#1ZYNEX Investor Presentation April 2021 NASDAQ: ZYXI TM ZYNEX MEDICAL"#2Forward Looking Statements All statements other than historical facts in this release are forward-looking statements within the meaning of the Private Securities Litigtation Act of 1995, or projections and as such are subject to numerous risks and uncertainties. The company makes no express or implied representation or warranty as to the completeness of this information or, in the case of projections, as to their attainability or the accuracy and completeness of the assumptions from which they are derived. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward- looking statements include, but are not limited to, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement for our products from health insurance companies, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the impact of COVID-19 and other health emergencies and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2020. ZYNEX MEDICAL" 2#3Investment Highlights At-Home Electrotherapy Pain Management Leader Building a Sizable U.S. Direct Sales Force Currently with ~500 Sales Reps Compelling and Durable Business Model with High Recurring Revenue ZYNEX MEDICAL Unaddressed Pain Management Market Opportunity, Opioid Epidemic as a Tailwind Pipeline Products, Including Blood Volume Monitor, Provide Upside History of Consistent Operational Execution Strong Financial Performance with Robust Revenue Growth, High Gross Margins, and Profitability ZYNEX 3 MEDICAL"#4Our Mission Mission & Vision Zynex is committed to providing prescription strength pain relief and exceptional service ZYNEX MEDICAL Our Vision Was e ZYNEX Zynex is committed to being the world's premier pain management provider CH! D ZYNEX MEDICAL"#5Zynex Medical Overview Background • • NASDAQ:ZYXI (Listed 2019) Included in Russell 2000 (2019) Listed on OTCQB from 2004-2018 • Included in S&P SmallCap 600 (2020) • • Founded By Thomas Sandgaard – CEO and Chairman . Medical Device Manufacturer - 25 Years • HQ - Englewood, Colorado Business Units • ZYNEX MEDICAL (ZMI) Non-invasive electrotherapy pain management devices "TENS" (>90% of billings¹) • • • 76% gross profit margin¹ Greater than 75% recurring revenue base¹ - supplies (electrodes/batteries) and leased devices Rx required, insurance billed ZYNEX NEURODIAGNOSTICS (ZND) EEG, EMG diagnostics B:B products (<2% of historical billings) NeuroMove Stroke Rehab product • ZYNEX MONITORING SOLUTIONS (ZMS) FDA-cleared, non-invasive blood volume monitor (Zero revenue) 1) Based on Q1 2021 results ZYNEX 5 MEDICAL"#6Financial Highlights Zynex Financial Overview • 2021 full year guidance - Revenue $135 to $150 million, Adjusted EBITDA $15 to $25 million • 2021 second quarter guidance • Revenue $31.0M to $32.5M (Q2 2021 revenue ↑ 61% to 69% vs Q2 2020) • Adjusted EBITDA $3.0M to $4.0M Adding direct sales reps to reach 600 by the end of 2021 Selected Financials Quarter Ended March 31, 2021 vs 2020 • Net revenue ↑ 58% to $24.1M from $15.2M • Gross margin of 76% • Net loss $0.7M (Q1 seasonality and continued investment in growing sales force) • Adjusted EBITDA loss $0.4M • Orders 140% • Working capital $51.5M vs $52.1M at 12/31/20 • Cash $33.4M • No long-term debt ZYNEX MEDICAL" SQ#7Nexlan LD อ CH InWave AD ZYNEX DO Pain & Rehabilitation NexWave Augments healing, alleviates swelling through increased blood circulation, and reduces both acute/chronic pain through the use of electrical currents Electrotherapy In Wave Delivers a nonsurgical, drug-free therapy that offers a conservative treatment to manage incontinence and is of relatively low cost to patients. Incontinence Treatment NeuroMove Augment healing, as well as assist in recovery for stroke, Spinal Cord Injuries and Traumatic Brain Injury, retrains muscles, increases range of motion All devices above are FDA 510(k) cleared. Stroke Rehab ZYNEX MEDICAL" 7#8. NexWave: Electrotherapy for Pain Management Indications: Pain relief, augments healing, alleviates swelling through increased blood circulation, muscle re-education, prevention of muscle disuse atrophy, relaxation of muscle spasms NexWave Electrotherapy reduces use of Opioids • Only 23% of patients with chronic pain found opioids "very effective"¹ 51% of people feel that they have no control over their pain² • 84% of patients were able to reduce medication use³ • Patients decreased the cost of medication by 50%³ • Nearly half reduced medication consumption by 50%³ NexWave CH 1 CH 2 • Over 1.5 billion worldwide suffering from chronic pain Effective post-orthopedic surgery Requires a prescription & reimbursed by health insurance Average reimbursement over order life including supplies = $1,5004 $950 million industry worldwide5 • Competitors shut down by Office of Inspector General (OIG) 76% gross profit margin in Q1 2021 . 74% of revenue from supplies (electrodes/batteries) in Q1 2021 1) The CHP Group (2014) The Cost of Chronic Pain: How Complementary and Alternative Medicine Can Provide Relief. http://www.chpgroup.com/wp-content/uploads/2014/12/CHP-WP_CAM-Chronic-Pain_Sls_12.12.2014.pdf 2) 3) 4) American Academy of Pain Medicine (2017) AAPM Facts and Figures on Pain. http://www.pain med.org/patientcenter/facts_on_pain.aspx Chabal, et. al. Long-Term Transcutaneous Electrical Nerve Stimulation (TENS) Use: Impact on Medical Utilization and Physical Therapy Costs Clinical Journal of Pain. The Clinical Journal of Pain. Vol 14, No 1. March 1998 Based on revenue from orders from 1/1/2018 through 6/30/2019 5) Market Research Future 2019 6) Global Industry Analysts, Inc. (2011) Global Pain Management Market to Reach US$60 Billion by 2015, According to a New Report by Global Industry Analysts, Inc. http://www.prweb.com/pdfdownload/8052240.pdf IFC ว ZYNEX MEDICAL TENS NMES Unlock ZYNEX 8 MEDICAL"#9NexWave: Electrotherapy for Pain Management 3 Modalities in 1 Device • IFC (Interferential Current) - 40x stronger than TENS - - Reaches deeper, stimulating motor nerves to release endorphins or enkephalins which results in pain relief that can last for hours (Endorphin Release Theory) 3-4 treatments per day Frequency: Ranges from 4000 - 4128 Hz TENS (Transcutaneous Electrical Nerve Stimulation) - Supplemental to IFC treatments 44 NexWave CH1 CH 2 - Used for breakthrough pain - - More superficial as compared to IFC, stimulating sensory nerves to provide immediate onset of relief (Gate Control Theory) Can be used during activities Frequency: Ranges from 1 - 125 Hz, Pulse Width: 120-300 μs NMES (Neuromuscular Electrical Stimulation) - - - - Reduces muscle relaxant use Breaks up muscle spasms Strengthens atrophied muscles Increases ROM (Range of Motion) & blood circulation Improves overall ADLs (Activities of Daily Living) Frequency: Fixed at 35 Hz, Pulse Width: 480 μs D D Unlock ZYNEX MEDICAL NMES TENS + IFC ZYNEX MEDICAL" 6#10NexWave: Electrotherapy for Pain Management Most Common Types of Chronic Pain 27% Back Pain, 15% Neck Pain¹ Upper Back TENS Low Back Pain IFC TENS Ch1 Intensity Thoracic Pain IFC Low Back w/ Leg Pain Timer NexWave CH 1 CH 2 ZYNEX IFC MVES TENS Ch2 Intensity On/Off Unlock Unlock Cervical Pain TENS IFC TENS ONLY TENS ONLY TENS IFC 1) National Institute of Health Statistics. www.cdc.gov/nchs/data/hus/hus06.pdf ZYNEX MEDICAL" 10 10#11Non Building a Strong Distribution Network ■ Direct Sales Physicians & Therapists ~500 direct sales reps as of March 31, 2021 ■ Direct sales force is growing rapidly ■ Inside sales team to support field sales reps ■ Physician relationships include orthopedics, physical therapy, sports medicine and occupational therapy Domestic Indirect Sales ■ ~10 independent sales reps ■ Commission-only International ■ Distributors in Canada, Australia, Russia, China, India, Singapore, Holland, Germany, UAE, Malaysia, Saudi Arabia, Egypt and Vietnam Patients Insurance Plans A leading ■ HMO and PPO private insurance plans distribution ◉ Patient's carrier is directly billed upon product delivery ■ Experienced reimbursement staff of ~160 employees network in the electrotherapy market ZYNEX 11 MEDICAL"#121) Commercial Infrastructure Grow Proven Direct Sales Team Sales management, national account coverage, direct reps ☐ ◉ ☐ ~500 direct sales reps as of March 31, 2021 ~10 independent reps as of March 31, 2021 Growth expected to ~600 direct reps by year end 2021 Direct Sales Productivity ◉ Developed focused training program designed for reps to achieve long-term productivity goal of $1M annually within 18 months of hire Top performing sales representatives produce $1.5M+ in annual revenue Based on Q4 2020 average rep revenue productivity annualized Annual Rep Productivity ($M) Sales Representatives 600 500 500+ 400 300 500 500 200 100 100 102 163 185 63 100 85 100 100 2015 2016 2017 2018 2019 2020 2021 Indirect Direct $2.0 $1.5 $1.0 $0.5 ~$200k $0.0 Current Est. Annual Productivity 1 $1.5M+ $1M Long-term Productivity Goal Top Rep Productivity ZYNEX MEDICAL" 12#13Blood Volume Monitor (CM1500) Used to Detect Blood Loss and Internal Bleeding ☐ ■ Early warning that the patients condition is deteriorating ☐ Enables higher level of care than vital sign monitor ■ Effective in multiple care environments including operating and recovery rooms ■ Product fully developed ☐ US Patent obtained in October 2018; ☐ European patent obtained in February 2020 ■ 510(k) clearance received in February 2020 Applications Bioelectrical Impedance ■ Heart Rate ◉ CE mark in progress ■ ■ Dedicated management team being assembled in 1H 2021 ECG Amplitude ■ PPG Amplitude ■ Skin Temperature ■ Skin Humidity ZYNEX MEDICAL" 13#14Long-Term Objectives Increase Sales Force and Improve Sales Productivity ■ ~500 direct reps¹ - planned direct rep expansion to ~600 by end of 2021 ☐ Productivity improvements Currently ~$200k² current est. annual productivity $1M long-term productivity goal Grow Recurring Revenue Streams Expand recurring revenue base - greater than 75%3 ■ Recurring revenue primarily from supplies (electrodes/batteries) and leased devices จ است Generate Consistent Net Earnings and Positive Free Cash flow ■ Sustain growth with scaled sales force ■ Leverage reimbursement, regulatory and manufacturing staff ■ Capital efficiency improvements in supply chain and distribution Drive Value Through Organic Growth and Strategic M&A Launch new products in hot/cold therapy, cervical traction and LSO back braces ■ Drive market adoption of differentiated blood volume monitor ■ Increase international sales footprint and revenues through distributors and new product approvals ■ Pursue strategic add-ons with complementary product lines 1) As of March 31, 2021 2) Based on Q1 2021 average rep productivity annualized 3) Based on Q1 2021 results ZYNEX 14 MEDICAL"#15Executive Team THOMAS SANDGAARD - FOUNDER, CHAIRMAN AND CHIEF EXECUTIVE Thomas Sandgaard has been the Chairman of the Board, President and Chief Executive Officer of Zynex, Inc. since founding the company in 1996. He has previously held management positions with companies such as ITT, Siemens, GN Danavox, Dataco and Philips. He is experienced in international sales and distribution, technology transfers, mergers and marketing management in industrials and medical equipment industries. Thomas has a B.A. in electronics engineering from University of Southern Denmark and an MBA from Copenhagen Business School. DAN MOORHEAD - CHIEF FINANCIAL OFFICER Dan Moorhead joined the company in June 2017 as CFO. Mr. Moorhead has over 20 years of experience in a variety of finance roles serving both public and private companies. For the last 10 years, he worked at Evolving Systems, Inc. (a Nasdaq listed company), most recently as Chief Financial Officer after having served as Vice President of Finance & Administration and Corporate Controller. Dan is a CPA and holds a B.B.A. in Accounting from the University of Northern Colorado. R ANNA LUCSOK-CHIEF OPERATING OFFICER Ms. Lucsok joined the company in 2018 and previously served as Vice President of Reimbursement and Sales Operations with Zynex Medical. In this position she was responsible for leading and expanding Zynex's order, reimbursement, patient experience, and inside sales support operations. Ms. Lucsok brings more than nine years of healthcare operations experience as well as critical knowledge of revenue cycle management and medical care collections. She's previously held key positions with companies such as University of Colorado Hospital, the US Air Force and Schryver Medical. Ms. Lucsok holds certification in medical billing as well as completed her degree in Healthcare Administration and Management from Colorado State University. CHELLE VAN BURKLEO - VICE PRESIDENT - SALES Chelle Van Burkleo joined the company in 2020 and brings more than 20 years of experience and an exceptional level of expertise in med-tech device sales. Previously, Chelle was Vice President of Sales and Marketing at WiscMed where she led strategic marketing initiatives and business sales plan development. Prior to WiscMed, Chelle was a senior sales and business development leader with Welch Allyn (Hillrom), a global medical device manufacturer. Chelle holds a Texas Executive Education certificate in general management and a bachelor's degree in business from the Red McCombs School of Business at the University of Texas - Austin. 15#16Company Milestones E-Stim Cleared ■First commercial electrotherapy product FDA cleared NeuroMove Approval NeuroMove device CE Mark clearance NexWave Approval 510(k) approval for non-invasive pain management therapy Blood Volume Monitor Patent Obtained U.S. Patent Blood Volume Monitor Growth 510(k) approval in February ■ Expand direct salesforce 1996 1999 2004 2008 2010 2011 2015 2018 2019 2020 Company Founded ■ Zynex Inc. founded in Englewood, CO Public Entity ■ Raised $1.25M from sale of common stock ■Listed on OTC through reverse merger Pain Mgmt Growth ■ Established NeuroDiagnostics - EEG / Sleep & Monitoring- ■ Blood Volume subsidiaries Blood Volume Monitor Application Filed FDA 510(k) application NASDAQ ■ Uplisted and began trading under ticker ZYXI ZYNEX MEDICAL" 16#17$37.0 $32.0 $27.0 $22.0 $17.0 $12.0 $7.0 Quarterly Revenue ($ Millions) $2.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 - 2018 2019 ● Q1-21 revenue ↑ 58% vs Q1-20 2020 Est 2021 Q2-21 Estimated revenue ↑ 61%-69% vs Q2-20 ZYNEX 17 MEDICAL"#18$6.0 $5.0 Adjusted Quarterly EBITDA ($ Millions) $4.0 $3.0 $2.0 $1.0 ($1.0) الس Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2- Est 2018 2019 2020 2021 Q1-2021 ($0.4M) (Q1 seasonality and continued investment in growing sales force) Q2-2021 Estimated Adjusted EBITDA $3.0M-$4.0M Note: Adjusted EBITDA reflects earnings before interest, taxes, depreciation, amortization, other income/expense and stock compensation. Depreciation does not include amounts related to units on lease to third parties which are depreciated and included in cost of goods sold See appendix for EBITDA reconciliation figures ZYNEX 18 MEDICAL"#19Key Stats Stock Information Ticker NASDAQ:ZYXI Shares Outstanding 34.7M Public Float 19.4M 44% Insider Ownership Avg. Daily Volume (50 days) 52 Week Range Year End 501,474 $12.53 $29.72 December 31st Note: Data as of 6/30/2020 ZYNEX MEDICAL" 199 19#208,000,000 6,000,000 4,000,000 2,000,000 $35.00 $30.00 Stock Chart Zynex, Inc. - Stock Price $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 May-17 Jun-17 May-17 Jun-17 Jul-17 Aug-17 Jul-17 Aug-17 Sep-17 Sep-17 Oct-17 Oct-17 Nov-17 Nov-17 Dec-17 Dec-17 Jan-18 Jan-18 Feb-18 Feb-18 Mar-18 Mar-18 Apr-18 Apr-18 May-18 May-18 Jun-18 Jun-18 Jul-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Zynex, Inc. - Volume Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Jul-19 Aug-19 Sep-19 Oct-19 Oct-19 Nov-19 Nov-19 Dec-19 Dec-19 Jan-20 Jan-20 Feb-20 Feb-20 Mar-20 Mar-20 Apr-20 Apr-20 May-20 May-20 Jun-20 Jun-20 Jul-20 Jul-20 Aug-20 Aug-20 Sep-20 Sep-20 Oct-20- Oct-20 Nov-20 Nov-20 Dec-20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 Mar-21 Mar-21 Apr-21 Apr-21 MEDICAL" ZYNEX 20#21Investment Highlights At-Home Electrotherapy Pain Management Leader Building a Sizable U.S. Direct Sales Force Currently with ~500 Sales Reps Compelling and Durable Business Model with High Recurring Revenue ZYNEX MEDICAL Unaddressed Pain Management Market Opportunity, Opioid Epidemic as a Tailwind Pipeline Products, Including Blood Volume Monitor, Provide Upside History of Consistent Operational Execution Strong Financial Performance with Robust Revenue Growth, High Gross Margins, and Profitability ZYNEX 21 MEDICAL"#22Contact Information Amato and Partners, LLC Investor Relations Counsel 100 Park Avenue, 16th Floor New York, NY 10017 [email protected] Zynex, Inc. 9555 Maroon Circle Englewood, CO 80112 Telephone: (800) 495-6670 www.zynex.com Zynex, Inc. Dan Moorhead Chief Financial Officer [email protected] ZYNEX MEDICAL" 22#23Appendix Use of Non-GAAP Financial Measures This presentation includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). Adjusted EBITDA in this release represents net income plus interest expense, tax expense, depreciation, amortization, other income/expense and stock compensation. The Company's management believes this non-GAAP financial measure is useful to investors and lenders in evaluating the overall financial health of the Company in that it allows for greater transparency of additional financial data routinely used by management to evaluate performance. Adjusted EBITDA can be useful for investors or lenders as an indicator of available earnings. Non- GAAP financial measures should not be considered in isolation from or as an alternative to the financial information prepared in accordance with GAAP. The following is a reconciliation of GAAP to Non-GAAP financial measures provided in this presentation. ZYNEX 23 MEDICAL"#24EBITDA Reconciliation - 2021 Adjusted EBITDA: Net income Depreciation and Amortization* $ Stock-based compensation expense Restructuring/severance** Interest expense and other, net Income tax expense Adjusted EBITDA % of Net Revenue For the Three Months Ended March 31, 2021 2020 (706) $ 2,937 268 68 108 497 318 9 4 (384) (483) $ (387) $ 3,023 (2%) 20% ZYNEX MEDICAL" 24 24#25Adjusted EBITDA Net income Depreciation and Amortization Stock-based compensation expense Interest expense and other, net Income tax expense Adjusted EBITDA % of Net Revenue $ $ Adjusted EBITDA: Net income $ Depreciation and Amortization Stock-based compensation expense Interest expense and other, net Income tax expense Adjusted EBITDA % of Net Revenue EBITDA Reconciliation - 2020 For the Three Months Ended March 31, 2020 2019 Adjusted EBITDA 2,937 $ 2,350 Net income 68 66 Depreciation and Amortization 497 139 Stock-based compensation expense 4 (880) Interest expense and other, net (483) 786 Income tax expense 3,023 $ 2,461 Adjusted EBITDA 20% 27% % of Net Revenue For the Three Months Ended September 30, 2020 2019 $ $ For the Three Months Ended June 30, 2020 3,017 $ 97 579 5 1,063 4,761 $ 25% 2019 2,162 76 158 422 2,818 27% For the Three Months Ended December 31, 2020 2019 1,788 $ 2,947 272 60 875 264 82 6 428 778 $ 3,445 $ 4,055 13% 29% Adjusted EBITDA: 1,333 $ 2,033 Net income $ 305 50 Depreciation and Amortization* 730 259 Stock-based compensation expense 5 71 463 $ 2,444 $ Interest expense and other, net Income tax expense 2,805 Adjusted EBITDA 12% 24% % of Net Revenue ZYNEX 25 MEDICAL"#26Adjusted EBITDA Net Income Depreciation and Amortization Stock-based Compensation Expense Interest Expense and Other (Benefit), net Income Tax Epense (Benefit) Adjusted EBITDA % of Net Revenue Adjusted EBITDA Net Income Depreciation and Amortization Stock-based Compensation Expense Interest Expense and Other (Benefit), net Income Tax Epense (Benefit) Adjusted EBITDA % of Net Revenue EBITDA Reconciliation - 2019 For the Three Months Ended March 31, 2019 2018 Adjusted EBITDA $ 2,350 $ 1,921 Net Income 66 25 Depreciation and Amortization 139 63 Stock-based Compensation Expense (880) 115 Interest Expense and Other (Benefit), net 786 (81) Income Tax Epense (Benefit) $ 2,461 $ 2,043 Adjusted EBITDA 27% 30% % of Net Revenue For the Three Months Ended September 30, 2019 2018 Adjusted EBITDA $ 2,033 $ 2,591 Net Income 50 59 Depreciation and Amortization 259 76 Stock-based Compensation Expense 0 1 Interest Expense and Other (Benefit), net 463 228 Income Tax Epense (Benefit) $ 2,805 $ 2,955 Adjusted EBITDA 24% 36% % of Net Revenue For the Three Months Ended June 30, 2019 2018 $ 2,162 $ 2,418 76 42 158 53 0 37 422 260 $ 2,818 $ 27% 2,810 37% 2019 For the Three Months Ended December 31, 2018 $ 2,947 $ 60 2,622 62 264 178 4 0 778 258 $ 4,053 $ 3,120 29% 33% ZYNEX 26 MEDICAL"