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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