Zynex Names New CFO

Zynex Inc. has a new finance officer.

The company has named Brian Alleman as its new chief financial officer, succeeding Anthony Scalese, who resigned to pursue “other opportunities.”

Alleman has years of experience assisting companies with corporate turnarounds, capital raising, strategic planning, business development, finance, investor relations and other strategic business issues, the company said in a statement. Alleman most recently served as managing director at Alleman & Associates, a strategic business advisory firm providing executive leadership for companies in transition.

Zynex CEO Thomas Sandgaard called Alleman a “seasoned professional, with a successful track record assisting emerging growth companies, and providing leadership during transitional periods.”

“We believe Brian will be a great asset for us as we re-position our company for growth,” Sandgaard said in prepared remarks.

According to Zynex’s statement, Scalese resigned “to pursue other opportunities,” though he will continue to provide transition services to the company as needed on a consulting basis.

Scalese’s departure is not due to a disagreement with the company with respect to any matter relating to the company’s operations, policies or practices, the company statement said.

In June, Zynex named Steve Siefring its director of business development.

Based in Lone Tree, Colo., Zynex makes non-invasive medical devices for pain management, stroke rehabilitation, neurological diagnostics, and compound pharmacy. The company’s third quarter net revenue declined 15 percent to $4.4 million, due mostly to reductions in prescriptions (orders) for our electrotherapy products as compared to the same periods in 2013. These decrease partially was offset by net revenues for sales of compound pain creams of $390,000 in the third quarter of 2014 and $758,000 for the nine month period in 2014. The company generated a net profit of $258,000 or $0.01 for the three months ended Sept. 30, and a net loss of $6.72 million for the nine months ended Sept. 30; versus a net loss of $738,000 or $0.02 per share, and a net loss of $2.79 million for the corresponding periods in 2013.