Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-07-22

ZYNEX INC (ZYNX)

CEO Thomas Sandgaard was paid $991,810 in fiscal year 2024, ↓ down 18.6% from fiscal year 2023, the 14th percentile of its disclosed peer group (SEC filing 0001558370-25-004019 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$991,810 ↓
Thomas Sandgaard total, FY2024
14th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
97.01%
Say-on-pay support, latest vote

The Pay Desk — the free weekly executive pay briefing, one company at a time, every number traceable to a public filing.

You'll confirm on The Pay Desk's sign-up page.

Get ZYNEX INC's free Compensation Brief as a PDF, emailed to you now — plus a few short notes on the deeper ZYNX reports.

We send the PDF right away, then up to three short notes. Reply “unsubscribe” to any of them, any time.

How we handle your data → Privacy

Companies that benchmark against ZYNX
1 company names ZYNX as a compensation peer

Each company listed discloses ZYNX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ZYNX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Thomas Sandgaard$700,000—$112,458—$170,625—$8,727$991,810
President, Chief Executive Officer and Chairman
Daniel Moorhead415,000125,000304,158—33,719—31,928909,805
Chief Financial Officer
Anna Lucsok300,000100,000245,374—48,750—14,985709,109
Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY2023→2024
Thomas Sandgaard$991,810$1,217,895$1,358,833↓ −226,085
Daniel Moorhead909,805883,146821,173↑ +26,659
Anna Lucsok709,109714,398600,332↓ −5,289

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Thomas SandgaardRSU2024-04-30——2,563—$28,116
Anna LucsokRSU2024-07-30——1,104—9,075
Anna LucsokRSU2024-07-27——5,000—41,700
Daniel MoorheadRSU2024-10-29——6,912—61,655
Daniel MoorheadRSU2024-06-05——5,000—48,200
Thomas SandgaardRSU2024-07-30——2,760—22,687
Daniel MoorheadRSU2024-12-05——5,000—39,700
Anna LucsokRSU2024-10-29——2,764—24,655
Anna LucsokRSU2024-04-27——5,000—57,250
Anna LucsokRSU2024-10-27——5,000—44,400
Anna LucsokRSU2024-01-27——5,000—57,050
Anna LucsokRSU2024-04-30——1,025—11,244
Daniel MoorheadRSU2024-09-05——5,000—39,450
Daniel MoorheadRSU2024-03-05——5,000—64,350
Daniel MoorheadRSU2024-07-30——2,760—22,687
Daniel MoorheadRSU2024-04-30——2,563—28,116
Thomas SandgaardRSU2024-10-29——6,912—61,655
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Thomas Sandgaard$112,458$0$00.0%
Anna Lucsok245,374000.0%
Daniel Moorhead304,158000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Anna LucsokRSU3,750—$30,038
Anna LucsokRSU2,500—20,025
Anna LucsokRSU13,750—110,138
Daniel MoorheadRSU6,912—55,365
Thomas SandgaardRSU1,922—15,395
Thomas SandgaardRSU6,912—55,365
Anna LucsokRSU5,000—40,050
Daniel MoorheadRSU5,000—40,050
Thomas SandgaardRSU4,589—36,758
Anna LucsokRSU1,835—14,698
Daniel MoorheadRSU4,589—36,758
Daniel MoorheadRSU3,750—30,038
Anna LucsokRSU2,764—22,140
Anna LucsokRSU2,750—22,028
Daniel MoorheadRSU2,750—22,028
Daniel MoorheadRSU2,500—20,025
Thomas SandgaardRSU2,415—19,344
Daniel MoorheadRSU2,415—19,344
Thomas SandgaardRSU2,283—18,287
Daniel MoorheadRSU2,283—18,287
Daniel MoorheadRSU1,922—15,395
Anna LucsokRSU1,375—11,014
Anna LucsokRSU768—6,152
Daniel MoorheadRSU1,375—11,014
Anna LucsokRSU966—7,738
Anna LucsokRSU913—7,313
Thomas SandgaardRSU737—5,903
Daniel MoorheadRSU737—5,903
Thomas SandgaardRSU623—4,990
Daniel MoorheadRSU623—4,990
Anna LucsokRSU295—2,363
Anna LucsokRSU249—1,994
Daniel MoorheadRSU132,000—0
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract, motivate, and retain key executives by providing competitive pay that balances cash and stock compensation, ties a significant portion of total compensation to the achievement of business goals such as revenue and Adjusted EBITDA, and enhances retention through multi-year equity vesting.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedgingfalse
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-05-1723,653,381727,977811,99497.01%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20232023-05-1797.01%a

a. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Barry D. MichaelsIndependent · Audit Committee (Chair) · Compensation Committee · Nominating and Governance Committee$65,000$110,000$0$0$175,000$175,000
Joshua R. DisbrowIndependent · Audit Committee · Compensation Committee · Nominating and Governance Committee (Chair)60,000110,00000170,000170,000
Michael CressIndependent · Audit Committee · Compensation Committee (Chair) · Nominating and Governance Committee60,000110,00000170,000170,000
Thomas SandgaardEmployee director · Board Chair—————0
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$10,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$185,000
Equity awards (grant-date value)$330,000
All other compensation$515,000
Total cost of the board$1,030,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies ZYNEX INC names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including ZYNEX INC.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nevro Corporation2023Kevin Thornal$515,625$10,080,173$0$402,750$11,453,548
2Alphatec Holdings, Inc.2025Patrick Miles762,0008,859,6500600,00010,260,507
3AtriCure, Inc.2025Michael Carrel828,4397,203,47801,171,7039,217,620
4AxoGen, Inc.2025Michael Dale775,8657,342,8950906,1339,047,454
5Cutera, Inc.2023Taylor Harris271,0232,747,6824,250,00807,279,813
6Artivion, Inc.2025J. Patrick Mackin835,1455,006,9900991,3686,883,108
7Mesa Laboratories, Inc.2026Gary Owens808,8464,700,01701,120,0006,643,208
8Cerus Corp.2025William Greenman793,7502,242,5850756,0003,794,657
9Surmodics, Inc.2024Gary Maharaj647,481940,0001,410,000654,2153,665,496
10Tactile Systems Tech2025Sheri Dodd675,0002,019,9780737,4383,466,916
11Accuray, Inc.2025Suzanne Winter695,2642,314,147025,0003,042,119
12Inogen, Inc.2025Kevin R.M. Smith711,0771,874,550002,613,804
13ZYNEX INC2024Thomas Sandgaard700,000112,458—170,625991,810
14Atrion Corp.2023David Battat718,07700180,000924,464
15IRadimed Corp.2025Roger Susi385,59800395,000780,598

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
ZYNEX INCnot disclosednot disclosednot disclosednot disclosed
Accuray, Inc.not disclosedPSU 50 · RSU 50NoExequity LLP
Alphatec Holdings, Inc.157%PSU 50 · RSU 50NoCompensia
Artivion, Inc.118.7%PSU 50 · RSU 50NoWillis Towers Watson
AtriCure, Inc.141%PSU 70 · RSU 30NoKorn Ferry
Atrion Corp.25%RSU 100not disclosedFW Cook
AxoGen, Inc.116.79%PSU 50 · RSU 50NoAon
Cerus Corp.126%not disclosedNoAlpine
Cutera, Inc.not disclosednot disclosedNoCompensia
Inogen, Inc.60%RSU 50 · PRSU 50NoAon
IRadimed Corp.not disclosednot disclosednot disclosednot disclosed
Mesa Laboratories, Inc.125%PSU 50 · RSU 50NoFrederic W. Cook & Co, Inc.
Nevro Corporation53.7%not disclosedNoAon
Surmodics, Inc.126.3%Option 60 · Restricted Shares 40not disclosedPay Governance LLC
Tactile Systems Tech115%PSU 50 · RSU 50NoAon Consulting, Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at ZYNEX INC in fiscal 2024?
As disclosed, Thomas Sandgaard, President, Chief Executive Officer and Chairman, was the highest-paid executive at ZYNEX INC in fiscal 2024 with total compensation of $991,810.
How does ZYNEX INC's chief executive pay compare to its disclosed peer group?
The filing shows that the chief executive's pay ranked at the 14th percentile among disclosed peers.
What is ZYNEX INC's CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this filing.
How did shareholders vote on ZYNEX INC's executive compensation?
Shareholders voted in support of the executive compensation proposal with 97.01% approval.
How much does ZYNEX INC spend in total on board compensation for fiscal 2024?
The company reported total board compensation of $1,030,000 for fiscal 2024.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Thomas SandgaardDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation”. As printed: 991,810. Filing ↗
2Section 01, Daniel MoorheadDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation”. As printed: 909,805. Filing ↗
3Section 01, Anna LucsokDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation”. As printed: 709,109. Filing ↗
4Section 03, Thomas Sandgaard RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 382567–382573
5Section 03, Anna Lucsok RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 404140–404145
6Section 03, Anna Lucsok RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 401152–401158
7Section 03, Daniel Moorhead RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 428909–428915
8Section 03, Daniel Moorhead RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 419780–419786
9Section 03, Thomas Sandgaard RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 385514–385520
10Section 03, Daniel Moorhead RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 432103–432109
11Section 03, Anna Lucsok RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 410364–410370
12Section 03, Anna Lucsok RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 394929–394935
13Section 03, Anna Lucsok RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 407375–407381
14Section 03, Anna Lucsok RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 391694–391700
15Section 03, Anna Lucsok RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 397917–397923
16Section 03, Daniel Moorhead RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 425961–425967
17Section 03, Daniel Moorhead RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 413599–413605
18Section 03, Daniel Moorhead RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 422727–422733
19Section 03, Daniel Moorhead RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 416587–416593
20Section 03, Thomas Sandgaard RSUDEF 14A2025-03-280001558370-25-004019Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 388709–388715
21Section 08, Barry D. MichaelsDEF 14A2025-03-280001558370-25-004019Section “Director Compensation”. As printed: 175,000. Filing ↗machine: span 889868–890036
22Section 08, Joshua R. DisbrowDEF 14A2025-03-280001558370-25-004019Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 896827–896995
23Section 08, Michael CressDEF 14A2025-03-280001558370-25-004019Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 893203–893371
24Section 08, Thomas SandgaardDEF 14A2025-03-280001558370-25-004019Section “Director Compensation”. As printed: 0. Filing ↗
25Section 06, 2023 voteForm 8-K2023-05-170001104659-23-061864Item 5.07 · say-on-pay result. As reported: 97.01% (votes for as printed: 23,653,381). Filing ↗
26Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
27Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
28Section 09b board cost (computed)Computed——Cash 185,000 + equity 330,000 + all other 515,000 = 1,030,000, summed across the director compensation table rows.machine: formula: Σ = 1,030,000
29Nevro Corporation, Section 10b CEO totalDEF 14A2024-04-120000950170-24-044100CEO total compensation as printed in Nevro Corporation's own proxy. As printed: 11,453,548. Filing ↗machine: r2 · c16 · span 631983–631993
30Alphatec Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191867CEO total compensation as printed in Alphatec Holdings, Inc.'s own proxy. As printed: 10,260,507. Filing ↗machine: t26 · r2 · c25 · span 858148–858158
31AtriCure, Inc., Section 10b CEO totalDEF 14A2026-04-060001323885-26-000010CEO total compensation as printed in AtriCure, Inc.'s own proxy. As printed: 9,217,620. Filing ↗machine: span 743364–743373
32AxoGen, Inc., Section 10b CEO totalDEF 14A2026-04-290000805928-26-000057CEO total compensation as printed in AxoGen, Inc.'s own proxy. As printed: 9,047,454. Filing ↗machine: r2 · c45 · span 557309–557318
33Cutera, Inc., Section 10b CEO totalDEF 14A2024-06-170001628280-24-028528CEO total compensation as printed in Cutera, Inc.'s own proxy. As printed: 7,279,813. Filing ↗machine: span 1221355–1221364
34Artivion, Inc., Section 10b CEO totalDEF 14A2026-04-010001999371-26-007510CEO total compensation as printed in Artivion, Inc.'s own proxy. As printed: 6,883,108. Filing ↗machine: r3 · c9 · span 741873–741882
35Mesa Laboratories, Inc., Section 10b CEO totalDEF 14A2026-07-220000724004-26-000071CEO total compensation as printed in Mesa Laboratories, Inc.'s own proxy. As printed: 6,643,208. Filing ↗machine: r3 · c24 · span 580946–580955
36Cerus Corp., Section 10b CEO totalDEF 14A2026-04-220001020214-26-000011CEO total compensation as printed in Cerus Corp.'s own proxy. As printed: 3,794,657. Filing ↗machine: span 1301658–1301667
37Surmodics, Inc., Section 10b CEO totalDEF 14A2024-12-190000950170-24-138240CEO total compensation as printed in Surmodics, Inc.'s own proxy. As printed: 3,665,496. Filing ↗machine: r3 · c25 · span 1568790–1568799
38Tactile Systems Tech, Section 10b CEO totalDEF 14A2026-03-250001104659-26-034206CEO total compensation as printed in Tactile Systems Tech's own proxy. As printed: 3,466,916. Filing ↗machine: r3 · c12 · span 865797–865806
39Accuray, Inc., Section 10b CEO totalDEF 14A2025-10-010001140361-25-036983CEO total compensation as printed in Accuray, Inc.'s own proxy. As printed: 3,042,119. Filing ↗machine: t133 · r2 · c24 · span 733636–733645
40Inogen, Inc., Section 10b CEO totalDEF 14A2026-04-280001294133-26-000009CEO total compensation as printed in Inogen, Inc.'s own proxy. As printed: 2,613,804. Filing ↗machine: span 1140571–1140580
41ZYNEX INC (subject), Section 10b CEO totalDEF 14A2025-03-280001558370-25-004019CEO total compensation as printed in ZYNEX INC's own proxy. As printed: 991,810. Filing ↗
42Atrion Corp., Section 10b CEO totalDEF 14A2024-04-090001104659-24-044922CEO total compensation as printed in Atrion Corp.'s own proxy. As printed: 924,464. Filing ↗machine: r1 · c47 · span 467910–467917
43IRadimed Corp., Section 10b CEO totalDEF 14A2026-04-300001628280-26-028903CEO total compensation as printed in IRadimed Corp.'s own proxy. As printed: 780,598. Filing ↗machine: r3 · c36 · span 177624–177631
44Section 10a, AxoGen, Inc. reciprocityDEF 14A—0000805928-26-000057AxoGen, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
45Section 10a, Cerus Corp. reciprocityDEF 14A—0001020214-26-000011Cerus Corp.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
46Section 10a, Tactile Systems Tech reciprocityDEF 14A—0001104659-26-034206Tactile Systems Tech's most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
47Section 10a, Surmodics, Inc. reciprocityDEF 14A—0000950170-24-138240Surmodics, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
48Section 10a, Accuray, Inc. reciprocityDEF 14A—0001140361-25-036983Accuray, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
49Section 10a, Mesa Laboratories, Inc. reciprocityDEF 14A—0000724004-26-000071Mesa Laboratories, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
50Section 10a, Inogen, Inc. reciprocityDEF 14A—0001294133-26-000009Inogen, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
51Section 10a, Cutera, Inc. reciprocityDEF 14A—0001628280-24-028528Cutera, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
52Section 10a, Nevro Corporation reciprocityDEF 14A—0000950170-24-044100Nevro Corporation's most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
53Section 10a, AtriCure, Inc. reciprocityDEF 14A—0001323885-26-000010AtriCure, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
54Section 10a, Artivion, Inc. reciprocityDEF 14A—0001999371-26-007510Artivion, Inc.'s most recent proxy was read; its disclosed peer group does not include ZYNEX INC. Filing ↗
55Section 10a, Alphatec Holdings, Inc. reciprocityDEF 14A—0001193125-26-191867Alphatec Holdings, Inc. names ZYNEX INC in its own disclosed peer group (read from its most recent proxy). Filing ↗

Track this company's pay every filing: join the Pro seat waitlist

Velarion Pro: every company page, peer tools and exports, one seat

A confirmation now and one email when Pro opens, and nothing else. Privacy