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Cyberonics Reports Strong Fiscal 2011 Third Quarter Results and Increases Guidance
Date:3/2/2011

HOUSTON, March 2, 2011 /PRNewswire/ -- Cyberonics, Inc. (Nasdaq: CYBX), a global leader in epilepsy management, today announced results for the quarter ended January 28, 2011.  

Quarterly HighlightsOperating results and achievements for the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010 include:

  • Net sales increased by 15.3% to $47.1 million;
  • U.S. net sales increased by 24%;
  • U.S. epilepsy unit sales increased by 16%; and
  • Income from operations increased by 30% to $11.7 million.

  • "The third quarter of fiscal year 2011 was another successful quarter for our company, once again demonstrating consistent performance with year-over-year growth in worldwide net product sales attributable to the epilepsy indication increasing by more than 15%," commented Dan Moore, Cyberonics' President and Chief Executive Officer.  "We were particularly pleased with the robust 24% sales growth in our U.S. epilepsy business, which was driven by significantly higher volume and increased average selling prices.

    "Net sales in our international business were down 15% when compared with the third quarter of fiscal 2010, although the revenue of $7.1 million is consistent with last quarter.  Several of our international countries performed well during the quarter, however, execution challenges, combined with continuing economic difficulties in some markets, contributed to softness in some key EU countries.  We are increasing our efforts in these countries and expect to be in a position to restore growth in the next fiscal year.  In addition, we continue to make solid progress in Japan where we are focused on physician training and fulfilling patient registry requirements."

    The company reported net income of $7.2 million, or $0.25 per diluted share, for the third quarter of fiscal 2011 compared with
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    SOURCE Cyberonics, Inc.
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