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Cyberonics Reports Record Fiscal 2014 Second Quarter Results
Date:11/21/2013

rapy (ART™) for patients with chronic heart failure in the first quarter.  We plan to determine next steps in this program once the six month follow-up results are available," concluded Mr. Moore.

Stock Repurchase UpdateDuring the recently completed quarter, Cyberonics repurchased 480,000 shares on the open market, leaving 260,000 shares available to be repurchased under the current program, which is expected to be completed in the current fiscal year.  

Fiscal 2014 guidanceCyberonics is increasing guidance for fiscal 2014 as follows:

  • Net sales are expected to be in the range of $281 million to $285 million (previous guidance of $279 million to $283 million).
  • Adjusted non-GAAP income from operations is expected to be in the range of $86 million to $88 million (previous guidance of $85 million to $88 million).
  •  Adjusted non-GAAP net income for fiscal 2014 is expected to be in the range from $54 million to $56 million (previous guidance of $53 million to $56 million).
  • Adjusted non-GAAP diluted earnings per share (EPS) will be in the range from $1.97 to $2.03 (previous guidance of $1.93 to $2.01).
  • Guidance for income from operations, net income and diluted earnings per share (EPS) was adjusted by $7.4 million, $4.8 million (net of tax) and $0.17 cents per share respectively, for the litigation settlement recorded in the first quarter of fiscal 2014.

    Additional details will be provided during today's conference call and in an investor presentation summarizing the company's first quarter results, which is available in the investor relations section of Cyberonics' corporate website at http://www.cyberonics.com.

    Use of non-GAAP financial measuresIn this press announcement, management has disclosed financial measurements that present financial information not in accordance with Generally Accepted Accounting Principles (GAAP).  These
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    SOURCE Cyberonics, Inc.
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