Wednesday, medical technology company Cyberpunks Inc. (CYBX) reported that its second-quarter net income increased significantly from the previous year quarter.
Cyberonics net income surged to $50.14 million from $8.35 million last year. Earnings per share was $1.73 compared to $0.14 last year.
Results for the quarter included a gain on early extinguishment of debt of $0.6 million and reduction in valuation allowance of $40.4 million.
Excluding charges, net income for the quarter increased to $9.06 million from $3.91 million last year. Excluding charges income per share was $0.32 compared to $0.14 last year. An increase of 129% over the prior year.
The company recorded income from operations of $9.1 million, an increase of 101% over the prior year quarter.
On average, six analysts polled by Thomson Reuters expected the company to report profit of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales increased 13% to $40.72 million from $36.03 million last year. Analysts expected revenue of $39.85 million for the quarter.
U.S. net product sales attributable to the epilepsy indication increased to an estimated $33.2 million, compared with $28.6 million in the comparable period of fiscal 2009, an increase of $4.6 million, or 16%.
International net sales of $6.8 million increased by $0.3 million from the comparable period of fiscal 2009. International epilepsy unit sales increased by 13% in the second quarter of fiscal 2010. The net sales increase was impacted by a higher percentage of sales being made through distributors.
Net income for the six months surged to $58.0 million from $10.4 million last year. Earnings per share for the period was $1.96 for the six months compared to $0.23 for the last year period. Sales for the six months were $79.2 million, a 14% increase from the same period in fiscal 2009.
Cyberonics updated its previously provided guidance range for income from operations from $24.0 million to $27.0 million to $28.0 million to $30.0 million, and increased its guidance range for net sales from $157.0 million-$161.0 million to $159.0 million-$162.0 million.
CYBX closed regular trading on Wednesday at $16.03, up $0.16 or 1.01% on a volume of 0.18 million shares on the Nasdaq, and in the after hour trading the stock price increased to $16.82 up $0.79 or 4.93%.
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