• Most Popular
  • Most Shared

UPDATE 1-Cyberonics posts profit; raises '09 sales view

Wed Nov 19, 2008 5:56pm EST

Stocks

   

* Q2 results beats estimates

* Raises FY sales view

* Sees continued growth in epilepsy business

Nov 19 (Reuters) - Medical-device maker Cyberonics Inc (CYBX.O) swung to a profit in the second quarter, helped by strong sales at its epilepsy business that prompted the company to raise its sales outlook for the fiscal year.

For the second quarter, the company posted a profit of $8.3 million, or 14 cents per share, compared to a loss of $4.1 million, or 15 cents a share, in the year-ago period.

Revenue rose 25 percent to $36 million.

Analysts were expecting a profit of 8 cents a share, before items, on revenue of $34.2 million, according to Reuters Estimates.

Global sales for the company's treatment for epilepsy increased 28 percent to $35 million, while the company's epilepsy business in United States alone grew 32 percent to $28.6 million, during the quarter.

The company, which expects growth from international and U.S. epilepsy markets to continue, now expects full year-sales of $136 million to $140 million.

It previously expected sales of $134 million to $138 million. Analysts expected revenue of $139.8 million for 2009.

Shares of the company closed at $10.10 Wednesday on Nasdaq. (Reporting by Vidya L Nathan in Bangalore)



More from Reuters

Photo

Exclusive: U.S. business investment showing life

CHICAGO (Reuters) - A trade group for the lenders that finance half the capital equipment investment in the United States said on Tuesday the sharp pullback in business borrowing that marked the recent downturn moderated markedly in November -- an encouraging sign companies may be growing more confident in the sustainability of the recovery.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
Soldiers look on as U.S. Secretary of Defense Robert Gates speaks to soldiers at F.O.B. Warrior in Kirkuk, Iraq December 11, 2009. REUTERS/Justin Sullivan/Pool

Are you pregnant? Sir! No, Sir!

There are some 115,000 U.S. troops in Iraq -- and one commander wants to make sure his soldiers don't multiply.  Full Article 

Politics