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Cyberonics Reports Operating Profit for Third Quarter FY08 and Announces Share Repurchase Program
Date:2/20/2008

reflects the ongoing effort of all our employees, we will continue to focus on improving our profitability," commented Dan Moore, Cyberonics' President and Chief Executive Officer. "Secondly, our domestic epilepsy business is growing, as evidenced by a 9% growth in units sold, and revenue growth of approximately 13%, over the third quarter of FY07. We continue to enjoy strong growth in our international business, which delivered 34% growth in epilepsy revenue. Globally, epilepsy revenue grew by 17% over the prior year. While our January price increase had little impact on the recently completed quarter, we expect it to contribute more significantly in future periods.

"After consulting with clinical and reimbursement experts, we have developed a plan for our depression indication. We have also engaged an investment bank to find a financial partner to assist in execution of the plan, which includes the possible transfer of the depression indication to a separate entity in which we expect to maintain at least a minority interest.

"The licensing activity that we announced in December is a clear indication of our progress toward our fourth objective. We intend to continue to seek appropriate partnership opportunities.

"Our balance sheet, particularly our cash position, has improved over the course of the year, and at the appropriate time, will provide management with resources to enhance the value of the company to shareholders.

"The share repurchase program underscores our ongoing commitment to increase shareholder value and the Board's confidence that we are poised for future growth. Overall, we made solid progress on all fronts, strengthening the company's position in the neuromodulation device business sector. We expect this progress to continue."

Additional details of progress toward objectives and sales by geography, indication, and product line will be provided during the upcoming conference call and in the accompanying presenta
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SOURCE Cyberonics, Inc.
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