Zynex, Inc. (NASDAQ:ZYXI) Q3 2022 Earnings Conference Call October 27, 2022 4:15 AM ET
Company Participants
Louisa Smith – Investor Relations-Gilmartin Group
Thomas Sandgaard – Chairman, President and Chief Executive Officer
Dan Moorhead – Chief Financial Officer
Anna Lucsok – Chief Operating Officer
Donald Gregg – Vice President-Zynex Monitoring Solutions
Conference Call Participants
Simran Kaur – Piper Sandler
Jeffrey Cohen – Ladenburg Thalmann
Yi Chen – H.C. Wainwright
Marc Wiesenberger – B. Riley Securities
Operator
Good afternoon, ladies and gentlemen, and welcome to the Zynex Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded today.
I would now like to turn the conference over to Louisa Smith from the Gilmartin Group.
Louisa Smith
Thank you, Joe, and good afternoon, everyone. Earlier today, Zynex released financial results for the third quarter of 2022. 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, Vice 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 2021 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, products potential, the regulatory environment, sales and marketing strategies, capital resources or operating performance.
With that, I will now turn the call over to Thomas.
Thomas Sandgaard
Yes, thank you, Louisa, and good afternoon everyone. Thank you for joining us today for our third quarter 2022 earnings call. As noted in our recent earnings flash report, we are pleased to report another quarter of record revenue and order numbers. September saw the highest monthly orders in the company's history following a record break in August. Revenue and profitability remains strong and the productivity of our sales force has allowed for 19% and 13% revenue growth over Q2 2021 and – sorry, Q3 2021 and Q2 2022 respectively.
Total revenue for the quarter was $41.5 million, diluted earnings per share of $0.13 and adjusted EBITDA of $8.1 million. We remain confident in our strong performance and expect to achieve both top and bottom line guidance for the full year with current estimates of revenue being between $157.4 and $160.4 million and EBITDA of $26.7 to $28.7 million. Our strong cash position and collections allowed us to complete a second stock buyback in the open market totaling 20 million so far this year. We believe these buybacks are prudent way to apply our positive cash flow at this time and demonstrate our confidence in the performance of the business, our ability to capitalize and future growth opportunities and ultimately deliver value to shareholders.