance in healthy individuals.
Price Performance of Zynex
Shares of ZYXI have risen 11.3% year to date compared with the industry’s 17.3% growth.
Intuitive Surgical’s shares have surged 57.1% in the past year. Estimates for the company’s earnings have remained constant at $6.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 earnings per share (EPS) have moved up 48.1% to $1.20 in the past 30 days. Shares of the company have soared 148.6% in the past year compared with the industry’s 13.2% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 1.7% to $2.40 in the past 30 days. Year to date, shares of BSX have risen 40.4% compared with the industry’s 12.4% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
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Zynex Stock Rises on FDA Clearance of Its New Pain Management Device
Zynex Inc. (ZYXI - Free Report) recently announced the Food and Drug Administration (“FDA”) clearance of its new TensWave device, which aligns perfectly with Zynex’s commitment to providing comprehensive pain management solutions. Following the announcement, shares of Zynex rose 0.4% till yesterday.
The latest FDA clearance strengthens Zynex's pain management product portfolio and supports the ongoing mission to improve patient outcomes through its innovative medical technology.
About Zynex’s TensWave Device
TensWave offers a user-friendly, portable design that can be easily integrated into patients' daily routines. The device is aimed at providing effective pain relief through TENS (Transcutaneous Electrical Nerve Stimulation) therapy, which has been clinically proven to reduce chronic and acute pain without the use of any medication.
The device is built upon Zynex's strong legacy of innovation in pain management. It complements the company offerings of electrotherapy products, cervical traction, braces, cold/hot therapy and compression devices.
More on the News
The TensWave device also complements Zynex’s flagship multi-modality device — the NexWave. In the NextWave device, Interferential current is the main modality and driver of obtaining prescriptions. The company highlighted that TensWave is not intended to replace its NexWave electrotherapy device; it is rather a complementary product designed for those whose insurance plan exclusively cover the TENS therapy.
Industry Prospects Favoring Zynex
Per a MarketsandMarkets report, the global pain management device market was valued at $2.2 billion in 2021 and is expected to reach $3.3 billion by 2026, at a CARG of 8.6% during the period. Key factors supporting market growth include the growing number of surgical procedures across the globe. Technological advancements and the introduction of minimally invasive surgical further drive market growth.
Looking at the market potential, Zynex’s latest FDA clearance of TensWave is well-timed.
Image Source: Zacks Investment Research
Other Developments by Zynex
Earlier this year, Zynex introduced two new therapy products — the Zynex Pro Hybrid LSO and the Zynex DynaComp Cold Compression. The Zynex Pro Hybrid LSO is a versatile 3-in-1 spinal orthosis featuring a modular design that adapts seamlessly to individual patient needs.
The Zynex DynaComp Cold Compression is a cutting-edge device that combines cold therapy and compression to accelerate recovery anytime, anywhere. It offers on-the-go relief for muscle soreness, swelling and inflammation, allowing individuals to recover faster.
Additionally, the company received FDA clearance for its next-generation M-Wave Neuromuscular Electrical Stimulation ("NMES") device. NMES treatments have several uses, including aiding recovery from surgery, managing chronic conditions and even enhancing exercise performance in healthy individuals.
Price Performance of Zynex
Shares of ZYXI have risen 11.3% year to date compared with the industry’s 17.3% growth.
ZYXI’s Zacks Rank and Key Picks
ZYXI currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are Intuitive Surgical (ISRG - Free Report) , TransMedics Group (TMDX - Free Report) and Boston Scientific (BSX - Free Report) . While Intuitive Surgical and TransMedics sport a Zacks Rank #1 (Strong Buy) each, Boston Scientific currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Intuitive Surgical’s shares have surged 57.1% in the past year. Estimates for the company’s earnings have remained constant at $6.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 earnings per share (EPS) have moved up 48.1% to $1.20 in the past 30 days. Shares of the company have soared 148.6% in the past year compared with the industry’s 13.2% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 1.7% to $2.40 in the past 30 days. Year to date, shares of BSX have risen 40.4% compared with the industry’s 12.4% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.