Cyberonics Shares Rise As 4Q Results Beat Street, Analysts Point to Positive Catalysts NEW YORK -- Cyberonics Inc. shares surged Friday after the medical device maker surpassed Wall Street expectations for the fourth-quarter and analysts reiterated Buy-grade ratings based on improved performance and an announced stock buyback.

Cyberonics shares climbed $4.25, or 18.8 percent, to $26.86 in afternoon trading at more than three times their average volume. Shares have traded between $19.84 and $47.77 over the past 52 weeks.

The company, which makes an implantable pacemaker-like device called the Vagus Nerve Stimulator to treat epilepsy and drug-resistant depression, reported a loss of 21 cents per share on sales of $36 million. Analysts surveyed by Thomson Financial expected a wider loss of 30 cents per share on lower revenue of $35.2 million.

Piper Jaffray analyst Thom Gunderson, who rates the company "Outperform," said in a note to clients that Cyberonics is now in a position to have a stable sales force and that productivity will increase as the company's Vagus Nerve Stimulator gains traction, after trimming its sales, general and administrative spending by 17 percent sequentially.

Suntrust analyst Amit Hazan said that he viewed the company's plan to repurchase up to 3 million shares as a positive step. As of April 28, the company had about 25 million shares outstanding.