NEW YORK (AP) -- Medical implant maker Cyberonics said Thursday its net income grew in the fiscal first quarter on strong sales in the U.S.
Cyberonics makes implants designed to treat epilepsy and depression by delivering electrical stimulation to the vagus nerve. The company's income and revenue were both a bit stronger than Wall Street expected, but Cyberonics maintained its outlook for the full year. Its shares fell 3 percent in midday trading.
Cyberonics said its net income rose to $8.7 million, or 31 cents per share, from $8.1 million, or 29 cents per share. The Houston company earned 48 cents per share if one-time items are excluded. Revenue grew 14 percent, to $68.9 million from $60.3 million. It said U.S. sales rose 11 percent to $56.4 million.
Analysts were expecting income of 46 cents per share and $67.8 million in revenue, according to FactSet.
Cyberonics said it expects to earn between $1.93 and $2.01 per share in 2013 on sales of $279 million to $283 million. Analysts are forecasting net income of $1.98 per share and $281.8 million in revenue on average.
Shares of Cyberonics Inc. lost $1.67, or 3 percent, to $53.56.