Since its inception in 1987, Cyberonics, Inc. (CYBX) has focused on developing and commercializing medical devices for the treatment of neurological disorders. The Vagus Nerve Stimulation (VNS) Therapy System is the first implantable medical device to receive U.S. Food & Drug Administration (FDA) approval for the treatment of epilepsy. The VNS Therapy System in July 2005 received the long awaited final approvable from the FDA for chronic or recurrent treatment-resistant depression (TRD). In addition to epilepsy and depression, the company seeks to conduct various studies on the VNS Therapy System, to expand the possibility of its use in Alzheimer's disease, anxiety, chronic migraine headaches, and bulimia. In addition to the U.S., the VNS Therapy System for epilepsy is currently approved for sale in Europe, Canada, Australia, and elsewhere. The product is also approved for sale in Europe and Canada for the treatment of depression. In the fiscal year ended April 2007, the domestic and international markets contributed 85% and 15%, respectively, to the company's revenue of about $131 million.
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