Zynex, Inc. (NASDAQ:ZYXI) Q1 2023 Earnings Conference Call April 27, 2023 4:15 PM ET

Company Participants

Louisa Smith - Investor Relations

Thomas Sandgaard - Chairman, President and Chief Executive Officer

Anna Lucsok - Chief Operating Officer

Donald Gregg - Vice President, Zynex Monitoring Solutions

Daniel Moorhead - Chief Financial Officer

Conference Call Participants

Jeffrey Cohen - Ladenburg Thalmann

Adam Maeder - Piper Sandler

Yi Chen - H.C. Wainwright

Operator

Good afternoon, ladies and gentlemen, and welcome to the Zynex First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

I would now like to turn the conference over to Louisa Smith from the Gilmartin Group.

Louisa Smith

Thank you, Jason, and good afternoon, everyone. Earlier today, Zynex released financial results for the first quarter ending March 31, 2023. A copy of the press release is available on the company's website. Joining me on today's call are Thomas Sandgaard, Chairman, President and Chief Executive Officer; Dan Moorhead, Chief Financial Officer; Anna Lucsok, Chief Operating Officer; and Donald Gregg, President of Zynex Monitoring Solutions.

Before we begin, I'd like to remind you that during this conference call, the company will make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC, including, without limitation, the company's 2022 Form 10-K and subsequent Form 10-Qs, which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, statements regarding product development, product potential, the regulatory environment, sales and marketing strategies, capital resources or operating performance.

With that, I'll now turn the call over to Thomas.

Thomas Sandgaard

Thank you, Louisa, and good afternoon, everyone. Thank you for joining us today for the first quarter 2023 earnings call. We had another impressive period of growth, and we've now been profitable in 26 of the last 27 quarters. And we once again hit the highest number of prescriptions in the company's history, beating the records we previously said in the second, third and fourth quarters of 2022. Additionally, we were able to increase order numbers over Q4 despite the seasonal reset in deductibles that typical limits growth of orders in the beginning of the year.

Total revenue for the quarter was $42.2 million, a 36% increase over the same period in 2022, and we produced in earnings $0.04 per share. Our sales force is maintaining the exceptional trends in productivity and expanding our market share significantly each quarter, a testament to both the efficiency and our product efficacy.