Cyberonics Q4 Earnings Fall On Sorin Merger

(RTTNews) - Cyberonics, Inc. (CYBX) Thursday announced a sharp decline in fourth quarter net income to $10.514 million from $18.428 million last year. Earnings per share were down at $.40, compared to $0.68 a year ago. The result included one time expenses of $7.967 million on pending merger with Sorin S.p.A, expected to close by the end of September 2015.

On average, 7 analysts polled by Thomson Reuters were looking for $0.63 per share. Analysts figures usually exclude special items.

Net sales for the thirteen week period was slightly declined to $74.071 million from $74.849 million in the previous year. Wall Street was looking for $77.44 million.

The company said it will not be providing revenue or operating income guidance for fiscal 2016.

Further, the company named Jason Richey, vice president and general manager International for all U.S. commercial activity and Mark Verratti as vice president for Worldwide Sales to replace Jason. Sherrie Perkins, vice president, new business development will be the project manager for integration team. John Murphy is the new vice president for Research and development.