Results and objectives"Net sales in the first quarter of fiscal 2014 met our expectations and provides a good start to the fiscal year," commented Dan Moore, Cyberonics' President and Chief Executive Officer. "Our U.S. sales team followed a record fourth-quarter performance with a near-record quarter in both unit sales and net product sales. Estimates of new patient and replacement growth rates are consistent with those provided in our annual guidance. International unit sales were well ahead of the first quarter of last year, with Europe in particular continuing the strong performance seen in fiscal 2013.
"Adjusted EBITDA for the first quarter was $25.6 million, and with our available cash and short-term investments of $131 million, the company is well-positioned to continue to deliver stockholder value with investments in next-generation products and stock repurchases.
"Our AspireSR™ clinical studies, E-36 and E-37, have both progressed this quarter. Enrollment in E-36 is now complete, and the first five patients in our U.S.-based study, E-37, have received the AspireSR generator. Further, we completed enrollment in our ANTHEM study, assessing Autonomic Regulation Therapy for patients with chronic heart failure. We are pleased to have achieved each of these important clinical steps while continuing to grow our global epilepsy sales," concluded Mr. Moore.
Stock Repurchase UpdateDuring the recently completed quarter,
|SOURCE Cyberonics, Inc.|
Copyright©2012 PR Newswire.
All rights reserved