Cyberonics, Inc. was incorporated in the state of Delaware in 1987. The Company is a medical device company. It is engaged in the design, development, sales and marketing of implantable medical devices that provide vagus nerve stimulation therapy (VNS Therapy), for the treatment of refractory epilepsy and treatment-resistant depression. The Company's proprietary VNS Therapy System includes: An implantable pulse generator to provide stimulation to the vagus nerve; A lead that connects the generator to the vagus nerve; Equipment to assist with the implant procedure; Equipment to assist the treating physician with setting the stimulation parameters for each patient; Instruction manuals; and Magnets to temporarily suspend or induce stimulation manually. The VNS Therapy pulse generator and lead are surgically implanted into patients generally during an outpatient procedure. The battery contained in the generator has a finite life, which varies according to the model as well as the stimulation parameters for each patient. At or near the end of the useful life of a battery, a patient may, with the advice of a physician, choose to implant a new generator, which may be done with or without replacing the original lead. The Company sells the VNS Therapy System to hospitals and ambulatory surgery centers (ASCs) on payment terms that are generally 30 days from the shipment date. The Company's medical devices are subject to regulation by numerous government agencies, including the FDA and comparable foreign agencies.