WASHINGTON (dpa-AFX) - Medical technology company Cyberonics, Inc. (CYBX) on Friday said profit in the third quarter increased year-over-year, helped by a 16 percent growth in revenues. Both earnings and revenues exceeded Wall Street expectations.
Net income for the quarter rose to $9.5 million from $7.19 million last year. Earnings per share advanced to $0.34 from $0.25.
On average, 8 analysts polled by Thomson Reuters expected the company to earn $0.30 per share in the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased to $54.5 million from $47.1 million in the prior year. Analysts expected revenues of $52.91 million.
For the company with core expertise in neuromodulation, U.S. epilepsy sales increased by 15 percent and U.S. unit sales advanced by 10 percent. International sales climbed 24 percent in the quarter.
Cost of sales declined to $4.1 million from $5.81 million.
Cyberonics now expects income from operations for fiscal year 2012 in the range from $58 million to $60 million, up from the prior guidance of $55 million to $58 million.
The company boosted net sales guidance for the year to a range of $215 million to $217 million from the previously range of $213 million to $216 million.
Wall Street expects 2012 earnings of $1.23 per share on revenues of $ 216.10 million.
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