Cyberonics (CYBX) Gains on Strong Q1 Results Amid Slight Delay to Merger Completion - BTIG
BTIG affirms Cyberonics (Nasdaq: CYBX) with a Neutral rating following Q1 results and merger update.
Analyst Sean Lavin noted that Cyberonics expects to close its merger with Sorin merger in Q415, versus prior expectations of before the end of Q315. The analyst commented, Cyberonics’ special shareholder meeting has been scheduled for September 22nd. We note that both boards of directors as well as Sorin stockholders have already approved the transaction. Beyond the merger commentary provided in this morning’s press release, we are not expecting to learn much new material information as we still feel CYBX will allow Sorin’s CEO who will be the combined company’s CEO to address questions post-merger. We continue to expect this deal to close without major issues.
Cyberonics' Q1 EPS of $0.10 outpaced expectations by about 16 percent, while gross margins came in about 0.13 below the firms expectations.
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