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UPDATE 1-Cyberonics posts profit; raises '09 sales view

Wed Nov 19, 2008 5:56pm EST
 
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* Q2 results beats estimates

* Raises FY sales view

* Sees continued growth in epilepsy business

Nov 19 (Reuters) - Medical-device maker Cyberonics Inc (CYBX.O) swung to a profit in the second quarter, helped by strong sales at its epilepsy business that prompted the company to raise its sales outlook for the fiscal year.

For the second quarter, the company posted a profit of $8.3 million, or 14 cents per share, compared to a loss of $4.1 million, or 15 cents a share, in the year-ago period.

Revenue rose 25 percent to $36 million.

Analysts were expecting a profit of 8 cents a share, before items, on revenue of $34.2 million, according to Reuters Estimates.

Global sales for the company's treatment for epilepsy increased 28 percent to $35 million, while the company's epilepsy business in United States alone grew 32 percent to $28.6 million, during the quarter.

The company, which expects growth from international and U.S. epilepsy markets to continue, now expects full year-sales of $136 million to $140 million.

It previously expected sales of $134 million to $138 million. Analysts expected revenue of $139.8 million for 2009.

Shares of the company closed at $10.10 Wednesday on Nasdaq. (Reporting by Vidya L Nathan in Bangalore)

 

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