Healthcare Industry News: Cyberonics
News Release - October 10, 2011
Cyberonics Announces Resignation of James A. Reinstein, Senior Vice President & Chief Commercial OfficerHOUSTON, Oct. 10, 2011 -- (Healthcare Sales & Marketing Network) -- Cyberonics, Inc. (NASDAQ:CYBX ), a global leader in medical devices for the treatment and management of epilepsy, today announced the resignation of James A. Reinstein, Senior Vice President & Chief Commercial Officer, due to personal reasons. Mr. Reinstein's resignation is effective April 27, 2012, the end of the company's current fiscal year. Until that time, he will assist the company in the transitioning of his responsibilities.
"I'd like to thank James for his important contributions to our growing and profitable epilepsy business. He has helped establish and expand a world-class, high-performance sales and marketing team that continues to deliver sustained revenue growth quarter after quarter," commented Dan Moore, Cyberonics' President & Chief Executive Officer.
In order to ensure a seamless transition, Mr. Reinstein will assist in shifting his responsibilities to other experienced members of the company's sales management team. He will continue to lead our European business until his departure, while working with our partners in Japan and China, among others, to accelerate development of these important markets for Cyberonics.
Mr. Moore concluded, "Given the high-quality, senior global sales team currently in place at Cyberonics, we do not intend to seek a replacement for Mr. Reinstein at this time. In particular, Mark Verratti, who was recently named Vice President of Sales, The Americas, Asia & EMMEA (Eastern Mediterranean, Middle East, and Africa), will continue in this role. Mark has led our U.S. sales team since 2007, and has been a key contributor to our sales management team since he joined the company in 2005. His capable leadership will assure our ability to continue to deliver sustained revenue growth. I look forward to working closely with him in the coming months to ensure we maintain the strong sales momentum we've generated over the last four years."
About Cyberonics, Inc. and the VNS Therapy® System
Cyberonics, Inc. is a medical technology company with core expertise in neuromodulation. The company developed and markets the VNS Therapy System, which is FDA-approved for the treatment of refractory epilepsy and treatment-resistant depression. The VNS Therapy System uses an implanted medical device that delivers electrical pulsed signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics and the VNS Therapy System is available at www.Cyberonics.com.
Safe harbor statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology, including "may," "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," "forecast," or other similar words. Statements contained in this press release are based on information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information if those facts change or if we no longer believe the assumptions to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning our continuing to deliver sustained revenue growth and operating income quarter after quarter, minimizing the impact of Mr. Reinstein's resignation, and accelerating growth of the markets for VNS Therapy in Japan, China and other important markets. Our actual results may differ materially. Important factors that may cause actual results to differ include, but are not limited to: continued market acceptance of VNS Therapy™ and sales of our product; the development and satisfactory completion of clinical trials and/or market test and/or regulatory approval of VNS Therapy for the treatment of other indications; satisfactory completion of post-market studies required by the U.S. Food and Drug Administration as a condition of approval for the treatment-resistant depression indication; adverse changes in coverage or reimbursement amounts by third-parties; intellectual property protection and potential infringement claims; maintaining compliance with government regulations and obtaining necessary government approvals for new indications; product liability claims and potential litigation; reliance on single suppliers and manufacturers for certain components; the accuracy of management's estimates of future expenses and sales; the results of the previously disclosed governmental inquiries; the potential identification of material weaknesses in our internal controls over financial reporting; risks and costs associated with such governmental inquiries and any litigation relating thereto or to our stock option grants, procedures, and practices and other risks detailed from time to time in our filings with the Securities and Exchange Commission (SEC). For a detailed discussion of these and other cautionary statements, please refer to our most recent filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 29, 2011.
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