Zynex, Inc.

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.

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

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 set 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 typically 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 efficiency and our product's efficacy. Orders increase 61% year-over-year, and we believe that there is considerable runway for us to continue growing orders into the future. In the first quarter, we completed the latest in a series of stock buybacks, and repurchased $3.4 million worth of common stock, bringing the total of repurchases in the last year to $30 million. As we've stated before, I believe this to be a signal to our shareholders that we are incredibly confident in our management teams, the growth opportunities in both divisions, and that we remain committed to creating shareholder value in the near and long term. In addition to the impressive results from our pain management division, our monitoring solutions division is making excellent strides in the development of our blood and fluid monitor and our laser-based pulse oximeter. Don Greig will provide further updates in his prepared remarks, but I'm pleased with the steps the growing team is taking to bring those game-changing products to market. Monitoring Solutions has grown significantly over the past year, and after having acquired Kestrel Labs in December of 2021, we've been working diligently on clinical data collections and reaching regulatory milestones. Cynics continues to deliver consistent results, and even with investments in the monitoring division, our pain management business has been able to maintain profitability at the bottom line, for the combined entity. Our ability to execute operationally and strategically while diversifying the business into compelling market opportunities is evidenced by the double-digit growth we've seen year after year. I look forward to announcing future catalysts and growth opportunities throughout 2023, and I'm thrilled with our performance to date. With that, I will now turn the call over to Anna Luksock, our chief operating officer, for a more detailed business update on the pain management division.