Exhibit 99.1

Zynex Announces 2022 Second Quarter Earnings

Englewood, CO, July 28, 2022 -- Zynex, Inc. (Nasdaq: ZYXI) an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, rehabilitation, and patient monitoring, today reported financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights:

o Revenue increased 18% year over year to $36.8 million

o Net income increased 19% to $3.3 million; Diluted EPS of $0.08

o Adjusted EBITDA increased 16% to $5.5 million

o Completed initial $10 million share buyback and announced an additional program of $10 million

o Recorded highest number of orders in Company history

Second Quarter 2022 Financial Results Summary:

For the second quarter, the Company reported net revenue of $36.8 million, an 18% increase over second quarter of 2021. Gross margins were 80% and net income was $3.3 million, a 19% increase from Q2 2021.

As of June 30, 2022, the Company had working capital of $51.8 million. Cash on hand was $26.9 million at the end of the second quarter.

President and CEO Commentary:

“In Q2, we posted another quarter of top line growth and increased profitability. Our reps are becoming highly efficient and revenue projections reflect our confidence in the sales force to produce exceptional results. The record orders we posted in second quarter will put us in a position to realize strong results in the second half of 2022,” said Thomas Sandgaard, President and CEO. “Additionally, we completed an initial $10 million share buyback program and announced another $10 million program to signal our ability to drive shareholder value.”

Third Quarter and Full Year 2022 Guidance:

Zynex is reaffirming its full year 2022 revenue estimates in the range of $150-$170 million and Adjusted EBITDA between $25-$35 million.

The estimated range for third quarter 2022 revenue is between $40-$43 million, an increase of approximately 20% from Q3 2021. Adjusted EBITDA for the third quarter 2022 is estimated to range between $7-$9 million.

Conference Call and Webcast Details:

Thursday, July 28, 2022 at 2:15 p.m. MT / 4:15 p.m. ET

To register and participate in the webcast, interested parties should click on the following link or dial in approximately 10-15 minutes prior to the webcast: https://app.webinar.net/mV4arKMJQLl

US Participant Dial In (TOLL FREE): 1-844-825-9790

International Participant Dial In: 1-412-317-5170

Canada Participant Dial In (TOLL FREE): 1-855-669-9657

Non-GAAP Financial Measures

Zynex reports its financial results in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition, the Company is providing in this news release financial information in the form of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, other income/expense, stock compensation, restructuring and non-cash lease charges). Management believes these non-GAAP financial measures are useful to investors and lenders in evaluating the overall financial health of the Company in that they allow for greater transparency of additional financial data routinely used by management to evaluate performance. Adjusted EBITDA can be useful for investors or lenders as an indicator of available earnings. Non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the financial information prepared in accordance with GAAP.

About Zynex, Inc.

Zynex, founded in 1996, develops, manufactures, markets and sells medical devices used for pain management and rehabilitation as well as non-invasive fluid, sepsis and laser-based pulse oximetry monitoring systems for use in hospitals. For additional information, please visit: www.zynex.com

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, forecasts, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.  The Company makes no express or implied representation or warranty as to the completeness of forward-looking statements or, in the case of projections, as to their attainability or the accuracy and completeness of the assumptions from which they are derived. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement for our products from health insurance companies, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the impact of COVID-19 on the global economy and other risks described in our filings with the Securities and Exchange Commission including, but not limited to our Annual Report on Form 10-K for the year ended December 31, 2021 as well as our quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Contact

Gilmartin Group

650 Fifth Ave., Suite 2720

New York, NY 10019

IR@zynex.com

ZYNEX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS)
(unaudited)
	June 30,			December 31,
	2022			2021
ASSETS
Current assets:
Cash	$	26,877		$	42,612
Accounts receivable, net		27,824			28,632
Inventory, net		14,572			10,756
Prepaid expenses and other		1,357			689
Total current assets		70,630			82,689
Property and equipment, net		2,277			2,186
Operating lease asset		14,719			16,338
Finance lease asset		329			389
Deposits		591			585
Intangible assets, net of accumulated amortization		9,525			9,975
Goodwill		20,401			20,401
Deferred income taxes		1,103			711
Total assets	$	119,575		$	133,274
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses		5,236			4,739
Cash dividends payable		16			3,629
Operating lease liability		3,391			2,859
Finance lease liability		123			118
Income taxes payable		160			2,296
Current portion of debt		5,333			5,333
Accrued payroll and related taxes		4,564			3,897
Total current liabilities		18,823			22,871
Long-term liabilities:
Long-term portion of debt, less issuance costs		7,949			10,605
Contingent consideration		9,600			9,700
Operating lease liability		13,941			15,856
Finance lease liability		253			317
Total liabilities		50,566			59,349
Stockholders' equity:
Common stock		40			41
Additional paid-in capital		81,412			80,397
Treasury stock		(17,166	)		(6,513	)
Retained earnings		4,723			-
Total stockholders' equity		69,009			73,925
Total liabilities and stockholders' equity	$	119,575		$	133,274

ZYNEX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
NET REVENUE
Devices	$	9,505		$	7,828		$	16,230		$	14,193
Supplies		27,254			23,194			51,612			40,956
Total net revenue		36,759			31,022			67,842			55,149
COSTS OF REVENUE AND OPERATING EXPENSES
Costs of revenue - devices and supplies		7,305			7,267			14,226			13,153
Sales and marketing		16,314			13,752			30,738			27,579
General and administrative		8,776			6,188			16,608			11,683
Total costs of revenue and operating expenses		32,395			27,207			61,572			52,415
Income from operations		4,364			3,815			6,270			2,734
Other income (expense)
Gain (loss) on change in fair value of contingent consideration		(100	)		-			100			-
Interest expense		(115	)		(45	)		(239	)		(54	)
Other expense, net		(215	)		(45	)		(139	)		(54	)
Income from operations before income taxes		4,149			3,770			6,131			2,680
Income tax expense		803			962			1,408			578
Net income	$	3,346		$	2,808		$	4,723		$	2,102
Net income per share:
Basic	$	0.09		$	0.07		$	0.12		$	0.05
Diluted	$	0.08		$	0.07		$	0.12		$	0.05
Weighted average basic shares outstanding		38,851			38,291			39,305			38,306
Weighted average diluted shares outstanding		39,893			39,141			40,367			39,192

ZYNEX, INC.
Reconciliation of GAAP to Non-GAAP Measures
(in thousands)
(unaudited)
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Adjusted EBITDA:
Net income	$	3,346		$	2,808		$	4,723		$	2,102
Depreciation and Amortization*		411			242			807			510
Stock-based compensation expense		535			401			1,124			509
Restructuring/severance**		-			-			-			318
Interest expense and other, net		215			45			139			54
Non-cash lease expense ***		227			303			410			303
Income tax expense		803			962			1,408			578
Adjusted EBITDA	$	5,537		$	4,761		$	8,611		$	4,374
% of Net Revenue		15	%		15	%		13	%		8	%

* Depreciation does not include amounts related to units on lease to third parties which are depreciated and included in cost of goods sold.

** Severance of former COO Giusseppe Papandrea which was fully expensed in Q1 2021

*** Amount expensed on new company headquarters in excess of cash payments due to abated rent