Zynex, Inc. (NASDAQ:ZYXI) Q1 2024 Earnings Conference Call April 30, 2024 4:15 PM ET

Company Participants

Quinn Callanan - CFA, Investor Relations
Thomas Sandgaard - Chairman Of The Board, President & CEO
Anna Lucsok - Chief Operating Officer
Donald Gregg - President, Zynex Monitoring Solutions
Dan Moorhead - Chief Financial Officer

Conference Call Participants

Jeffrey Cohen - Ladenburg Thalmann
Yi Chen - H.C. Wainwright

Operator

Good afternoon, ladies and gentlemen. And welcome to the Zynex First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to Quinn Callanan from MZ North America. Please go ahead.

Quinn Callanan

Thank you, operator and good afternoon, everyone. Earlier today, Zynex released financial results for the first quarter ending March 31, 2024. 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 2023 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, Quinn, and good afternoon, everyone. Thank you for joining us today for the first quarter 2024 earnings call. The first quarter was highlighted by ongoing revenue momentum, up 10% from the prior year, and being the eighth straight quarter of record high order numbers. Revenues of approximately $1 million was delayed in the quarter from the impact of change healthcare's cyber event that presented a significant disruption to claims flow across the entire healthcare sector. Due to the event, payments from a large group of our payers were delayed, causing our revenue to come in slightly lower than expected. We expect to recognize that revenue over the rest of the year, and we are reaffirming the 2024 guidance of at least $227 million. I also want to highlight that we had $2.1 million in positive cash from operations in the first quarter, an increase from the prior year.