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November 20, 2014 FY2015 Q2 Review. Safe Harbor Statement 2 This presentation includes forward‐looking statements. Forward‐looking statements may be identified.

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Presentation on theme: "November 20, 2014 FY2015 Q2 Review. Safe Harbor Statement 2 This presentation includes forward‐looking statements. Forward‐looking statements may be identified."— Presentation transcript:

1 November 20, 2014 FY2015 Q2 Review

2 Safe Harbor Statement 2 This presentation includes forward‐looking statements. Forward‐looking statements may be identified by the use of forward‐looking terminology, including “may,” “believe,” “will,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” and “forecast,” or other similar words. Statements in this presentation are based on information presently available to us and assumptions that we believe to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties. Forward‐looking statements in this presentation include statements concerning: Building stockholder value; Achieving consistent sales and profitability targets and growth worldwide; Achieving clinical, regulatory, product development and market development projects and goals; Evaluating and advancing other medical device and neuroscience opportunities; Completing the stock repurchase program; and Fiscal guidance for fiscal year 2015 Our actual results may differ materially. For a detailed discussion of the factors that may cause our actual results to differ, please refer to our most recent filings with the SEC, including our Annual Report on Form 10‐K for the fiscal year ended April 25, 2014 and Quarterly Report on Form 10-Q for the fiscal period ended July 25, 2014.

3 TOPICS Highlights FY15 Q2 Overview Sales Financials Strategic Focus Update FY15 Guidance 3

4 Quarterly Highlights and Performance 4 * The company refers and makes comparisons to non-GAAP financial measures in this presentation: EBITDA, adjusted net income and adjusted income per diluted share. Investors should consider non-GAAP measures in addition to, and not as a substitute for or superior to, financial performance measures prepared in accordance with GAAP. Please refer to the reconciliation between GAAP and non-GAAP measures for EBITDA, adjusted net income and adjusted Income per diluted share included in our earnings release dated November 20, Continued growth and leverage Net Product Sales$73 million5% U.S.$60 million 4% International$13 million 10% Operating Income$26 million 20% EBITDA$30 million 18% Adjusted Income per diluted share$ % *       Regulatory approval of ProGuardianREST™ System in Europe Vitaria™ generator submission completed for CE mark (chronic heart failure) AspireSR ™ generator regulatory submission to FDA

5 Sales 5

6 FY15 Q2 Net Sales 6 Solid international growth *On a constant currency basis, international sales revenue grew by 13% - Numbers in $000s - Represents revenue from sales of generators, leads, and other related devices *

7 Continued Worldwide Net Product Sales Growth 7 - Represents revenue from sales of generators, leads, and other related devices $73.4M Year-over-year sales increases

8 FY15 Q2 Unit Sales 8 Strong international growth

9 U.S. Unit Sales Growth 9 2,525

10 Consistent U.S. ASP Growth for Generators 10 $20,550 Increase of 4% over Q2 prior year

11 Financials 11

12 FY15 Q2 Financial Results * 12 - All numbers in $000s except for income per share * Please refer to the reconciliation between GAAP and non-GAAP measures for EBITDA, adjusted net income and adjusted income per diluted share included in our earnings release dated November 20, 2014.

13 Reconciliation of Non-GAAP Financial Measures 13 - All numbers in $000s except for income per share

14 Financial and Business Highlights Sales Double digit international revenue and unit growth New highs for U.S. units and revenue Ongoing ASP growth Financial leverage Adjusted net income increase of 22% Adjusted EPS growth of 26% Industry-leading margins Gross margin of 91% Operating margin of 36% Adjusted EBITDA margin of 41% Strong balance sheet and cash flow $142m in cash and short term investments Stockholders equity of $270M Adjusted LTM EBITDA of $111M 14

15 Strategic Focus 15

16 Product Development Program AspireSR® Generator Continued adoption in Europe & Middle East Submitted to FDA for approval ProGuardianREST TM System Received EU regulatory clearance Limited commercial release planned Centro TM Generator Utilizes wireless communication technology Regulatory submissions expected in FY2015 Autonomic Regulation Therapy for chronic heart failure Results presented on September 1 st VITARIA TM submission completed First patient implanted in HFpEF study 16

17 FY15 Goals Update 17 Build shareholder value through: Continued leadership in epilepsy medical devices Consistent sales and profitability growth worldwide Achieving clinical and product development milestones ProGuardianREST™ regulatory submissions Centro™ regulatory submissions AspireSR® generator U.S. regulatory progress Evaluating and advancing other neuroscience opportunities CHF regulatory submission in Europe

18 FY15 Guidance 18

19 Fiscal FY2015 Guidance – Net Sales Updated 19 Net Sales $96 million - $99 million $292 million - $298 million 7% Adjusted Income from Operations $62 million - $64 million Adjusted Net Income $ $2.39 Adjusted EPS 11% 12% 16% % change FY14 Adjusted vs FY15 Midpoint * FY14 net sales adjusted for Single Country Order and Licensing Revenue * (Previous net sales guidance: $300 million - $307 million)

20 20 For additional information, please contact: Investor Relations NASDAQ:CYBX


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