Cyberonics Q4 Profit Rises, Tops Estimates; Guides FY15 - Quick Facts

(RTTNews) - Cyberonics Inc. (CYBX) said that its net income for the fourth quarter ended April 25, 2014 increased to $18.43 million from the previous year's $11.53 million, with earnings per share improving to $0.68 from $0.41 in the prior year.

Adjusted non-GAAP income per share was $0.55 up from $0.46 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $74.85 million from $68.34 million in the prior year. Wall Street expected revenues of $76.70 million for the quarter.

After purchasing more than one million shares on the open market in fiscal 2014, including 190,000 shares in the most recent quarter, 740,000 shares remain available to be repurchased under the current authorization. This program is expected to be completed by the end of fiscal year 2015.

Looking ahead for fiscal 2015, the company expects that earnings per share will be in the range of $2.33 to $2.39. Net income is anticipated to be in the range of $62 million to $64 million.

For fiscal 2015, the company expects net sales to be in the range of $300 million to $307 million. The outlook is based on Worldwide unit growth of approximately 7%; growth of approximately 10% over fiscal 2014, after adjusting fiscal 2014 for the single country order of $4.7 million, and license revenue of $1.5 million which concluded in fiscal 2014.

Street currently is looking for fiscal year 2015 earnings of $2.38 per share on annual revenues of $315.20 million.