UPDATE: Cyberonics FQ1 Net Profit Up 17%

Cyberonics

reported a 17% rise in its fiscal first-quarter earnings. Cyberonics' quarterly profit climbed to $8.1 million, or $0.29 per share, from $6.9 million, or $0.24 per share, in the year-ago period. Excluding other items, Cyberonics earned $0.38 per share. Its sales surged 15% to $60.3 million, while overall US sales climbed 17%. However, analysts were expecting earnings of $0.36 per share on revenue of $58 million. Cyberonics' gross margin rose to 91.7% from 86.9%. Cyberonics shares gained 2.27% to $46.36 in after-hours trading.