Cyberonics Reports Strong Fiscal 2010 First Quart...( ...),Health

HOUSTON, Aug. 19 /PRNewswire-FirstCall/ -- Cyberonics, Inc. (Nasdaq: CYBX) today announced results for the quarter ended July 24, 2009.

Quarterly highlights

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

• Net sales of $38.5 million, a 14% increase from $33.7 million;
• Income from operations of $6.5 million, an increase of 134% from the $2.8 million reported in the prior year;
• Earnings per diluted share of $0.23 cents compared with $0.08 cents per share;
• U.S. and international epilepsy unit sales increased by 8%, and 15%, respectively.
  

Net sales

Worldwide net sales for the first quarter of fiscal 2010 were $38.5 million compared to $33.7 million in the comparable period of fiscal 2009, an increase of 14%. On a constant currency basis, the year-over-year sales increase was approximately 17%.

U.S. net product sales increased to $30.9 million, compared with $26.2 million in the comparable period of fiscal 2009, an increase of $4.7 million or 18%.

While overall international unit sales increased by 12% in the first quarter of fiscal 2010, net sales increased by only 1% to $7.2 million due to the negative impact of foreign currency movements. On a constant currency basis, international net sales increased by approximately 14%.

Gross profit

The gross profit for the first quarter of fiscal 2010 represented 86.1% of net sales, slightly higher than the 85.7% in the first quarter of fiscal 2009. This increase is primarily a result of higher prices, increased production volumes and improved manufacturing e
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