HOUSTON, June 2, 2011 /PRNewswire/ -- Cyberonics, Inc. (NASDAQ: CYBX), a global leader in epilepsy management, today announced results for the fourth quarter and fiscal year ended April 29, 2011.
Annual HighlightsOperating results for the fifty-two week fiscal 2011 compared with the fifty-three week fiscal 2010, without adjustment for the extra week in fiscal 2010, include:Net sales of $190.5 million, a 14% increase from $167.8 million; U.S. net sales increased by 19%; Income from operations of $49.2 million, an increase of 33%; and Cash flow from operations of $50 million, an increase of 16%.
For fiscal 2011, net income was $46.7 million, and income per diluted share was $1.64. Comparisons to fiscal 2010 are impacted by significant tax benefits recorded in both fiscal years. While the effective tax rate is expected to be approximately 40% in fiscal 2012, we continue to expect that cash payments for income taxes will not exceed 3% of income before tax during fiscal years 2012 and 2013.
Quarterly HighlightsOperating results and achievements for the thirteen-week fourth quarter fiscal 2011 compared to the fourteen-week fourth quarter of fiscal 2010, without adjustment for the extra week in fiscal 2010, include:Net sales increased by 7% to a record $51.1 million; U.S. net sales increased by 13%; Income from operations increased to a record $13.0 million; Successful limited commercial launch of the new AspireHC™ generator; and First implant of the AspireSR™ generator in the E-36 clinical trial to support regulatory approval in Europe.
"The fourth quarter of fiscal 2011 represented another record quarter for our company in both net sales revenue and operating profitability," commented Dan Moore, Cyberonics' President and Chief Executive Of