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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:CYBX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 69.95 | 0 | 01:00:00 |
DELAWARE
|
000-19806
|
76-0236465
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Exhibit No.
|
Description
|
99.1
|
Press Release of Cyberonics, Inc. dated August 20, 2015
|
Cyberonics, Inc.
|
|
By:/s/ David S. Wise
|
|
Name: David S. Wise
|
|
Title: Secretary
|
|
August 20, 2015
|
·
|
Record worldwide net sales of $81.0 million, an increase of 12.5%, and 14.4% on a constant currency basis;
|
·
|
Record U.S. net product sales of $67.7 million, an increase of 15.1%;
|
·
|
International net sales of $13.3 million, an increase of 0.9%, and 11.4% on a constant currency basis;
|
·
|
Worldwide unit growth of 8.9%, with U.S. unit growth of 6.6%, and international unit growth of 14.6%;
|
·
|
Adjusted non-GAAP income from operations increased by 26.4% to a $27.8 million;
|
·
|
Adjusted non-GAAP income per diluted share of $0.72 compared with adjusted non-GAAP income per diluted share of $0.53, an increase of 35.8%; and
|
·
|
Substantial merger-related progress.
|
For the Thirteen Weeks Ended
|
||||||||
July 24, 2015
|
July 25, 2014
|
|||||||
Net sales
|
$
|
81,010,801
|
$
|
72,003,966
|
||||
Cost of sales
|
9,433,096
|
6,410,392
|
||||||
Gross profit
|
71,577,705
|
65,593,574
|
||||||
Operating expenses:
|
||||||||
Selling, general and administrative
|
33,705,749
|
33,027,606
|
||||||
Research and development
|
10,061,267
|
10,562,754
|
||||||
Sorin merger expenses
|
6,548,842
|
––
|
||||||
Total operating expenses
|
50,315,858
|
43,590,360
|
||||||
Income from operations
|
21,261,847
|
22,003,214
|
||||||
Other income (expense), net
|
(2,043,385
|
)
|
209,121
|
|||||
Income before income tax
|
19,218,462
|
22,212,335
|
||||||
Income tax expense
|
6,799,294
|
8,693,513
|
||||||
Net income
|
$
|
12,419,168
|
$
|
13,518,822
|
||||
Basic income per share
|
$
|
0.48
|
$
|
0.51
|
||||
Diluted income per share
|
$
|
0.47
|
$
|
0.50
|
||||
Shares used in computing basic income per share
|
25,995,664
|
26,674,134
|
||||||
Shares used in computing diluted income per share
|
26,227,801
|
26,915,388
|
July 24, 2015
|
April 24, 2015
|
|||||||
(Audited)
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
162,358,675
|
$
|
124,187,094
|
||||
Short-term investments
|
6,995,800
|
27,019,597
|
||||||
Accounts receivable, net
|
54,991,188
|
50,569,375
|
||||||
Inventories
|
24,737,577
|
23,963,303
|
||||||
Deferred tax assets
|
7,785,835
|
7,198,726
|
||||||
Other current assets
|
6,745,856
|
7,782,875
|
||||||
Total Current Assets
|
263,614,931
|
240,720,970
|
||||||
Property, plant and equipment, net
|
40,735,064
|
40,286,676
|
||||||
Intangible assets, net
|
9,911,467
|
10,168,239
|
||||||
Long-term investments
|
15,062,643
|
17,126,927
|
||||||
Deferred tax assets
|
6,895,311
|
6,077,854
|
||||||
Other assets
|
2,007,970
|
1,563,529
|
||||||
Total Assets
|
$
|
338,227,386
|
$
|
315,944,195
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payables and accrued liabilities
|
$
|
36,302,703
|
$
|
31,449,176
|
||||
Total Current Liabilities
|
36,302,703
|
31,449,176
|
||||||
Long-term Liabilities
|
8,741,476
|
7,921,288
|
||||||
Total Liabilities
|
45,044,179
|
39,370,464
|
||||||
Total Stockholders' Equity
|
293,183,207
|
276,573,731
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
338,227,386
|
$
|
315,944,195
|
For the Thirteen Weeks Ended
|
||||||||
July 24, 2015
|
July 25, 2014
|
|||||||
Cash Flow From Operating Activities:
|
||||||||
Net income
|
$
|
12,419,168
|
$
|
13,518,822
|
||||
Non-cash items included in net income:
|
||||||||
Depreciation
|
1,240,806
|
1,235,902
|
||||||
Amortization
|
256,772
|
324,712
|
||||||
Stock-based compensation
|
3,108,138
|
3,512,443
|
||||||
Deferred income tax
|
(1,384,639
|
)
|
3,402,023
|
|
||||
Impairment of investment
|
2,064,283
|
-
|
||||||
Unrealized loss (gain) in foreign currency transactions and other
|
236,118
|
(160,061
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
(4,544,652
|
)
|
2,129,438
|
|||||
Inventories
|
(707,677
|
)
|
(1,057,344
|
)
|
||||
Other current and non-current assets
|
602,096
|
238,129
|
||||||
Current and non-current liabilities
|
5,447,710
|
(5,046,273
|
)
|
|||||
Net cash provided by operating activities
|
18,738,123
|
18,097,791
|
||||||
Cash Flow From Investing Activities:
|
||||||||
Purchase of short-term investments
|
(6,995,139
|
)
|
(4,993,541
|
)
|
||||
Maturities of short-term investments
|
27,033,367
|
5,000,000
|
||||||
Purchases of property, plant and equipment
|
(1,683,892
|
)
|
(1,815,500
|
)
|
||||
Net cash provided by (used in) investing activities
|
18,354,336
|
(1,809,041
|
)
|
|||||
Cash Flow From Financing Activities:
|
||||||||
Purchase of treasury stock
|
(2,230,154
|
)
|
(13,782,231
|
)
|
||||
Proceeds from exercise of options for common stock
|
3,458,205
|
1,509,758
|
||||||
Cash settlement of compensation-based stock units
|
(708,264
|
)
|
(786,361
|
)
|
||||
Realized excess tax benefits – stock-based compensation
|
518,769
|
1,264,795
|
|
|||||
Net cash provided by (used in) financing activities
|
1,038,556
|
(11,794,039
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
40,566
|
(114,465
|
)
|
|||||
Net increase in cash and cash equivalents
|
38,171,581
|
4,380,246
|
||||||
Cash and cash equivalents at beginning of period
|
124,187,094
|
103,299,116
|
||||||
Cash and cash equivalents at end of period
|
$
|
162,358,675
|
$
|
107,679,362
|
For the Thirteen Weeks Ended
|
|||||||||
July 24, 2015
|
July 25, 2014
|
||||||||
Income from operations(1)
|
$
|
21,261,847
|
$
|
22,003,214
|
|||||
Merger expenses(3)
|
6,548,842
|
-
|
|||||||
Adjusted non-GAAP income from operations
|
$
|
27,810,689
|
$
|
22,003,214
|
|||||
Net income(4)
|
$
|
12,419,168
|
$
|
13,518,822
|
|||||
Tax adjustments(5)
|
185,724
|
805,106
|
|||||||
Impairment of investment(2)
|
2,064,283
|
-
|
|||||||
Merger expenses(3)
|
4,231,927
|
-
|
|||||||
Adjusted non-GAAP net income
|
$
|
18,901,102
|
$
|
14,323,928
|
|||||
Diluted income per share(6)
|
$
|
0.47
|
$
|
0.50
|
|||||
Tax adjustments(5)
|
0.01
|
0.03
|
|||||||
Impairment of investment(2)
|
0.08
|
-
|
|||||||
Merger expenses(3)
|
0.16
|
-
|
|||||||
Adjusted non-GAAP diluted income per share(7)
|
$
|
0.72
|
$
|
0.53
|
(1)
|
The adjustment to income from operations is before tax.
|
(2)
|
Impairment associated with an investment in cerboMed.
|
(3)
|
Merger expenses directly related to the proposed merger with Sorin.
|
(4)
|
Adjustments to net income are after tax, when applicable.
|
(5)
|
Tax adjustments for the first quarter of fiscal 2016 include an assumption of an extension to the R&D tax credit and an adjustment for international tax liabilities. Tax adjustments for the first quarter of fiscal 2015 include an assumption of an extension to the R&D tax credit and the discrete tax expense associated with a change of international structure.
|
(6)
|
Adjustments to diluted income per share are after tax, where applicable.
|
(7)
|
Numbers may be affected by rounding.
|
For the Thirteen Weeks Ended
|
||||||||
July 24, 2015
|
July 25, 2014
|
|||||||
Adjusted non-GAAP net income
|
$
|
18,901,102
|
$
|
14,323,928
|
||||
Interest (income), net
|
(24,846
|
)
|
(37,666
|
)
|
||||
Other (income) expense, net
|
3,948
|
(171,455
|
)
|
|||||
Depreciation and amortization
|
1,497,578
|
1,560,614
|
||||||
Stock-based compensation
|
3,108,138
|
3,512,443
|
||||||
Income tax expense–with impact of non-GAAP items
|
8,930,485
|
7,888,407
|
||||||
Adjusted EBITDA
|
$
|
32,416,405
|
$
|
27,076,271
|
1 Year Cyberonics Chart |
1 Month Cyberonics Chart |
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