ZYXI - Why Zynex Stock Is Tanking Today
Shares of Zynex (NASDAQ: ZYXI) were tanking 26.5% lower as of 11:20 a.m. EDT on Monday. The big decline came after the medical technology company announced lower-than-expected orders for the third quarter and lowered its third-quarter revenue estimate because of the impact of the COVID-19 pandemic.
Today's sell-off might seem like an overreaction. After all, Zynex still expects that its orders in Q3 will increase 96% year over year and 87% from the previous quarter. The company's Q3 revenue estimate is now between $20 million and $20.5 million. While that's down from the previous guidance range of $22.3 million to $22.8 million, it reflects a decrease of only 10% at the midpoints of the ranges.
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Why Zynex Stock Is Tanking Today