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Zynex Announces Acquisition of Kestrel Labs

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Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in the manufacture and sale of noninvasive medical devices for pain management, rehabilitation, and patient monitoring, today announced it has acquired 100% of Kestrel Labs, Inc., a laser-based, noninvasive patient monitoring technology company. Kestrel Labs’ laser-based products include the NiCO™ CO-Oximeter, a multi-parameter pulse oximeter, and HemeOx™, a total hemoglobin oximeter that enables continuous arterial blood monitoring. Both NiCO and HemeOx are yet to be presented to the FDA for market clearance.

The transaction closed on December 22, 2021 at an approximate value of $31.0 million, consisting of $16.0 million in cash which is being financed through Bank of America N.A. and approximately $15.0 million in Zynex common stock.

Kestrel Labs’ proprietary NiCO CO-Oximeter laser-based photoplethysmography patient monitoring technology identifies, measures, and monitors four crucial species of hemoglobin, which include O2Hb (oxygenated hemoglobin), RHb (reduced hemoglobin), COHb (carboxyhemoglobin), and metHb (methemoglobin). In addition, Kestrel Labs’ technology is designed to measure O2Hb regardless of skin pigmentation or COHb level, and with unprecedented accuracy. HemeOx measures total hemoglobin (tHb) and oxygen saturation, two critical parameters that typically require invasive arterial blood sampling for measurement. Total hemoglobin is a very commonly ordered blood test in healthcare, and HemeOx measures it with the continuous and noninvasive ease of a pulse oximeter at the patient bedside.

“I am very excited to add several laser-based pulse oximetry monitoring products to our portfolio of noninvasive blood, fluid, and sepsis monitors,” said Thomas Sandgaard, Founder, Chairman, and CEO of Zynex. “We will begin integrating Kestrel Labs’ two main products into our existing monitoring portfolio and seek regulatory clearance. Kestrel Labs’ laser-based technology allows it to measure distinct parameters, including for the first time the ability to distinguish between hemoglobin bound to carbon monoxide (COHb) rather than to oxygen, which would lead to better quality of care.”

“Our proprietary laser-based technology will complement Zynex’s current patient monitoring portfolio,” said Jonas Pologe, Co-Founder and former CEO of Kestrel Labs. “We are thrilled about the potential synergies and believe the combination of our technologies will advance the future of patient monitoring. Zynex’s proven ability to commercialize products and grow profitably, combined with Zynex Monitoring Solutions’ portfolio of hospital monitoring products, create a clear road map for success.”


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