CYBX share were up 7% in late afternoon trading, going for $67.49 apiece as of about 4 p.m. after the neurostimulation company this morning revealed an 11.4% increase in sales and 3.4% increase in profits for its 2nd quarter.
The Houston, Texas-based device maker posted profits of $13.9 million, or 50¢ per diluted share, on sales of $70.1 million during the 3 months ended Oct. 25, 2013. That compared with profits of $13.6 million, or 48¢ per share, on sales of $63 million during the same period last year. The company beat Wall Street’s consensus estimate by 2¢ per share.
Quarterly sales were a new record for the neurostimulation systems maker, whose flagship device is the FDA-approved VNS system for treatment of refractory epilepsy and drug-resistant depression.
The company is now expecting per-share adjusted earnings in the range of $1.97-$2.02 for the year, up from its previous guidance at $1.93-$2.01.