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Basis of Presentation and Use of Accounting Estimates
9 Months Ended
Jan. 25, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Use of Accounting Estimates

Note 1.  Basis of Presentation and Use of Accounting Estimates

 

The accompanying condensed consolidated balance sheets of Cyberonics, Inc. and its consolidated subsidiaries (“Cyberonics”), at January 25, 2013 and April 27, 2012, have been derived from unaudited condensed consolidated financial statements and from audited consolidated financial statements, respectively, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”) (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all the adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the thirty-nine weeks ended January 25, 2013 are not necessarily indicative of the results that may be expected for any other interim period or the full year ending April 26, 2013. The financial information presented herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the period ended April 27, 2012 (“2012 Form 10-K”).

 

The preparation of the condensed consolidated financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Our estimates and assumptions are updated as appropriate, which in most cases is at least quarterly. We base our estimates on historical experience or various assumptions that we believe to be reasonable under the circumstances, and the results form the basis for making judgments about the reported values of assets, liabilities, revenues and expenses. Actual results may differ materially from these estimates.

 

The fiscal years 2013 and 2012 will end or ended on April 26, 2013 and April 27, 2012, respectively.