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Cyberonics Reports Strong Revenue Growth and Profitability in Fiscal 2008 Fourth Quarter
Date:6/11/2008

2% in fiscal 2008 to a record $26.3 million, up from the $19.9 million reported in fiscal 2007, due primarily to unit growth of 24% and the impact of foreign currency movements.

Net sales for fiscal 2008 include $0.5 million relating to the license fee of $9.5 million received during the third quarter. It is anticipated that this license fee will be recognized at a quarterly rate of $373,000 through the end of fiscal 2014. The unamortized amount is reflected as deferred revenue in long-term liabilities.

Gross profit

The gross profit for fiscal 2008 represented 83% of net sales compared to 86% in fiscal 2007, primarily due to lower production, and the resulting impact on overhead absorption.

Operating expenses

Operating expenses for the fourth quarter of fiscal 2008 totaled $25.0 million, and for fiscal 2008 totaled $108.4 million; for the comparable periods of fiscal 2007 operating expenses were $35.9 million and $162.2 million, respectively.

Included in expenses for the quarter ended April 25, 2008 was a credit of $1.3 million in insurance recoveries, and for fiscal 2008, insurance recoveries totaled $1.7 million.

Expenses for the quarter, and the fiscal year, ended April 25, 2008 included $2.7 million and $11.7 million for stock-based compensation expense respectively. For the comparable periods of fiscal 2007, the amounts were $2.9 million and $19.4 million, respectively.

Operating earnings / (loss)

The company reported operating earnings of $3.0 million in the recently completed quarter, and an operating loss for fiscal 2008 of $8.2 million, compared with an operating loss of $10.2 million, and $49.5 million, in the comparable periods of fiscal 2007, respectively.

Income tax expense / (benefit)

Included in income tax expense for the quarter ended April 25, 2008 was a credit of $0.4 million relating to Texas margin tax changes.

Net income / (loss)

The company reported net i
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SOURCE Cyberonics, Inc.
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