On the surface, Zynex’s (NASDAQ: ZYXI) model of selling electrical stimulation devices and supplies at high margins with technically little direct competition appears to be an attractive opportunity. However, the company’s revenues reveal a business model increasingly vulnerable to competition and/or regulatory scrutiny. We don’t know of another public medical device company generating the vast majority of its revenue by reselling non-proprietary consumables (simple 9-volt batteries and electrodes in this case) at egregious ~90% margins. And after looking at the implied dollar amounts of supplies sold per device, we find it difficult to come