8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):November 27, 2006

Zynex Medical Holdings, Inc.

(Exact name of Registrant as specified in its charter)

Nevada	33-26787-D	90-0275169
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

8100 South Park Way, Suite A-9, Littleton, CO 80120

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number: (303) 703-4906

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

On November 21, 2006, Zynex Medical Holdings, Inc. (the “Company”) issued a press release regarding its third quarter net revenue. On November 27, 2006, the Company issued a corrected press release to replace the press release filed on November 21, 2006. The corrected, replacement press release is attached as an exhibit to this Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 Exhibit  Description

  99.1     Press Release of Zynex Medical Holdings, Inc. dated November 27, 2006

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on as its behalf by the undersigned hereunto duly authorized.

	Zynex Medical Holdings, Inc.              (Registrant)
Date: November 28, 2006	By:	/s/ Thomas Sandgaard
		Thomas Sandgaard
		President and Chief Executive Officer

EXHIBIT INDEX

 Exhibit  Description

  99.1     Press Release of Zynex Medical Holdings, Inc. dated November 27, 2006

EX-99.1

Exhibit 99.1

CORRECTING and REPLACING Zynex Medical Announces Third Quarter Net Revenue Increases 23%

Monday November 27, 10:49 am ET

LITTLETON, Colo.--(BUSINESS WIRE)--Please replace the release dated November 21, 2006 with the following corrected version due to multiple revisions.

The corrected release reads:

ZYNEX MEDICAL ANNOUNCES THIRD QUARTER NET REVENUE INCREASES 23%

Zynex Medical Holdings, Inc. (OTCBB: ZYNX - News), a provider of pain management systems and electrotherapy products for medical patients with functional disability, reported its financial results for the quarter and nine months ended September 30, 2006

Net sales and rental income for the quarter ended September 30, 2006 increased 23% to $743,787, compared with $604,141 during the same quarter of 2005. For the nine-month period, net sales and rental income was $1,809,738, compared with $1,738,566 for the same period of 2005. The increase in net revenue for the quarter and nine-month period was primarily due to an increase in prescription orders for rentals and purchases of the Company's standard electrotherapy products, and was the result of the Company's more than doubling its sales force through the hiring of sixteen industry-seasoned, professional sales representatives during the third quarter.

Gross profit for the quarter ended September 30, 2006 increased 11% to $634,596, compared with $570,736 reported during the same period in 2005. Gross profit for the nine months ended, September 30, 2006 was $1,576,544, compared with $1,663,405 reported during the prior year's comparable period.

Thomas Sandgaard, President and CEO of Zynex said, "Our strong increase in sales this quarter were propelled by our newly acquired sales force. We believe that there is demand in the marketplace for Zynex's pain management and NeuroMove products, and, with our new sales force on board, we are well-positioned for further growth."

Separately, the Company announced, following a detailed inventory analysis, the Company concluded that it had undervalued its inventory in prior periods and that the Company's financial statements (1) for the year ended December 31, 2005 and (2) the quarters ended September 30, 2005, March 31, 2006 and June 30, 2006 should be revised to reflect adjustments to the Company's inventory as of such dates. An adjustment was recorded to decrease accumulated deficit and increase inventory at January 1, 2006 by $193,108. Additionally, adjustments were recorded to decrease cost of sales and rentals by $6,530 and $125,153 for the three and nine months ended September 30, 2005, respectively. The Company will prepare revised financial statements for the year ended December 31, 2005, and for the quarters ended March 31, 2006 and June 30, 2006 and include them in an amended Form 10-KSB and Forms 10-QSB as of such dates. The Company has filed a Form 10-QSB for the quarter ended September 30, 2006.

About Zynex Medical Holdings, Inc.

Zynex Medical Holdings, Inc. (founded in 1996) engineers, manufactures, markets and sells its own design of electrotherapy medical devices in two distinct markets: standard digital electrotherapy products for pain relief and pain management; and the NeuroMove(TM) for stroke and spinal cord injury (SCI) rehabilitation. Zynex's product lines are fully developed, FDA-cleared, commercially sold, and have been developed to uphold the Company's mission of improving the quality of life for patients suffering from impaired mobility due to stroke, spinal cord injury, or debilitating and chronic pain.

Safe Harbor Statement

Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, risks and delays associated with product development, risk of market acceptance of products, technology or product obsolescence, competitive risks, reliance on manufacturing partners, dependence on reimbursement from insurance companies, additional capital needs and other risks described in our Form 10-KSB for the year ended December 31, 2005.

  Consolidated Statement of Operations

	Third Quarter 2006 and 2005				Nine Months Ended September 30, 2006 and 2005
	3 Mos Ended Sept. 30				9 Mos Ended Sept. 30
	2006		2005		2006			2005
Net Sales and rental
Income	$	743,787	$	604,141	$	1,809,738		$	1,738,566
Net Income (loss)	$	22,892	$	135,940	$	(92,751	)	$	386,058
Net Income Per Common
Share Basic	$	-	$	0.01	$	-		$	0.02
Common Shares Used in
Computing Per Share
Amount-Basic		24,095,566		23,141,330		23,531,017			23,095,520
Net Income Per Common
Share Diluted	$	-	$	0.01	$	-		$	0.02
Common Shares Used in
Computing Per Share
Amount-Diluted		24,300,389		23,383,878		23,531,017			23,210,830

Contact:

The Investor Relations Group, Inc.

Investor Relations:

Jordan Silverstein / Christine Berni, 212-825-3210

or

Zynex Medical

Thomas Sandgaard, 303-703-4906

________________

Source: Zynex Medical Holdings, Inc.