Zynex falls on Q4 revenue miss

Shares of medtech firm Zynex ZYXI.O fall 28% to $5.04

Co reported late on Tuesday Q4 net revenue of $46 mln, missing analysts' estimates of $53.65 mln, according to data compiled by LSEG

Says revenue shortfall was due to slower-than-normal payments from certain payers as well as a temporary suspension of payments from healthcare service provider Tricare

Co says it is decreasing overall staff by about 15%, which would result in savings of about $35 mln annually

Brokerage H.C. Wainwright believes the company has sufficient capital to fund operations for the coming year

"The company continues to expand payor coverage, which could offset some of the near-term sales drop," brokerage adds

Up to last close, ZYXI has fallen 44.8% in the past 12 months