Wednesday, Cyberonics Inc. (CYBX), a medical device company, reported third-quarter profit, compared to a loss in the year-ago quarter, helped by a 20% increase in revenues. The company also increased its fiscal 2009 earnings guidance.
The Houston, Texas-based company reported third-quarter net income of $9.8 million or $0.15 per share, compared to a loss of $1.0 million or $0.04 per share in the same quarter last year.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased 20% to $35.3 million from $29.3 million in the comparable quarter last year. Analysts expected the company to report revenue of $34.47 million for the quarter.
Gross profit for the quarter was 86.0%, up from 82.7% in the same quarter last year, due to higher realizations and production volumes.
Operating expenses increased to $25.3 million from the $24.0 million recorded in the comparable period of fiscal 2008.
For the nine-month period, net income was $20.19 million or $0.39 per share, compared to a net loss of $13.24 million or $0.50 per share last year.
Net sales for the nine-month period increased to $105.02 million from $87.34 million a year ago.
Looking ahead to the fiscal year 2009, the company increased its previously provided sales guidance to the range of $140 million - $142 million. Analysts currently expect the company to report revenue of $154.60 million for the full year.
CYBX closed Wednesday's regular trading session at $14.53, up $0.73 or 5.29%. Further, the stock gained $0.07 or 0.48%, and traded at $14.60 in the after-hour trade.
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