Zynex, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Zynex first quarter 2024 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 Quinn Callanan from MZ North America. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Earlier today, Zynex released financial results for the first quarter and in March 31st, 2024. A copy of the press release is available on the company's website. Joining me on today's call are Thomas Engard, 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 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 limitations, 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, Gwyn. 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. Revenue 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 and increase from the prior year. Our team continues to drive revenue higher and deliver significant earnings and free cash flows as we continue to expand our sales force investing in our new products in Cynics monitoring and also combating wage inflation like many others in the industry. Our sales force has continued to expand the market each quarter, enabled by a strong team and with a compelling product portfolio. The first quarter orders increased 23% year-over-year, And we are confident that our sales team, as they continue to scale, that our revenue and earnings will continue to grow. To help drive this order growth, we received clearance from the FDA for our new M-Way, new muscular electrical stimulation device, now in production and shipping to patients. In addition to the impressive results from our profitable pain management division, CMS, or Sinex Monitoring Solutions, continue to move forward in the first quarter with the further development of our blood and fluid monitor and our laser-based pulse oximeter. We're excited to announce FDA clearance last year for our second-generation blood and fluid monitor and non-invasive and wireless technology targeted to improve patient outcomes with better fluid management in hospital settings. We continue to collect additional data in clinical trials and Don Gregg will provide further updates on this product in his prepared remarks. In addition to our blood and fluid monitor, we have three other products in the pipeline in our pre-revenue hospital monitoring products division. A laser-based pulse oximeter called NICO, non-invasive co-oximeter, a monitor for early detection of sepsis, and a non-invasive laser-based monitor of total hemoglobin levels, the HEMOX. During the quarter, we continue to make strong progress for the NICO with several major device components and a verification study being now beginning in the middle of 2024. We now expect to submit an application to the FDA for our laser-based pulse oximeter in the fourth quarter of 2024 due to the timing of the verification study. Overall, we continue to make great progress in the patient monitoring division, which we believe will have game-changing growth potential for the company. Looking ahead, we're making significant progress building on our holistic, non-invasive approach with at-home pain management devices and also diversifying with new products. We're expanding our direct sales force that are delivering accelerating and high recurring revenue as we continue to execute operationally and strategically. In tandem, we are focused on ramping our hospital monitoring division, which represents a large and growing market opportunity. We expect consistent growth and strong financial performance also in 2024, following the double-digit growth that we have produced year over year. We also expect additional catalysts and regulatory milestones during the year as we work to execute on our strong pipeline of new products. We look forward to additional updates in the months to come as we build our sales force and execute on our growth objectives to improve the quality of life of patients suffering from debilitating pain or illness and bringing long-term value for our shareholders. With that, I will now turn the call over to Anna Luxart, our Chief Operating Officer, for a more detailed business update.