Net product sales increased 12.4% to $67.4 million in the first fiscal quarter ended July 26 for Cyberonics, Inc. of Houston, TX. Including license revenue, sales were up 14.2% overall, with Europe in particular contributing a strong performance. Diluted earnings per share were adjusted by $0.17 cents due to a litigation settlement.
According to the Aug. 22, 2013 press release, “operating results for the first quarter of fiscal 2014 compared to the first quarter of fiscal 2013, and other achievements, include:
- Net product sales of $67.4 million, an increase of 12.4%;
- Net sales of $68.9 million (including $1.5 million of license revenue), an increase of 14.2%;
- Worldwide unit sales of 3,354, an increase of 9.8%;
- Record U.S. net product sales of $56.4 million, an increase of 10.8%;
- Strong International unit sales of 899, an increase of 20.8%;
- Adjusted non-GAAP income from operations increased by 21.9% to $21.0 million and adjusted non-GAAP income per diluted share increased by 27.9% to $0.48;¹
- Share repurchases of $13 million; and
- Significant progress in three clinical studies, E-36, E-37, and ANTHEM.”
Johns Hopkins’ Sridevi V. Sarma, an assistant professor of biomedical engineering, has devised new seizure detection software that, in early testing, significantly cuts the number of unneeded brain-stimulation therapy that an epilepsy patient would receive.
Dr. Fischell received his BSME degree from Duke University and MS and Sc.D. degrees from the University of Maryland. Dr. Fischell was employed at the Johns Hopkins University where he was the Chief Engineer of the Space Department and worked on more than 50 spacecraft. His interests at Johns Hopkins then turned to the invention of new medical devices such as pacemakers and implantable heart defibrillators. Starting in 1969, Dr. Fischell began the formation of 14 private companies that licensed his patents on medical devices. These companies include Pacesetter Systems, Inc. (now called St. Jude Medical), IsoStent, Inc., NeuroPace, Inc., Neuralieve, Inc., Angel Medical Systems, Inc, and Svelte Medical Systems, Inc. Dr. Fischell is a prolific inventor with over 200 issued U.S. and foreign patents, many of which have been the basis for new medical device companies. 
Dr. David R. Fischell is a serial entrepreneur who has founded nine biomedical device companies in the last fifteen years. He is chairman of the Cornell University Biomedical Engineering Advisory Board, and a Fellow of the American Institute for Medical and Biological Engineering.
