Cyberonics (CYBX) Tops Q2 EPS by 5c

Cyberonics (NASDAQ: CYBX) reported Q2 EPS of $0.63, $0.05 better than the analyst estimate of $0.58. Revenue for the quarter came in at $73.4 million versus the consensus estimate of $75.7 million.

"Cyberonics delivered increased sales during our second quarter of fiscal 2015," commented Dan Moore, President and Chief Executive Officer. "We achieved record operating income, and on an adjusted non-GAAP basis, record net income and earnings per share. Our U.S. business continues to show sequential growth, and increased net sales by 4% over the comparable quarter in the prior year, reaching a new high of $59.9 million; however, U.S. net sales fell short of our expectations. We estimate that more patients were implanted with a VNS Therapy® System in the U.S. during the recently completed quarter than in any quarter in the company's history, although new patient implants did not surpass the recent high seen in the second quarter of last fiscal year.

"International sales again showed consistent growth, with unit sales increasing by 11% and net sales increasing to $13.5 million, and by 13% on a constant currency basis. All regions showed solid volume growth for the quarter. The introduction of our AspireSR generator is progressing well. Sales of the AspireSR generator accounted for 12% of all international sales, and more than 30% of unit sales in those countries where it is now available.

"We formally submitted our AspireSR generator for U.S. regulatory approval while continuing a dialogue with FDA. The AspireSR generator is the first closed-loop VNS Therapy System and is an important addition to our product portfolio, as demonstrated in the European launch.

"We continue to make progress on the ProGuardian™ platform, with the regulatory approval of ProGuardianREST system in Europe. We anticipate a limited market launch in the U.K. later in the current fiscal year.

"Following the presentation of the encouraging results of the ANTHEM-HF clinical study of ART for chronic heart failure patients with reduced ejection fraction at the European Society of Cardiology meeting in September, we completed the regulatory submission to obtain a CE Mark. Additionally, we have implanted the first patient in another study, ANTHEM-HFpEF, with the objective of studying the impact of ART for chronic heart failure patients with preserved ejection fraction," concluded Mr. Moore.

For earnings history and earnings-related data on Cyberonics (CYBX) click here.

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