Zynex — Corporate Update (December 2025)
28 slides from Zynex's corporate update, Dec 16, 2025
Slide 1: Discussion Materials November 13, 2025
NASDAQ: ZYXI Discussion Materials November 13, 2025
Slide 2: Disclaimer
NASDAQ: ZYXI Disclaimer The purpose of this presentation (the “Presentation”) is to introduce the reader to Zynex, Inc. (“Zynex” or the “Company”) and Province, LLC (“Province”). This Presentation is being made available only to parties who have signed and returned a Confidentiality Agreement. Recip
Slide 3: Disclaimer Continued
NASDAQ: ZYXI Disclaimer Continued Financial Projections: This Presentation includes certain statements, claims, estimates, predictions and other information prepared and provided by the Company with respect to the anticipated future performance of the Company and its subsidiaries. Any assumptions, v
Slide 4: Disclaimer Continued
NASDAQ: ZYXI Disclaimer Continued Market Data: Certain market data information in this Presentation is based on management’s estimates. The Company believes its estimates to be reasonably accurate as of the date of this Presentation or as of the date indicated with respect to such estimates, as appl
Slide 5: Agenda
NASDAQ: ZYXI Agenda • Management Introductions • Why did we join Zynex? • Our 2-phase plan • Execute Business Turnaround • Transform the Business to Drive Multiple • Projected financials
Slide 6: Management Introductions
NASDAQ: ZYXI Management Introductions • 25+ years of experience in the medical technology sector, primarily through leadership at Apax. • Experienced in growing healthcare and medtech companies worldwide. • Board and transaction experience includes Candela (US), KCI (US), Rodenstock (Germany), Healt
Slide 7: Agenda
NASDAQ: ZYXI Agenda • Management Introductions • Why did we join Zynex? • Our 2-phase plan • Execute Business Turnaround • Transform the Business to Drive Multiple • Projected financials
Slide 8: Large and underpenetrated market
NASDAQ: ZYXI Large and underpenetrated market 60 80 140 0 40 80 120 160 Chronic Pain Acute Pain Total US Populated Affected by Pain (in millions) + = • Chronic pain – • Impacts 24% of adults (60m) in the US • Acute pain – • Impacts 80m people in the US Pain management is a large and attractive marke
Slide 9: NexWave is a leading solution in the Electro-Stimulation Therapy Market
NASDAQ: ZYXI • Proven track record of effective pain management • Small size - Small, portable device weighing 5.8 ounces • Can use at home or work, enabling workforce productivity • Ease of use: Simple controls and pre-programmed options with a built-in treatment timer • Versatile: Ability to deliv
Slide 10: Unique Scaled Commercial and RCM Infrastructure
NASDAQ: ZYXI Unique Scaled Commercial and RCM Infrastructure Commercial scale • Large dedicated sales force – ~150 sales reps • Variety of call points • Large and diversified payor mix – Commercial, Workers Comp, Personal Injury, VA • End-to-end order-to-cash process - Order entry, patient enrollmen
Slide 11: Potentially highly attractive financial profile
NASDAQ: ZYXI Potentially highly attractive financial profile Recurring Revenue Scalable fixed cost infrastructure High Gross Margins High cash conversion • NexWave device used over time depending on underlying pain condition • Electrodes and batteries provide recurring revenue over the treatment per
Slide 12: Ability to attract outstanding management team
NASDAQ: ZYXI Ability to attract outstanding management team Steven Dyson CEO Vikram Bajaj CFO John Bibb CLO Ajay Gopal EVP, Sales Kurt Hudson EVP, Strategic Marketing Built a world-class management team in 2 months - with deep experience in medical device industry
Slide 13: Agenda
NASDAQ: ZYXI Agenda • Management Introductions • Why did we join Zynex? • Our 2-phase plan • Execute Business Turnaround • Transform the Business to Drive Multiple • Projected financials
Slide 14: Our 2-phase plan
NASDAQ: ZYXI Our 2-phase plan Execute business turnaround – return to growth and profitability Transform the business to drive multiple 2025 - 2027 2027 onwards • Compliance • Fix the basics on commercial function, RCM, portfolio • Rebuild payor relations • Conserve cash Focus Areas Financial Impact
Slide 15: Renewed focus on Profitability – ZMS and Distribution
NASDAQ: ZYXI Renewed focus on Profitability – ZMS and Distribution Background Management actions Zynex Monitoring Solutions (ZMS) Distribution Business Financial Impact • Acquired Kestrel Labs in 2021 for $31m to develop laser-based pulse oximeter and non-invasive co-oximeter • Not yet FDA approved
Slide 16: Identifying issues and fixing them – Commercial
NASDAQ: ZYXI Identifying issues and fixing them – Commercial Background Management actions Financial Impact • Unproductive structure of~380 sales reps and 55:1 Manager to Sales Rep ratio Structure Training and Selling Aids Focus Data • Change to optimal structure - ~150 reps, and 10:1 Manager to Sal
Slide 17: Identifying issues and fixing them – VA and Tricare
NASDAQ: ZYXI Identifying issues and fixing them – VA and Tricare VA opportunity Tricare Background • Lack of a dedicated Zynex leader responsible for VA • Highly complex order generation and conversion process • None of the nuances understood • Previous partner – Melling – ineffective • VA-specific
Slide 18: Identifying issues and fixing them – Patient Enrollment/Conversion
NASDAQ: ZYXI Identifying issues and fixing them – Patient Enrollment/ Conversion Automating order entry Calling patients Automating benefit verification Self-pay Examples • Paper order form manually input into ZBS, requiring ~10 FTEs and BPO support • Eliminated team making outbound calls to patient
Slide 19: Identifying issues and fixing them – Supplies
NASDAQ: ZYXI Identifying issues and fixing them – Supplies Shipping re-supplies Supply quantities Background • Largely, shipping re-supplies and billing payors unless patient canceled • Low collectability • Supply quantities determined by Zynex or payor rules • Payors increasingly restricting suppli
Slide 20: Identifying issues and fixing them – NexWave COGS
NASDAQ: ZYXI Identifying issues and fixing them – NexWave COGS Background • Effective in reducing COGS over time, undermined by declining order volumes Cost of goods sold Management actions • Several initiatives underway to further reduce Nexwave COGS • Near term – Nexwave bag, instruction book, etc
Slide 21: Agenda
NASDAQ: ZYXI Agenda • Management Introductions • Why did we join Zynex? • Our 2-phase plan • Execute Business Turnaround • Transform the Business to Drive Multiple • Projected financials
Slide 22: Opportunity to Transform the Business
NASDAQ: ZYXI Opportunity to Transform the Business International Product innovation Accelerate growth Adjacent markets Portfolio additions • Historically, the Company has not invested any capital in Strategic Marketing and R&D • We have recently hired a new Head of Strategic Marketing, and plan to i
Slide 23: Rotator Cuff example – Potential Expansion Market
NASDAQ: ZYXI Rotator Cuff example – Potential Expansion Market • Rotator cuff is an extremely painful surgery with a long recovery period • Large market - Number of procedures performed annually: 450,000 • Growth - Procedure CAGR: 5% Large and Growing Rotator Cuff Market • NexWave applicability - Cl
Slide 24: Agenda
NASDAQ: ZYXI Agenda • Management Introductions • Why did we join Zynex? • Our 2-phase plan • Execute Business Turnaround • Transform the Business to Drive Multiple • Projected financials
Slide 25: Projected Financials – Key Assumptions
NASDAQ: ZYXI Projected Financials Key Assumptions R&D Spend Driver Line Item Impacted Methodology Order Growth Revenue ▪ Orders are forecasted to grow by 16% through 2026 driven by commercial initiatives, discussed before ▪ In addition, VA orders in Q1 2026 are at a similar level as Q3 2025; growth
Slide 26: Projected Financials – Annual Projections
NASDAQ: ZYXI Projected Financials Annual Projections ($ in thousands) Forecasted Financials Period ending, Q4 2025 Annualized 12/31/2026 12/31/2027 12/31/2028 Manufactured $ 32,377 $ 45,766 $ 64,941 $ 79,168 Distributed 5,874 - - - Supplies 14,290 16,342 25,279 31,487 Total Revenue $ 52,541 $ 62,109
Slide 27: Projected Financials – 2026 Quarterly Projections
NASDAQ: ZYXI Projected Financials 2026 Quarterly Projections ($ in thousands) Summary Financials Period Ending Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Total 2026 2027 2028 Revenue $ 16,301 $ 13,135 $ 12,210 $ 14,298 $ 16,615 $ 18,985 $ 62,109 $ 90,220 $ 110,655 Cost of Goods Sold (5,281) (4,
Slide 28: Projected Financials – Out-of-Court vs. In-Court
NASDAQ: ZYXI Projected Financials Out-of-Court vs. In-Court Out-of-Court (Monthly) ($ in thousands) 11/30/2025 12/31/2025 1/31/2026 2/28/2026 3/31/2026 4/30/2026 5/31/2026 6/30/2026 7/31/2026 8/31/2026 9/30/2026 10/31/2026 11/30/2026 12/31/2026 Total Operating Income $ (2,588) $ (2,565) $ (2,019) $