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Cyberonics reduction in force

This article was originally published in The Gray Sheet

Executive Summary

Cyberonics continues to downsize with plans announced Aug. 22 to reduce its workforce by 12%, or approximately 66 of the 547 employees listed in its most recent quarterly SEC filing in July. Cyberonics CEO Dan Moore blames CMS for the cutbacks, saying that the agency's May non-coverage determination for a treatment-resistant depression indication for the firm's VNS Therapy vagus nerve stimulator has reduced sales of the device. Following the non-coverage decision, Cyberonics decided to refocus the VNS business on its epilepsy indication, for which the device was first approved ("1The Gray Sheet" June 18, 2007, p. 12)...
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