Zynex initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Zynex with an Outperform rating and $13 price target. Zynex is a U.S. focused medical device company operating in the $900M electrotherapy market for pain management and rehabilitation, and looking to tap into the $3.7B market for patient monitoring, the analyst tells investors in a research note. The firm projects 20%-25% annual revenue growth through 2028 and near-80% gross margins on improving profitability and cash flows. Zynex’s operations are fully funded for its growth opportunities, says RBC.