Zynex Shares Fall After Tricare Suspends Payments

Dow Jones03-11

By Sabela Ojea

Shares of Zynex fell after the it said that the health insurance company Tricare--which accounts for as much as 25% of its total revenue--has temporarily suspended payments as it reviews prior claims.

The medical device maker's stock was down 19% to $5.70 in post-market trading on Tuesday. Through the close the company's shares have dropped 44% in the past 12 months.

In response to Tricare's decision, Zynex said it would cut 15% of its workforce. The job cuts are expected to primarily affect corporate employees and drive savings of around $35 million annually, the company said.

Zynex said that it plans to meet with Tricare in April and believes it has good evidence to get payments reinstated.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

March 11, 2025 17:41 ET (21:41 GMT)

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