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

ncome of $2.9 million, or $0.11 cents per diluted share for the fourth quarter and a net loss of $10.3 million, or $0.39 cents per share for fiscal 2008. For the comparable periods of fiscal 2007, the amounts were a net loss of $10.8 million, or $0.42 cents per share, and a net loss of $51.2 million, or $2.01 cents per share.

Balance sheet and cash flow

Cash balances have increased by $1.1 million to $91.1 million since the end of the third quarter, and by $6.3 million since the prior fiscal year end of April 27, 2007. The increase in the most recent quarter reflects positive operating cash flow of $7.4 million, offset by the repurchase of 479,000 shares of common stock for $6.2 million.

On April 21, 2008 the company announced the settlement of litigation regarding the $125 million convertible notes. The settlement grants the note holders an option to redeem the notes on December 27, 2011, nine months earlier than the original maturity date. Accordingly, the company has now reclassified this liability to long-term.

Depression update

The company previously announced an effort to identify a financial partner to assist in the execution of the clinical plan developed for the depression indication. This effort remains ongoing, and any progress will be announced at the appropriate time.

Objectives

"During fiscal 2008 the company made significant progress on the objectives outlined by the Board in February 2007," commented Dan Moore, Cyberonics' President and Chief Executive Officer. "In particular, the company has now recorded operating earnings and positive cash flow from operations for the last two quarters of fiscal 2008, and net earnings in the recently completed fourth quarter. Our core U.S. epilepsy business has shown growth for three consecutive quarters, culminating in approximately 20% volume growth in the fourth quarter over the prior year, and our international operations have posted another record year with annu
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SOURCE Cyberonics, Inc.
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