Cyberonics Q2 Profit Up, Beats Estimates; Slashes Annual Sales Outlook

(RTTNews) - Cyberonics Inc. (CYBX) Thursday reported a growth in its second-quarter profit, as net sales grew year-over-year. Earnings topped analysts' view. However, the group lowered its annual sales expectations. The company's net earnings rose to $17.3 million or $0.64 per share from $13.8 million or $0.50 per share a year ago.

Excluding certain items, the group earned $0.63 per share. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share for the quarter. Analysts' estimates typically exclude special items. Quarterly sales amounted to $73.4 million, higher than $70.1 million reported last year. International sales showed consistent growth, with unit sales increasing by 11 percent and total sales rising by 13 percent on a constant currency basis. Wall Street expected revenues of $75.65 million. For fiscal 2015, the company now expects net sales in the range of $292 million - $298 million, down from the previous guidance of $300 million -$307 million. But the adjusted earnings guidance remains unchanged and is still expected to be in the range of $2.33 - $2.39. Analysts forecast earnings per share of $2.33, on sales of $301.01 million.