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Cyberonics Reports Record Fiscal 2011 Results and Provides Fiscal 2012 Guidance
Date:6/2/2011

HOUSTON, June 2, 2011 /PRNewswire/ -- Cyberonics, Inc. (NASDAQ: CYBX), a global leader in epilepsy management, today announced results for the fourth quarter and fiscal year ended April 29, 2011.  

Annual HighlightsOperating results for the fifty-two week fiscal 2011 compared with the fifty-three week fiscal 2010, without adjustment for the extra week in fiscal 2010, include:

  • Net sales of $190.5 million, a 14% increase from $167.8 million;
  • U.S. net sales increased by 19%;
  • Income from operations of $49.2 million, an increase of 33%; and
  • Cash flow from operations of $50 million, an increase of 16%.

  • For fiscal 2011, net income was $46.7 million, and income per diluted share was $1.64.  Comparisons to fiscal 2010 are impacted by significant tax benefits recorded in both fiscal years.  While the effective tax rate is expected to be approximately 40% in fiscal 2012, we continue to expect that cash payments for income taxes will not exceed 3% of income before tax during fiscal years 2012 and 2013.

    Quarterly HighlightsOperating results and achievements for the thirteen-week fourth quarter fiscal 2011 compared to the fourteen-week fourth quarter of fiscal 2010, without adjustment for the extra week in fiscal 2010, include:

  • Net sales increased by 7% to a record $51.1 million;
  • U.S. net sales increased by 13%;
  • Income from operations increased to a record $13.0 million;
  • Successful limited commercial launch of the new AspireHC™ generator; and
  • First implant of the AspireSR™ generator in the E-36 clinical trial to support regulatory approval in Europe.

  • "The fourth quarter of fiscal 2011 represented another record quarter for our company in both net sales revenue and operating profitability," commented Dan Moore, Cyberonics' President and Chief Executive Of
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    SOURCE Cyberonics, Inc.
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