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Last $61.86 USD
Change Today +0.09 / 0.15%
Volume 192.7K
CYBX On Other Exchanges
Symbol
Exchange
Berlin
As of 8:10 PM 07/30/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

Cyberonics Building

100 Cyberonics Boulevard

Houston, TX 77058

United States

Phone: 281-228-7200

Fax: 281-218-9332

Cyberonics, Inc., a medical device company, engages in the design, development, marketing, and sale of medical devices for epilepsy, depression, and heart failure. The company’s seminal product, the VNS Therapy System, is an implantable device that provides neuromodulation therapy for the treatment of drug-resistant epilepsy and treatment-resistant depression. Its new product, the VITARIA System, approved in Europe but not the U.S., is an implantable device that provides a form of neuromodulation therapy for the treatment of chronic heart failure. The company is also developing non-implantable device solutions for the management of epilepsy. The company’s VNS Therapy System and VITARIA System include an implantable pulse generator to stimulate the vagus nerve; a lead that conducts current pulses from the pulse generator to the vagus nerve; a surgical instrument to assist with the implant procedure; equipment to enable the treating physician to set the pulse generator stimulation parameters for the patient; instruction manuals; and in the VNS Therapy System, magnets to suspend or induce stimulation manually. The VNS Therapy pulse generator and lead are surgically implanted, generally during an outpatient procedure. The battery contained in the generator has a finite life. The life of the battery varies according to the model and the stimulation parameters used for each patient. At or near the end of the active life of a battery, a patient might, in consultation with his or her physician, choose to have another generator implanted, with or without replacing the original lead. The U.S. Food and Drug Administration (FDA) approved the company’s VNS Therapy System for use as an adjunctive therapy in epilepsy patients approximately 12 years of age in reducing the frequency of partial onset seizures that are resistant to antiepileptic drugs. Regulatory bodies in Canada; the European Economic Area; certain countries in Eastern Europe, including Russia, South America and Africa; Australia; and certain countries in Asia, including Japan, China and Taiwan, have approved the VNS Therapy System for the treatment of epilepsy, majority without age restrictions or seizure-type limitations. The company sells the VNS Therapy System for drug-resistant epilepsy to hospitals and ambulatory surgery centers. In addition to maintaining and expanding the company’s regulatory approvals, its ability to expand the commercialization of the VNS Therapy System depends on obtaining and maintaining favorable insurance coverage, coding and reimbursement for the device, the implant procedure and follow-up care. This coverage allows the company’s customers to invoice and be paid by third-party payers. In February 2015, the company received Conformité Européenne (CE) Mark approval of its VITARIA System for patients who have moderate to severe heart failure (New York Heart Association Class II/III) with left ventricular dysfunction (ejection fraction < 40%), and who remain symptomatic despite stable, optimal heart failure drug therapy. The company commenced a limited market launch in Europe of the VITARIA System, with the first commercial implant in early June 2015. The company continues to develop the ProGuardian System, which includes an external body-worn sensor and bedside hub that uses advanced cardiac and movement-based seizure detection technology for in-home seizure monitoring, logging and notification. The first ProGuardian System product would be the ProGuardianREST System for monitoring night-time seizures. In 2014, the company received CE Mark approval for marketing the ProGuardian System in Europe, and plans a limited market release in England during 2016. The company is also working toward new stimulation paradigms, rechargeable battery technology and the integration of magnetic resonance imaging compatibility with the company’s leads. Marketing and Sales The U.S.: The company markets and sells its products for drug-resistant epilepsy through direct sales and marketing teams. In the U.S., the company’s sales and marketing plan focuses on creating awareness and demand for the VNS Therapy System among epileptologists and

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Valuation CYBX Industry Range
Price/Earnings 28.4x
Price/Sales 5.5x
Price/Book 5.8x
Price/Cash Flow 27.8x
TEV/Sales 5.0x
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