HOUSTON (AP) -- Cyberonics Inc. posted stronger-than-expected results for its fiscal fourth quarter on Wednesday, and the medical implant maker forecast better results in the new fiscal year.
The company's shares rose $2.76, or 5.8 percent, to $50.43 in midday trading.
Cyberonics makes implants designed to treat epilepsy and depression by delivering electrical stimulation to the vagus nerve. Net income rose to $11.5 million, or 41 cents per share, in the latest quarter. That's up from $10.7 million, or 38 cents per share, a year ago. Excluding one-time items Cyberonics made 46 cents per share. Revenue rose 19 percent, to $68.3 million.
Analysts expected 43 cents per share and $64.1 million in revenue, according to FactSet. The company's fiscal fourth quarter ended April 26.
Cyberonics said sales of epilepsy devices in the U.S. rose 15 percent. Total international sales grew by 27 percent, excluding the effects of foreign currency exchange rates.
Medicare doesn't cover the company's devices that treat depression, and the government agency declined a recent request from Cyberonics to reconsider. Cyberonics said Wednesday it will keep working to expand access to the treatment and hopes to get the ruling reviewed.
In fiscal 2013 net income rose 28 percent to $46.4 million, or $1.66 per share, from $36.1 million, or $1.28 per share. Revenue grew 16 percent, to $254.3 million.
In the current fiscal year Cyberonics expects earnings of $1.93 to $2.01 per share and revenue of $279 million to $283 million.
Analysts forecast income of $1.91 per share and $277.3 million in revenue.