Zynex has initiated a process to review potential strategic alternatives that could include a sale, people with knowledge of the matter said.

The medical device manufacturer is working with Cantor Fitzgerald to evaluate options, which may include any take-private offers, a merger, divestiture, recapitalization or any other transaction, according to the people, who asked not to be identified discussing confidential information.

Deliberations are ongoing and there’s no certainty that Zynex will decide to pursue any transaction or strategic change, the people said. A spokesperson for Zynex declined to comment. A representative for Cantor didn’t immediately respond to a request for comment.

The company’s board of directors believes it’s in the interest of stockholders to explore strategic alternatives, as Zynex has experienced increased revenue growth over the past four years and increased profit margins but its shares continue to trade below a comparable industry value, the people said.

The company’s shares, which have fallen 38% this year, closed up 2.9% to $8.58 in New York trading Monday, giving Zynex a market value of $291 million.

Founded in 1996, Zynex makes electro-therapy products for pain management and muscle stimulation and rehabilitation. Zynex reported last week that its third-quarter revenue increased 20% year-over-year to $49.9 million.

Zynex is launching new therapy products for pain management including Zynex Pro Thoracic Lumbar Sacral Orthosis, Zynex Pro Wrist and Zynex Cryoheat, according to the third-quarter report.