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Cyberonics Reports Fiscal 2012 First Quarter Results
Date:8/25/2011

HOUSTON, Aug. 25, 2011 /PRNewswire/ -- Cyberonics, Inc. (NASDAQ: CYBX) today announced results for the quarter ended July 29, 2011.

The financial and operating results reported here include the estimated $1.28 million pretax impact associated with the product withdrawal announced on August 15, 2011.  An analysis of the impact on the Consolidated Statement of Operations appears on the last page of this release.Quarterly highlights Operating results and other achievements for the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011 include:

  • Net sales of $52.7 million, an 18% increase from $44.8 million;
  • International unit sales increased by 19%;
  • Adjusted EBITDA of $15.2 million, an increase of 11%;
  • Income from operations of $11.5 million, after the impact of the product withdrawal; and
  • Non-GAAP adjusted income per diluted share of $0.28, an increase of 12%.

    • As discussed below under "Use of Non-GAAP Financial Measures," the company presents in this release certain non-GAAP financial measures: adjusted non-GAAP net income, adjusted non-GAAP income per diluted share and adjusted EBITDA.  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.

    Results and objectives"Fiscal 2012 began with another record quarter for sales," commented Dan Moore, Cyberonics' President and Chief Executive Officer.  "We are particularly pleased with the rebound in our international business.  Europe is performing much better as a result of the organizational changes undertaken earlier this calendar year.  The U.S. sales team again delivered a solid result, which, following the fiscal 201
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    SOURCE Cyberonics, Inc.
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