Shareholder Buys $24.3M More of Westport

Which insiders are selling and buying chunks of stocks?

Below are lists of the top 10 open-market insider purchases and sales filed at the Securities and Exchange Commission Tuesday as ranked by dollar value. Company executives and directors are in the best position to assess the attractiveness of their firms’ shares, and here is how many of them are voting their wallets! Please note, however, that these are factual lists, not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction.

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Zynex reports wider profit, revenue in Q1

Medical-device maker Zynex Inc. on Monday reported net income of $950,792, or 3 cents a share, in the first quarter, up from $230,683, or a penny a share, in the same quarter of 2008.

Revenue for the quarter ending March 31 was $4.2 million versus $2.6 million a year earlier, Littleton-based Zynex reported.

“We are excited to see our continued growth in revenue and improved profit,” Zynex President/CEO Thomas Sandgaard said in a statement.

Zynex (OTCBB: ZYXI) — formerly known as Zynex Medical Holdings Inc. — is a provider of pain-management systems and electrotherapy products for medical patients with functional disabilities.

The quarterly results are the first Zynex has released since April, when a series of civil class-action lawsuits were filed in federal court against the company alleging securities-law violations. Some of the law firms that filed the suits specialize in shareholder litigation.

The suits followed Zynex’s April 1 statement that the company would restate financial results for the first three quarters of 2008 “to reflect adjustments to Zynex’s allowance for provider discounts, accounts receivable and net revenue.” The lawsuits allege that the announcement caused Zynex’s stock price to fall, injuring shareholders.

The suits allege that Zynex violated the Securities Exchange Act by issuing false financial statements.

On April 27, Sandgaard issued a statement saying that “Zynex believes that it has substantial factual and legal defenses to the lawsuits, which it intends to pursue vigorously. … We believe that the restated financial statements for the quarters were the right thing to do.”

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