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Cyberonics Reports Fiscal 2014 First Quarter Results

Income from Operations(1)$


17,267,376Litigation settlement 7,442,847—Adjusted non-GAAP net income from Operations(1)$


17,267,376Net income$


8,075,033Litigation settlement – net of tax 4,776,075—Impairment of investment – net of tax (2)—2,472,601Adjusted non-GAAP Net Income(1)$


10,547,634Diluted income per share$


0.29Litigation settlement 0.17—Impairment of investment (2)—0.09Adjusted non-GAAP diluted income per share(1)$



The reported results shown above for income from operations, adjusted non-GAAP income from operations, adjusted non-GAAP net income and adjusted non-GAAP income per diluted share for the most recent quarter reflect the impact of $1.5 million of license revenue compared to $0.4 million included in the comparable quarter of the prior year as a result of recognizing all remaining such license revenue. (2)

The impairment relates to our investment in the convertible debt instrument of Neurovista. The following table sets forth the reconciliation between adjusted non-GAAP net income and our non-GAAP financial measure for adjusted EBITDA (unaudited):Thirteen Weeks EndedJuly 26, 2013July 27, 2012Adjusted non-GAAP net income$


10,547,634Interest (income) expense, net(43,415)21,705Other (income) expense, net130,691(67,348)Depreciation and amortization1,357,0011,123,108Equity based compensation3,153,4994,406,533Income tax expense – adjusted for non-GAAP items7,509,6116,765,385Adjusted EBITDA$




SOURCE Cyberonics, Inc.
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