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

r diluted share.

Balance sheet and cash flow

The company generated positive operating cash flow of $16.9 million during the six-month period ended October 23, 2009. Available cash and cash equivalent balances were $60.5 million at quarter end, compared with debt outstanding of $39.2 million.

Results and objectives

"Our performance in fiscal 2010 continues to be robust," commented Dan Moore, Cyberonics' President and Chief Executive Officer. "The company achieved record net sales, record income from operations, and significant cash flow from operations. Our core U.S. epilepsy business continues to reflect solid growth, and our international operations produced a third consecutive quarter of double-digit unit growth, increasing by 13% over the second quarter of the prior year.

"Our stockholders' equity has now reached $87 million. This number was negative as recently as the first quarter of fiscal 2009. We expect to continue producing strong cash flow and with our debt at reasonable levels, the company's balance sheet affords considerable flexibility.

"We estimate that unit sales of replacement generators increased in the second quarter of fiscal 2010 relative to the first quarter of fiscal 2010 and the second quarter of fiscal 2009. We believe that this number is likely to increase over the next two years, and we plan to discuss the basis for this assertion at our previously announced investor day presentation scheduled for December 4, 2009 in Boston.

"We believe that both the U.S. and international epilepsy markets represent significant opportunities for the company to realize consistent growth in both sales and earnings in the coming years," Mr. Moore continued. "Specifically, the Cyberonics team is dedicated to development efforts to improve the efficacy of VNS Therapy(TM) for epilepsy, with particular attention to research efforts around seizure detection and improv
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SOURCE Cyberonics, Inc.
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