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Cyberonics Reports Record Sales and Operating Profit in Fiscal 2010 Second Quarter
Date:11/18/2009

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

Quarterly highlights

Results for the second quarter of fiscal 2010 compared to the second quarter of fiscal 2009 include:

  • Net sales of $40.7 million, a 13% increase from $36.0 million;
  • Income from operations of $9.1 million, an increase of 101% over the prior year;
  • U.S. and international epilepsy unit sales increased by 6% and 13%, respectively;
  • Net income of $50.1 million;
  • Adjusted non-GAAP net income of $9.1 million compared with an adjusted non-GAAP net income of $3.9 million in the prior year;
  • Adjusted non-GAAP diluted earnings per share of $0.32, an increase of 129% over the prior year;
  • Announcement of several development collaborations.

As discussed below under "Use of Non-GAAP Financial Measures," the company presents non-GAAP financial measures, adjusted non-GAAP net income and adjusted non-GAAP diluted earnings per share, 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.

Net sales

Worldwide sales for the second quarter of fiscal 2010 were $40.7 million compared to $36.0 million in the comparable period of fiscal 2009, representing an increase of 13%.

U.S. net product sales attributable to the epilepsy indication increased to an estimated $33.2 million, compared with $28.6 million in the comparable period of fiscal 2009, an increase of $4.6 million, or 16%.

International net sales of $6.8 million increased by
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SOURCE Cyberonics, Inc.
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