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)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。