Epilepsy Growth of 14%
Fiscal 2009 Revenue Guidance
HOUSTON, June 11 /PRNewswire-FirstCall/ -- Cyberonics, Inc. (Nasdaq: CYBX) today announced results for the fourth quarter, and fiscal year, ended April 25, 2008.
Key quarterly highlights
Key results for the fourth quarter of fiscal 2008 compared to the
fourth quarter of fiscal 2007 included:
-- Net sales of $33.9 million, an 8% increase from $31.4 million.
-- Net earnings of $2.9 million, including $1.3 million in insurance
recoveries and $0.4 million in state tax credits, compared with a net
loss of $10.8 million.
-- Earnings per diluted share of $0.11 cents, including $0.07 in credits
from insurance recoveries and state tax credits, compared with a loss
of $0.42 cents per share.
-- Unit sales attributable to the epilepsy indication increased globally
by an estimated 18%, with US unit sales increasing by an estimated 20%.
Net sales for fiscal 2008 were $121.2 million, compared to $131.0 million in fiscal 2007. Net product sales in fiscal 2008 attributable to the epilepsy indication were $115.3 million, an increase of $13.9 million, or 14% over fiscal 2007, while sales attributable to the depression indication declined by $24.1 million to $5.4 million from $29.5 million in fiscal 2007.
U.S. net product sales in fiscal 2008 declined to $94.4 million, compared with $111.1 million in fiscal 2007, due to the continued reduction in the number of VNS Therapy(TM) Systems attributable to treatment-resistant depression ("TRD"), following both the preliminary and final non-coverage determinations by the Centers for Medicare and Medicaid Services in February 2007 and May 2007, respectively; however, net sales attributable to the epilepsy indication increased by approximately 10% over the prior year.
International net sales increased by 3
|SOURCE Cyberonics, Inc.|
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