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

al volume growth of 24%. Overall, our fourth quarter revenues increased by 8% over the prior year, our balance sheet has strengthened considerably with the settlement of the convertible note litigation, and several significant legal issues are now behind us.

"While we are certainly pleased with these results, of more importance is our expectation that these positive trends will continue in fiscal 2009. We believe that both the U.S. and worldwide epilepsy markets represent significant opportunities for the company to demonstrate consistent growth in sales and earnings in the coming years. Specifically, continued corporate focus on epilepsy, improved pricing, geographic expansion, and an evolving replacement cycle can together enable us to increase revenues in the medium term, while improvements in gross margin can contribute to our profitability.

"For the longer term, the Cyberonics team is dedicated to development efforts towards improving the efficacy of VNS Therapy(TM) for epilepsy, with particular attention to initiating and participating in research efforts around seizure detection.

"Our goals for our epilepsy business include consistent volume growth in the range of 10% to 20% and the achievement of an operating margin of 25% in fiscal 2011. Further, our improved balance sheet provides us with the flexibility to achieve sustained increases in shareholder value.

"During this important transition year, the entire Cyberonics team has contributed significantly to reinvigorating our growth, and we look forward to fiscal 2009 with increased confidence."

Fiscal 2009 guidance

Net sales are anticipated to be in the range of $134 million to $138 million.

While the company anticipates positive earnings in fiscal 2009, no specific earnings guidance is being provided at this time as the process of identifying a financial partner for the depression indication is ongoing and could potentially have a material impact on net earni
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SOURCE Cyberonics, Inc.
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