Zynex, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Zynex second 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, the conference call is being recorded. I would now like to turn the conference over to Ms. Louisa Smith from the Gilmartin Group. Please go ahead.

Thank you, Chuck, and good afternoon, everyone. Earlier today, Zynex released financial results for the second quarter of 2022. A copy of the press release is available on the company's website. Joining me on today's call are Thomas Sangard, Chairman, President, and Chief Executive Officer, Dan Moorhead, Chief Financial Officer, Anna Lukzak, 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, 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.

Thank you, Louisa, and good afternoon, everyone. Thank you for joining us today for the second quarter 2022 earnings call. This quarter's revenue and profitability remained exceptionally strong as we continue to execute on our long-term growth plans. Total revenue was 36.8 million for the quarter, an increase of 18% year over year. Both in June and also for the second quarter, we saw the highest number of monthly and quarterly orders in the company's history. Second quarter orders grew 19% sequentially over the first quarter of 2022 and 10% over the second quarter, 2021. Earnings for the quarter were $0.08 per diluted share and adjusted EBITDA was $5.5 million. And we are on track for achieving both top and bottom line full year guidance. Cynics is experiencing consistent growth quarter over quarter and are looking forward to continued demonstration of our strong performance. During the second quarter, we completed a $10 million share buyback program and established yet another buyback program for an additional $10 million. We believe this initiative signals to our shareholders how confident we are in delivering value and executing our strategic growth plans. We ended the second quarter with approximately 400 sales reps. We reiterate the ability of new and existing reps to grow sales more efficiently and strategically as evidenced by consistency in order growth. The current job market makes it difficult to hire a significant amount of new high-quality sales reps. In the second quarter, we achieved record order numbers, demonstrating our ability to continue to grow our top line. Once the job market returns to a more normal cadence, we believe that we will accelerate growth even further and eventually fill all 800 territories across the U.S., of which 400 are still open. In our monitoring products division, we continue to hire for engineering and clinical research positions as we keep making progress on our CM1600 blood and fluid volume monitor, sepsis detection device, and our laser-based pulse oximeter. Pending FDA clearance on our second-generation blood and fluid volume monitor, we are now gearing up to launch the product commercially during the second half of this year. We expect to see prototypes of the laser-based pulse oximeter also here in the second half of this year, and we are targeting a submission to the FDA mid-next year. I will now turn the call over to Anna Luxock, our Chief Operating Officer.