ENGLEWOOD, Co., Oct. 12, 2020 /PRNewswire/ -- Zynex, Inc. (NASDAQ:ZYXI), an innovative medical technology company specializing in manufacturing and selling non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today announced orders for Q3 2020.
Thomas Sandgaard, CEO of Zynex said: "Similar to most companies we have seen the impact of the COVID-19 pandemic, not only on the availability of physicians to prescribe our products but also on navigating employee and supply chain issues. Our order growth during this pandemic has been encouraging with 96% growth year over year and 87% sequentially but was slightly lower than what we originally projected for Q3.
During Q3, we continued to aggressively hire sales reps as we eclipsed 400 sales reps in early September. We expect to have approximately 500 sales reps in the U.S. by the end of 2020 and over 600 by the end of 2021.
Due to lower than expected orders in the second and third quarter related to COVID-19, the Company is updating its previous revenue estimate for the third quarter of 2020 to between $20.0 and $20.5 million compared to the previous estimate of between $22.3 and $22.8 million. Third quarter Adjusted EBITDA is in-line with the previous estimate and is expected to come in between $2.3 and $2.8 million.
The Company's full year 2020 revenue estimate is between $80 and $81 million which is within the previously announced range of $80 to $85 million. We are narrowing the estimate ranges for the year since 3 of the 4 quarters are complete.
The revenue estimate is approximately 76% to 78% above last year's full year revenue of $45.5 million.
2020 full year estimated adjusted EBITDA will be $12.5 to $13.5 million. The decrease for the full year versus the prior estimate of $15 to $18 million is primarily related to the accelerated hiring of sales reps which was aided by the increased number of available candidates related to COVID-19. The acceleration of sales rep hiring is a positive for our future but with the effects of COVID-19 on our revenue, there is a near-term effect on profitability.
Our prescription-strength NexWave device is a healthy alternative to prescribing opioids as the first line of defense when treating pain. We continue to add additional sales reps in territories throughout the US that we have not covered previously.
We continue to advocate for pain patients, and for physicians to prescribe our NexWave technology as the first line of defense in treating chronic and acute pain without side effects. We are dedicated to promoting our technology in an effort to remove patient addiction and other side effects from prescription opioids."