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

$0.3 million from the comparable period of fiscal 2009. International epilepsy unit sales increased by 13% in the second quarter of fiscal 2010. The net sales increase was impacted by a higher percentage of sales being made through distributors.

Sales for the six months ended October 23, 2009 were $79.2 million, an increase of $9.5 million, or 14%, when compared to the same period in fiscal 2009.

Gross profit

The gross profit for the second quarter of fiscal 2010 represented 87.4% of net sales compared to 85.6% in the second quarter of fiscal 2009. This increase is primarily a result of higher production volumes and improved manufacturing efficiencies, as well as a higher average selling price due to product mix changes.

Operating expenses

Operating expenses increased by $0.2 million to $26.5 million for the second quarter of fiscal 2010 from the $26.3 million recorded in the comparable period of fiscal 2009 and were materially unchanged from the first quarter of the current fiscal year. Expenses for the quarter ended October 23, 2009 included $2.2 million for stock-based compensation, a decrease of $0.5 million from the comparable period of fiscal 2009.

For the six-month period ended October 23, 2009, operating expenses totaled $53.2 million, an increase of $0.7 million, or 1%, over the same period of fiscal 2009.

Income from operations

The company reported income from operations of $9.1 million during the second quarter of fiscal 2010, compared with income from operations of $4.5 million in the comparable period of fiscal 2009, an increase of over 100%. This quarterly operating profit is the highest ever recorded by the company.

For the six-month period ended October 23, 2009, income from operations totaled $15.6 million, compared to $7.3 million in the same period of fiscal 2009, an increase of 114%.

Debt repurchase / other
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SOURCE Cyberonics, Inc.
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