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Cyberonics Reports Strong Sales Growth and Profitability in Fiscal 2009 Second Quarter
Date:11/19/2008

rnational sales increased by 12% in the second quarter of fiscal 2009 to $6.6 million, up from $5.9 million in the second quarter of the prior fiscal year, due primarily to pricing improvements, largely offset by the impact of foreign currency movements.

Sales for the six months ended October 24, 2008 were $69.8 million, an increase of $11.7 million, or 20%, when compared to the same period in fiscal 2008. Product sales in the six-month period attributable to the epilepsy indication were an estimated $67.6 million, an increase of $13.4 million, or 25%, over the comparable period of fiscal 2008.

Gross profit

The gross profit for the second quarter of fiscal 2009 represented 85.6% of net sales compared to 84.2% in the second quarter of fiscal 2008. This increase is primarily a result of higher production volumes and improved manufacturing efficiencies.

Operating expenses

Operating expenses were reduced by $1.6 million to $26.3 million for the second quarter of fiscal 2009 from the $28.0 million recorded in the comparable period of fiscal 2008 and were relatively unchanged from the first quarter of the current fiscal year. Operating expenses for the quarter ended October 24, 2008 included $2.6 million for stock-based compensation, materially unchanged from the comparable period of fiscal 2008.

For the six-month period ended October 24, 2008, operating expenses totaled $52.5 million, a reduction of $6.9 million over the same period of fiscal 2008.

Operating income

For the fourth consecutive quarter, the company reported operating income. During the second quarter of fiscal 2009, the company's income from operations was $4.5 million compared with a loss from operations of $3.6 million in the comparable period of fiscal 2008. This operating profit is the highest ever recorded by the company.

For the six-month period ended O
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SOURCE Cyberonics, Inc.
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