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Cyberonics Reports Fiscal 2014 First Quarter Results
Date:8/22/2013

Cyberonics repurchased 205,000 shares on the open market, completing the previously authorized program, and leaving 740,000 shares available to be repurchased under the current program, and expected to be completed in the current fiscal year.  

Fiscal 2014 guidanceCyberonics is re-affirming guidance for fiscal 2014 as follows:

  • Net sales are expected to be in the range of $279 million to $283 million.
  • Adjusted non-GAAP income from operations is expected to be in the range of $85 million to $88 million.
  • Adjusted non-GAAP net income for fiscal 2014 is expected to be in the range from $53 million to $56 million.
  • Adjusted non-GAAP income per diluted share (EPS) will be in the range from $1.93 to $2.01.
  • Guidance for income from operations, net income and diluted earnings per share (EPS) has been adjusted by $7.4 million, $4.8 million (net of tax) and $0.17 cents per share, respectively, for the litigation settlement referenced above.

    Additional details will be provided during today's conference call and in an investor presentation summarizing the company's first quarter results, which is available in the investor relations section of Cyberonics' corporate website at http://www.cyberonics.com.

    Use of non-GAAP financial measuresIn this press announcement, management has disclosed financial measurements that present financial information not in accordance with Generally Accepted Accounting Principles (GAAP).  These measurements are not a substitute for GAAP measurements, although company management uses these measurements as aids in monitoring the company's ongoing financial performance from quarter to quarter and year to year on a regular basis and for benchmarking against other medical technology companies.  Adjusted non-GAAP income from operations, adjusted non-GAAP net income and adjusted non-GAAP income per diluted share measure the income from o
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    SOURCE Cyberonics, Inc.
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