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Cyberonics Continues Strong Sales Growth and Profitability in Fiscal 2009 Third Quarter
Date:2/18/2009

Company Achieves 20% Sales Growth over Q3 FY 08 and Record Quarterly Operating Income

HOUSTON, Feb. 18 /PRNewswire-FirstCall/ -- Cyberonics, Inc. (Nasdaq: CYBX) today announced results for the quarter ended January 23, 2009.

Quarterly highlights

Results for the third quarter of fiscal 2009 compared to the third quarter of fiscal 2008 include:

  • Net sales of $35.3 million, a 20% increase from $29.3 million, with foreign currency translations reducing third quarter sales by an estimated $0.8 million,
  • Net U.S. product sales attributable to the epilepsy indication increased by an estimated 31% to $28.3 million,
  • US unit sales attributable to the epilepsy indication grew by 19%,
  • Gross profit margin increased to 86.0% from 82.7%,
  • Adjusted net income of $4.1 million (excluding a net gain of $5.7 million on early extinguishment of debt adjusted for tax impact), and net income of $9.8 million compared with a net loss of $1.0 million.

As discussed below under "Use of Non-GAAP Financial Measure," the company presents a non-GAAP financial measure, adjusted net income, in this release. Investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP. Please refer to the attached reconciliation between GAAP and non-GAAP financial measures.

Sales

Worldwide sales for the third quarter of fiscal 2009 were $35.3 million compared to $29.3 million in the comparable period of fiscal 2008, an increase of 20%. On a constant currency basis, the year-over-year sales increase was 24%.

Product sales in the quarter attributable to the epilepsy indication
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SOURCE Cyberonics, Inc.
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