HOUSTON, Aug. 20, 2015 /PRNewswire/ -- Cyberonics,
Inc. (NASDAQ:CYBX) today announced results for the quarter ended
July 24, 2015.
Quarterly highlights1
Operating results for the first quarter of fiscal 2016 compared
to the first quarter of fiscal 2015, and other achievements,
include:
- 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.
Results and objectives
"The Cyberonics team delivered record net sales of $81 million in the last quarter," commented
Dan Moore, Cyberonics' President and
Chief Executive Officer. "U.S. sales reached a new record of
$68 million, an increase of
15%. This increase was driven by very strong demand for the
AspireSR® generator following approval in June, a month
into the quarter. The AspireSR® generator
accounted for 38% of all units sold in the U.S. in the quarter and
approximately 50% of the units sold since launch. Initial
sales of the AspireSR® generator suggest that the rate
of adoption exceeds those of the AspireHC® and
Demipulse® generators. Our entire company worked
diligently to make this product available to patients as quickly as
possible and in the quantities demanded by our customers.
"International growth continued, with units increasing by 15%
and revenue growth by 11% on a constant currency basis. The
AspireSR® generator penetration again increased over the
previous quarter, accounting for 27% of all international unit
sales in the first quarter.
"As previously announced, we initiated a limited commercial
launch of the VITARIA™ System in Europe to treat patients suffering from
chronic heart failure. Our initial effort has focused on
identifying and educating customers, setting up a registry and
establishing reimbursement. We are pleased with our
progress.
"Reported numbers for net income include the partial impairment
of our investment in cerboMed, although this impairment has been
excluded for non-GAAP comparisons.
"Activities surrounding the pending merger with Sorin have
continued to progress, particularly with respect to regulatory
filings, organization and integration. We continue to be
excited by the opportunities that lie ahead for LivaNova,"
concluded Mr. Moore.
Use of non-GAAP financial measures
In this press announcement, management has disclosed financial
measurements that present financial information not in accordance
with Generally Accepted Accounting Principles (GAAP). These
measurements are not a substitute for GAAP measurements, although
company management uses these measurements as aids in monitoring
the company's ongoing financial performance from quarter to quarter
and year to year on a regular basis and for benchmarking against
other medical technology companies. Adjusted non-GAAP income
from operations, adjusted non-GAAP net income and adjusted non-GAAP
income per diluted share measure the income from operations, net
income and income per diluted share, respectively, of the company,
excluding unusual items. Management uses and presents these
measures because management believes that such adjustments
facilitate an understanding of the financial impact of unusual
items on the company's short- and long-term financial trends.
Management also uses adjusted non-GAAP items to forecast and to
evaluate the operational performance of the company, as well as to
compare results of current periods to prior periods on a consistent
basis. Adjusted earnings before interest, tax, depreciation
and amortization (EBITDA) measures the adjusted non-GAAP income
from operations of the company and excludes the aforementioned
items, as well as non-cash equity compensation and other income
(expense) items.
Non-GAAP financial measures used by the company may be
calculated differently from, and therefore may not be comparable
to, similarly-titled measures used by other companies.
Investors should consider non-GAAP measures in addition to, and not
as a substitute for, or superior to, financial performance measures
prepared in accordance with GAAP.
Please refer to the attached reconciliations between GAAP and
non-GAAP financial measures.
First-Quarter Results Webcast and Conference Call
Instructions
Cyberonics will host a conference call today, August 20, 2015, beginning at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to review its results of
operations for the fiscal year 2016 first quarter results, followed
by a question and answer session.
The conference call will be available to interested parties
through a live audio webcast in the Investor Relations section of
Cyberonics' corporate website at http://www.cyberonics.com.
To listen to the conference call live by telephone, dial
877-638-4557 (if dialing from within the U.S.) or 914-495-8522 (if
dialing from outside the U.S.). The conference ID is
88278200.
Within 24 hours of the webcast, a replay will be available under
the "Events & Presentations" section of the Investor Relations
portion of the Cyberonics website, where it will be archived and
accessible for approximately 12 months.
About Cyberonics, Inc. and the VNS Therapy®
System
Cyberonics, Inc. is a medical device company with core expertise
in neuromodulation. The company developed and markets the VNS
Therapy System, which is FDA-approved for the treatment of
medically refractory epilepsy and treatment-resistant
depression. The VNS Therapy System uses an implanted medical
device that delivers pulsed electrical signals to the vagus
nerve. Cyberonics offers the VNS Therapy System in selected
markets worldwide. Cyberonics also has CE Mark for the VITARIA™
System, which provides autonomic regulation therapy for the
treatment of chronic heart failure.
Additional information on Cyberonics and the VNS Therapy System
is available at www.cyberonics.com.
Important Information for Investors and Shareholders
This press release is for informational purposes only and is not
intended to and does not constitute an offer to sell or the
solicitation of an offer to subscribe for or buy or an invitation
to purchase or subscribe for any securities or the solicitation of
any vote in any jurisdiction pursuant to the proposed merger
transactions involving Cyberonics, LivaNova PLC ("LivaNova") and
Sorin S.p.A. ("Sorin") or otherwise, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in
contravention of applicable law. No offer of securities shall be
made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended, and
applicable European regulations. Subject to certain exceptions to
be approved by the relevant regulators or certain facts to be
ascertained, the public offer will not be made directly or
indirectly, in or into any jurisdiction where to do so would
constitute a violation of the laws of such jurisdiction, or by use
of the mails or by any means or instrumentality (including without
limitation, facsimile transmission, telephone and the internet) of
interstate or foreign commerce, or any facility of a national
securities exchange, of any such jurisdiction. This communication
does not represent an investment solicitation in Italy, pursuant to Section 1, letter (t) of
Legislative Decree no. 58 of February 24,
1998, as amended.
LivaNova has filed with the Securities and Exchange Commission
(the "SEC") a registration statement on Form S-4, which includes a
proxy statement of Cyberonics that also constitutes a prospectus of
LivaNova (the "proxy statement/prospectus"). The registration
statement on Form S-4 was declared effective by the SEC on
August 19, 2015, and a definitive
proxy statement/prospectus will be delivered as required by
applicable law. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS
FILED OR TO BE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY,
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT SORIN, CYBERONICS, LIVANOVA, THE PROPOSED MERGER
TRANSACTIONS INVOLVING CYBERONICS, SORIN AND LIVANOVA AND RELATED
MATTERS.
Investors and shareholders will be able to obtain free copies of
the definitive proxy statement/prospectus (once it becomes
available) and other documents filed with the SEC by the parties
through the website maintained by the SEC at www.sec.gov. In
addition, investors and shareholders will be able to obtain free
copies of the definitive proxy statement/prospectus and other
documents filed with the SEC on Cyberonics' website at
www.cyberonics.com within the "Investor Relations" section or by
contacting Cyberonics' Investor Relations (for documents to be made
available to Cyberonics' shareholders).
The release, publication or distribution of this press release
in certain jurisdictions may be restricted by law, and therefore
persons in such jurisdictions into which this press release is
released, published or distributed should inform themselves about
and observe such restrictions.
Participants in the Distribution
Sorin, Cyberonics and LivaNova and their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of Cyberonics with
respect to the proposed transactions contemplated by the proxy
statement/prospectus. Information regarding the persons who are,
under the rules of the SEC, participants in the solicitation of
proxies from the shareholders of Cyberonics in connection with the
proposed transactions, including a description of their direct or
indirect interests, on account of security holdings or otherwise,
will be set forth in the definitive proxy statement/prospectus
filed with the SEC. Information regarding Cyberonics's directors
and executive officers is contained in Cyberonics's Annual Report
on Form 10-K for the fiscal year ended on April 24, 2015, as amended from time to time,
which is filed with the SEC and can be obtained free of charge from
the sources indicated above.
Safe harbor statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements can be identified by the use of
forward-looking terminology, including "may," "believe," "will,"
"expect," "anticipate," "estimate," "plan," "intend," "forecast,"
or other similar words. Statements contained in this press
release are based on information presently available to us and
assumptions that we believe to be reasonable. We are not
assuming any duty to update this information if those facts change
or if we no longer believe the assumptions to be reasonable.
Investors are cautioned that all such statements involve risks and
uncertainties, including without limitation, statements concerning
increasing our epilepsy and heart failure market penetration and
sales growth and closing our proposed transactions with
Sorin. Our actual results may differ materially.
Important factors that may cause actual results to differ include,
but are not limited to: continued market acceptance of the
VNS Therapy System and sales of our products; the development and
satisfactory completion of clinical studies; the achievement of
regulatory approval for new products, including use of the VNS
Therapy System for the treatment of other indications; satisfactory
completion of the post-market registry required by the U.S. Food
and Drug Administration as a condition of approval for the
treatment-resistant depression indication; adverse changes in
coverage or reimbursement amounts by the Centers for Medicare &
Medicaid Services, state Medicaid agencies and private insurers;
the presence or absence of intellectual property protection and
potential patent infringement claims; maintaining compliance with
government regulations; product liability claims and potential
litigation; reliance on single suppliers and manufacturers for
certain components; the accuracy of management's estimates of
future expenses and sales; the potential identification of material
weaknesses in our internal controls over financial reporting; and
other risks detailed from time to time in our filings with the
Securities and Exchange Commission (SEC); and factors relating to
our proposed transactions with Sorin, including: the failure to
obtain applicable regulatory or shareholder approvals in a timely
manner or otherwise, or the requirement to accept conditions that
could reduce the anticipated benefits of the proposed transactions
as a condition to obtaining regulatory approvals; the failure to
satisfy other closing conditions to the proposed transactions; the
length of time necessary to consummate the proposed transactions,
which may be longer than anticipated for various reasons; risks
that the new businesses will not be integrated successfully or that
the combined companies will not realize estimated cost savings,
value of certain tax assets, synergies and growth, or that such
benefits may take longer to realize than expected; the inability of
Cyberonics, Sorin and LivaNova to meet expectations regarding the
timing, completion and accounting and tax treatments with respect
to the proposed transactions; risks relating to unanticipated costs
of integration, including operating costs, customer loss or
business disruption being greater than expected; reductions in
customer spending, a slowdown in customer payments and changes in
customer demand for products and services; unanticipated changes
relating to competitive factors in the industries in which the
companies operate; the ability to hire and retain key personnel;
the potential impact of announcement or consummation of the
proposed transactions on relationships with third parties,
including customers, employees and competitors; the ability to
attract new customers and retain existing customers in the manner
anticipated; reliance on and integration of information technology
systems; changes in legislation or governmental regulations
affecting the companies; international, national or local economic,
social or political conditions that could adversely affect the
companies or their customers; conditions in the credit markets;
risks to the industries in which Cyberonics, Sorin and LivaNova
operate that are described in the "Risk Factors" section of the
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
other documents filed from time to time with the SEC by Cyberonics
and LivaNova and the analogous section from Sorin's annual reports
and other documents filed from time to time with the Italian
financial market regulator (CONSOB) by Sorin; risks associated with
assumptions the parties make in connection with the parties'
critical accounting estimates and legal proceedings; the parties'
international operations, which are subject to the risks of
currency fluctuations and foreign exchange controls; and the
potential of international unrest, economic downturn or effects of
currencies, tax assessments, tax adjustments, anticipated tax
rates, raw material costs or availability, benefit or retirement
plan costs, or other regulatory compliance costs. The
foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties that affect the parties' businesses, including those
described in Cyberonics's Annual Report on Form 10-K, as amended
from time to time, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K and other documents filed from time to time with the
SEC by Cyberonics and LivaNova and those described in Sorin's
annual reports, registration documents and other documents filed
from time to time with CONSOB by Sorin. Nothing in this press
release is intended, or is to be construed, as a profit forecast or
to be interpreted to mean that earnings per Sorin share or
Cyberonics share for the current or any future financial years or
those of the combined group, will necessarily match or exceed the
historical published earnings per Sorin share or Cyberonics share,
as applicable. None of Cyberonics, Sorin and LivaNova gives any
assurance (1) that any of Cyberonics, Sorin or LivaNova will
achieve its expectations, or (2) concerning any result or the
timing thereof, in each case, with respect to any regulatory
action, administrative proceedings, government investigations,
litigation, warning letters, consent decree, cost reductions,
business strategies, earnings or revenue trends or future financial
results.
1 The financial and operating results for the
thirteen weeks ended July 24, 2015
and July 25, 2014 include and exclude
certain items for the purposes of non-GAAP comparisons. As
discussed below under "Use of Non-GAAP Financial Measures," in this
release, the company refers to and makes comparisons with certain
non-GAAP financial measures, including adjusted non-GAAP income
from operations, adjusted non-GAAP net income, adjusted non-GAAP
income per diluted share, and adjusted EBITDA. Investors should
consider non-GAAP measures in addition to, and not as a substitute
for or superior to, financial performance measures prepared in
accordance with GAAP. Please refer to the attached non-GAAP
reconciliation. Numbers may be affected by rounding.
Contact information
Greg Browne, CFO
Cyberonics, Inc.
100 Cyberonics Blvd.
Houston, TX 77058
Main: (281) 228-7262
Fax: (281) 218-9332
ir@cyberonics.com
CYBERONICS, INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
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
|
Merger related
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
|
CYBERONICS, INC.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited except
where indicated)
|
|
|
|
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
|
Investments in equity
securities
|
|
|
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
|
CYBERONICS, INC.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
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
|
RECONCILIATION
BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
|
(Unaudited)
|
|
The following tables
set forth the reconciliation between U.S. GAAP and our non-GAAP
financial measures for income from operations, net income and
diluted income per share (unaudited):
|
|
|
|
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.
|
|
|
The following table sets forth the reconciliation between
adjusted non-GAAP net income and our non-GAAP financial measure for
adjusted EBITDA (unaudited):
|
|
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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cyberonics-reports-fiscal-2016-first-quarter-results-300131014.html
SOURCE Cyberonics, Inc.