Zynex Enters Chapter 11 Restructuring as Nasdaq Delists Shares

Zynex Inc. is navigating a court-supervised restructuring after voluntarily filing for Chapter 11 protection in mid-December 2025. The medical technology firm, which specializes in electrotherapy devices and patient-monitoring systems, has continued operations through the proceedings. Concurrently, the company?s shares were delisted from Nasdaq.

Key facts at a glance
- Event: Voluntary Chapter 11 filing on 16 December 2025
- Consequence: Delisting of the shares from Nasdaq
- Cause: Revenue shortfalls driven by a payment default from a major customer, TRICARE
- Next milestone: Fourth-quarter 2025 earnings release expected for late February to early March

Causes of the financial strain
Zynex?s financial health deteriorated notably in the autumn prior to the filing. A principal drag was the temporary halt in payments from TRICARE, one of the company?s major insurer clients. The sudden loss of that revenue stream translated into a net loss in the third quarter of 2025.

As part of the insolvency process, the stock was delisted from Nasdaq. Despite ongoing proceedings, management has emphasized that the production and distribution of electrotherapy devices and patient-monitoring systems have continued without interruption.

Strategic reset and legacy challenges
Alongside financial restructuring, Zynex is pursuing a personnel overhaul. The new leadership team took action in January in response to allegations against former executives and began implementing reforms aimed at improving business practices.

A notable operational development occurred in early February: Zynex obtained network-provider status with Humana. This accreditation is crucial for maintaining market reach during the restructuring and for unlocking new revenue potential in the non-opioid pain-management space.

Focus on the upcoming business year report
The forthcoming fourth-quarter 2025 results are a pivotal milestone for assessing the company?s condition around the insolvency. The earnings release is expected around late February to early March and will shed light on how the core business fared before and after the Chapter 11 filing.

Looking ahead, the course of the Chapter 11 proceedings will hinge on two key factors: the ability to defend market share in the competitive rehabilitation-technology segments, and the availability of new lender financing to secure short-term liquidity during the restructuring.