Cyberonics Fiscal 1Q 2010 Profit More Than Triples

HOUSTON (AP) — Medical device maker Cyberonics Inc. said Wednesday that its fiscal first-quarter 2010 profit more than tripled to $7.9 million to top Wall Street expectations as sales rose 14 percent.

The company reiterated its guidance for the remainder of its fiscal year.

The earnings for the quarter ended July 24 totaled 23 cents a share, compared with a year-ago profit of $2.1 million, or 8 cents a share.

Revenue rose to $38.5 million from $33.7 million a year earlier, helped by strong results in its epilepsy unit.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting first-quarter earnings of 17 cents a share on revenue of $37.3 million.

Going forward, Cyberonics reiterated its outlook for full-year net sales of $157 million to $161 million on a constant currency basis, and continues to expect that income from operations will range between $24 million and $27 million.

Cyberonics shares fell 42 cents, or 2.4 percent, to close the regular trading session at $17.42 before the results were released. In after-market trading, its shares rose 40 cents, or 2.3 percent, to $17.82.