ZYXI Plummets 32% Amid Delisting Fears and Bankruptcy Filing – What’s Next for Zynex?

Summary
• Zynex (ZYXI) crashes 32.04% intraday to $0.1998, hitting a 52-week low of $0.1776
• Nasdaq delisting and Chapter 11 filing trigger panic selling, with turnover surging 36.4%
• Analysts highlight ZYXI’s 132.8% upside potential vs. EDAP’s 111.8%, yet sentiment turns bearish

Zynex’s catastrophic intraday collapse has sent shockwaves through the medical tech sector. With the stock trading at a 64% discount to its 52-week high of $8.45 and facing imminent delisting, investors are scrambling to assess the fallout. The deluge of negative news—including bankruptcy proceedings and regulatory suspensions—has created a perfect storm for ZYXI, testing the resilience of its already fragile market position.

Delisting and Bankruptcy Trigger Panic Sell-Off
ZYXI’s freefall stems from a confluence of existential threats. On December 16, 2025, Zynex filed for Chapter 11 bankruptcy, followed by Nasdaq’s delisting decision on December 18. The exchange suspended trading on December 24, with interim trading halted on ITS from December 17–24. This regulatory and financial collapse has triggered a liquidity vacuum, as investors flee a stock now trading at 6.8% of its 200-day moving average ($1.88). The 52-week low of $0.1776—reached today—underscores the market’s loss of confidence, exacerbated by ZYXI’s -30.79% net margin and -0.06 PE ratio.

Healthcare Equipment Sector Stabilizes as ZYXI Crumbles
While ZYXI implodes, the broader Healthcare Equipment sector remains relatively stable. Medtronic (MDT), the sector’s bellwether, fell 0.94% intraday, reflecting caution but no systemic panic. ZYXI’s collapse is an outlier, driven by its unique bankruptcy and delisting risks. Competitors like AngioDynamics (ANGO) and Edap Tms (EDAP) face their own challenges but remain listed and solvent. The sector’s 18.33 P/E ratio and $158.17M revenue highlight ZYXI’s divergence from industry norms.

Technical Deterioration Demands Short-Side Caution
• 200-day average: $1.88 (far below current price)
• RSI: 8.26 (extreme oversold)
• MACD: -0.184 (bearish divergence)
• Bollinger Bands: Price at $0.1998, near lower band ($0.1024)

ZYXI’s technicals paint a dire picture. The stock is trapped in a long-term bearish trend, with RSI at a 12-month low and MACD signaling accelerating downside momentum. Key support levels at $0.71–$0.74 (30D) and $1.40–$1.54 (200D) are now irrelevant, as the stock trades below its 52-week low. With no options liquidity and a delisting clock ticking, short-term traders should avoid further exposure. The only actionable signal is a potential bounce to $0.25–$0.30, but this would require a miracle in bankruptcy proceedings.

Backtest Zynex Stock Performance
The ZYXI ETF has experienced a maximum intraday plunge of -32% from 2022 to the present date. Backtesting reveals a 3-day win rate of 49.25%, a 10-day win rate of 49.68%, and a 30-day win rate of 50.54% following such events. The average returns over 3, 10, and 30 days are -0.34%, 0.32%, and -1.46%, respectively, indicating a slight positive rebound but overall negative performance in the short term after the dramatic drop.

ZYXI’s Delisting Imminent – Exit or Watch for Bankruptcy Catalysts
ZYXI’s collapse is terminal, with delisting and bankruptcy creating a zero-sum scenario for shareholders. The stock’s technical indicators and regulatory status confirm a one-way trade to oblivion. Medtronic’s -0.94% move highlights sector resilience, but ZYXI’s fate is sealed. Investors must exit long positions immediately and monitor for any bankruptcy-related catalysts—such as asset sales or restructuring bids—that could briefly spark volatility. For ZYXI, the only question is how low it can go before ceasing to exist.