Zynex, through its subsidiary Zynex NeuroDiagnostics, has acquired all the assets of US-based NeuroDyne Medical for the sum of $320,000 payable at closing, with an additional $100,000 in cash payable 60 days from the closing date.
The transaction also includes a seven year earn-out incentive, based on a percentage of net revenue generated by NeuroDyne products. Following the acquisition, NeuroDyne's CEO was appointed as vice president of Technical Support for Zynex NeuroDiagnostics.
Zynex CEO Thomas Sandgaard said the company's long-term goal is to generate sales and profits in its NeuroDiagnostics division, which will match the electrotherapy division, Zynex Medical.
"Products in Zynex NeuroDiagnostics are sold domestically to clinics and hospitals as capital goods, and internationally through distributors," Sandgaard added.
NeuroDyne CEO Tahir Chaudhry said they look forward to serving NeuroDyne and Zynex customers with its current line of advanced medical devices that help healthcare providers provide treatment to patients.
"Working with Zynex will also help us enhance our product line to release new and innovative medical devices to our current and new US and international customers," Chaudhry added.
Zynex develops non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnosis and cardiac monitoring. It operates under three primary business segments, Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions.
NeuroDyne Medical is a manufacturer of medical devices for non-invasive measurement of sEMG and autonomic nervous systems that can be used for evaluation and treatment of neurological and neuromuscular disorders, as well as education and research. NeuroDyne's products include medical instruments, sensors, disposable electrodes and software that offer sEMG, EKG, EEG, respiration, skin temp, EDR, EDL, peripheral blood flow, IBI and heart rate variability.