Epilepsy sales boost Cyberonics' Q2
This article was originally published in Clinica
Executive Summary
Cyberonics said revenue for the second fiscal quarter increased 24% to $36m, as the neuromodulation device company benefited from the continued growth in its core epilepsy business. US sales of its vagus nerve stimulation therapy device for treating epilepsy leapt 32% to $28.6m, while international sales of the product increased a more modest 12% to $6.6m due to negative impact of foreign currency movements. The Houston, Texas firm also swung into profit during the period, recording a net income of $8.35m, which included a gain of $4.61m on early extinguishment of debt. Even when earnings were adjusted to exclude this one-time gain, Cyberonics still saw a net profit of $3.74m, a significant improvement over the net loss of $4.08m recorded in the same quarter last year. The robust results reflect the success of the company's strategy to turn its fortune s around by shifting its focus away from its anti-depression device and channelling its efforts into on growing the its epilepsy business. Encouraged by its strong performance in the first half of the year, Cyberonics upped its fiscal 2009 sales guidance to $136-140m. sinto the