Key Developments For Cyberonics, Inc.
Cyberonics, Inc. (CYBX.O) (Consolidated Issue listed on NASDAQ Global Market)
Cyberonics, Inc. Raises FY 2010 Outlook
Cyberonics, Inc. increased fiscal 2010 guidance range for income from operations to a range of $28 to $30 million from $24 to $27 million and net sales to a range of $159 to $162 million from $157 to $161 million. According to Reuters Estimates, analysts on an average were expecting the Company to report EBIT of $28 million on revenue of $162 million for the same period.
Cyberonics, Inc. Announces Epilepsy Technology Collaboration
Cyberonics, Inc. announced that another in a series of collaborations around seizure detection technology aimed at advancing its development of new and more efficacious medical devices for persons suffering from epilepsy. On October 19, 2009, Cyberonics, Inc. entered into two agreements with Flint Hills Scientific L.L.C. The agreements include a license under certain patents and patent applications, along with an option to license related inventions, and a framework for collaborative research and product development. The license agreement provides for up-front and annual payments, as well as future royalty payments based on net sales of licensed products.
Cyberonics, Inc. Raises FY 2009 Revenue Guidance
Cyberonics, Inc. increased fiscal 2009 revenue guidance and expects sales guidance to a range from $140-$142 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $142 million for the same period.
Cyberonics, Inc. Provides Business Update on Depression Clinical Trial
Cyberonics, Inc. announced that it has made a proposal to the U.S. Food and Drug Administration (FDA) to amend the protocol of its post-market dosing study (D-21) in depression patients treated with VNS TherapyTM. Based on a reassessment of the study power and size following the FDA's approval of an amendment to the data analysis originally specified in the study protocol, the Company proposes to reduce the number of study subjects from 460 to 330, while still maintaining appropriate study power. The Company expects to meet this revised enrollment level within one to two months and will thereafter suspend further patient enrollment pending FDA's decision on its proposed amendment, which was submitted in November 2008. The Company expects to complete the follow-up on all patients enrolled in the study. At this time, the Company does not know when to expect a decision from the FDA.
Cyberonics, Inc. Raises FY 2009 Revenue Outlook
Cyberonics, Inc. announced that for fiscal 2009, it has increased its previously provided sales guidance to between $136 million and $140 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $140 million for the same period. The Company cited the first half performance as the primary reason for the outlook.
