Piper Jaffray Reports Solid FQ3 Results For Cyberonics

In a report published by Piper Jaffray, Cyberonics CYBX saw solid FQ3 results.

Piper Jaffray said that CYBX reported FQ3 (January) results slightly ahead of expectation; Q4 guidance was essentially inline. “US revenues were up an impressive 24% including 13% new patient growth. OUS (15% of overall revenues) struggled as Europe's austerity reduced new implants and Japan's cautiousness is delaying what we believe will be an inevitable upward inflection point. We reiterate our OW rating and $38 target.”

Cyberonics closed yesterday at $32.67.