Cyberonics Inc. (NASDAQ:CYBX) posted better-than-expected quarterly results on Wednesday and raised its revenue guidance for fiscal 2011.
The medical-device maker now expects full-year revenue in a range of $184 million to $188 million, up from its previous forecast of $182 million to $187 million. The new forecast was in-line with the Street's expectations of $186 million.
For the fiscal first quarter, the company reported a profit of $7.2 million, or 25 cents a share, compared with year-ago earnings of $7.9 million, or 23 cents a share, as a result of a lesser amount of shares outstanding.
Revenue rose 16% to $44.8 million, compared with last year’s sales of $38.5 million.
Analysts polled by Thomson Reuters had predicted earnings of 21 cents a share on revenue of $43.72 million.
"Fiscal 2011 has begun on a very positive note, with another double-digit sales increase," said Dan Moore, Cyberonics' president and chief executive officer, in a release. "We continued to achieve strong growth in operating income, with our operating margin exceeding 25% this quarter. The U.S. epilepsy team recorded one of our best quarters, which, following a strong fourth quarter of fiscal 2010, reinforces our optimism for fiscal 2011."
Shares of Cyberonics rose 8 cents 0.36% in Wednesday’s session, closing the day out at $22.27. The stock was inactive in trading after hours.