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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.__________ )*
Cyberonics, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
00023251P1
---------------------------------
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SEC 1745 (2/92) Page 1 of 14 Pages
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CUSIP No. 00023251P1 13G Page 2 of 14 Pages
---------------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vista III, L.P.
06-1172794
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,573,204 shares
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,573,204 shares
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,573,204 shares
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.4%
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 14 Pages
- --------------------------------------------------------------------------------
CUSIP No. 00023251P1 13G Page 3 of 14 Pages
---------------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vista III Partners, L.P.
06-1172793
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,573,204 shares
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,573,204 shares
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,573,204 shares
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.4%
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 14 Pages
- --------------------------------------------------------------------------------
CUSIP No. 00023251P1 13G Page 4 of 14 Pages
---------------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gerald B. Bay
###-##-####
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,573,204 shares
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,573,204 shares
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,573,204 shares
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.4%
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 14 Pages
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CUSIP No. 00023251P1 13G Page 5 of 14 Pages
---------------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edwin Snape
###-##-####
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ -------------------------------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,573,204 shares
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,573,204 shares
- ----------------------- ----- --------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,573,204 shares
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.4%
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 14 Pages
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CUSIP No. 00023251P1 13G Page 6 of 14 Pages
---------------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John F. Tomlin
###-##-####
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,573,204 shares
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,573,204 shares
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,573,204 shares
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.4%
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 14 Pages
- --------------------------------------------------------------------------------
CUSIP No. 00023251P1 13G Page 7 of 14 Pages
---------------
- --------------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert P. Cummins
###-##-####
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
-0- shares
NUMBER OF
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,573,204 shares
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0- shares
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,573,204 shares
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,573,204 shares
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.4%
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 14 Pages
Schedule 13G
------------
Item 1(a). Name of Issuer: Cyberonics, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices: 17448 Highway
3, Suite 100, Webster, TX 77598.
Item 2(a). Names of Persons Filing: Vista III, L.P. ("Vista III"), Vista
III Partners, L.P., the sole general partner of Vista III
("Vista III Partners"), and Gerald B. Bay, Edwin Snape, John
F. Tomlin and Robert P. Cummins, the general partners of Vista
III Partners (the "Investing General Partners").
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of Vista III,
Vista III Partners and the Investing General Partners is The
Vista Group, c/o Palmeri Fund Administrators, Inc., 700 Godwin
Avenue, Suite 110, Midland Park, NJ 07432.
Item 2(c). Citizenship: Each of Vista III and Vista III Partners is a
limited partnership organized under the laws of the State of
Delaware. The Investing General Partners are each citizens of
the United States.
Item 2(d). Title of Class of Securities: Common Stock, $.01 par value per
share.
Item 2(e). CUSIP Number: 00023251P1
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of
the Securities Exchange Act of 1934 (the "Act").
(b) [ ] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance Company as defined in Section 3(a)(19)
of the Act.
(d) [ ] Investment Company registered under Section 8 of
the Investment Company Act of 1940.
(e) [ ] Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund; see Rule 13d-1(b)(1)(ii)(F) of the
Act.
Page 8 of 14 Pages
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G) of the Act.
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
of the Act.
Not Applicable.
Item 4. Ownership.
(a) Amount Beneficially Owned:
Vista III, Vista III Partners and the Investing General
Partners may be deemed to beneficially own 1,573,204 shares of
Common Stock as of December 31, 1996.
Vista III is the record owner of 1,573,204 shares of Common
Stock (the "Shares") and Vista III has the power to vote or
direct the disposition of all of the Shares. Such power is
exercised through Vista III Partners, as the sole general
partner of Vista III. As general partner of Vista III, Vista
III Partners may be deemed to beneficially own the Shares. The
Investing General Partners have the power over all the voting
and investment decisions of Vista III Partners and, as such,
the Investing General Partners may also be deemed to share the
beneficial ownership of the Shares.
Each of the Investing General Partners and Vista III Partners
expressly disclaims beneficial ownership of the Shares.
(b) Percent of Class:
The Shares represent 13.4% of the outstanding Common Stock
(based on 11,762,542 shares of Common Stock reported as
outstanding as of December 31, 1996, as confirmed by the
Issuer's Chief Financial Officer).
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: -0- shares
for each reporting person.
(ii) shared power to vote or to direct the vote: Vista
III, Vista III Partners and the Investing General
Partners each have the shared power to vote or to
direct the vote of 1,573,204 shares.
(iii) sole power to dispose or to direct the dispositions
of: -0- shares for each reporting person.
(iv) shared power to dispose or to direct the disposition
of: Vista III, Vista III Partners and the Investing
General Partners each have the shared power to
dispose or to direct the disposition of 1,573,204
shares.
Each of the Investing General Partners and Vista III Partners
expressly disclaims beneficial ownership of the Shares.
Page 9 of 14 Pages
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not Applicable.
Item 8. Identification and Classification of Members of the Group.
Not Applicable. The reporting persons expressly disclaim membership in
a "group" as defined in Rule 13d-1(b)(ii)(H).
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
Not Applicable. This statement on Schedule 13G is not filed pursuant to
Rule 13d-1(b).
Page 10 of 14 Pages
SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct. We also hereby agree to file this statement jointly pursuant to the
Agreement listed on Exhibit 1 hereto.
Date: February 12, 1997
Vista III, L.P.
By: Vista III Partners, L.P.
By: *
-------------------------
General Partner
Vista III Partners, L.P.
By: *
-------------------------
General Partner
*
-------------------------
Gerald B. Bay
*
-------------------------
Edwin Snape
*
-------------------------
John F. Tomlin
*
-------------------------
Robert P. Cummins
* The undersigned attorney-in-fact, by signing his name below, does hereby
sign this statement on behalf of the above indicated filers pursuant to
Powers of Attorney filed hereto as Exhibit 2.
/s/ Frank Palmeri
- ----------------------------
Frank Palmeri
Attorney-in-fact
Page 11 of 14 Pages
EXHIBIT 1
---------
AGREEMENT
Pursuant to Rule 23d-1(f)(1) under the Securities Exchange Act of 1934,
the undersigned hereby agree that only one statement containing the information
required by Schedule 13G need be filed with respect to the ownership by each of
the undersigned of shares of Common Stock of Cyberonics, Inc.
This agreement may be executed in any number of counterparts, each of which
shall be deemed an original.
EXECUTED this 12th day of February, 1997.
Vista III, L.P.
By: Vista III Partners, L.P.
By *
---------------------------
General Partner
Vista III Partners, L.P.
By: *
---------------------------
General Partner
*
---------------------------
Gerald B. Bay
*
---------------------------
Edwin Snape
*
---------------------------
John F. Tomlin
*
---------------------------
Robert P. Cummins
* The undersigned attorney-in-fact, by signing his name below, does hereby
sign this statement on behalf of the above indicated filers pursuant to
Powers of Attorney filed hereto as Exhibit 2.
/s/ Frank Palmeri
- ------------------------------
Frank Palmeri
Attorney-in-fact
PARA8379/1.314884_1
Page 12 of 14 Pages
Exhibit 2
---------
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints Frank Palmeri of Palmeri Fund
Administrators his true and lawful attorney-in-fact and agent, with full power
of substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities (until revoked in writing) to sign any and all
instruments, certificates and documents required to be executed on behalf of
himself individually or on behalf of each or any of Vista II, L.P., Vista
Partners, L.P., Vista III, L.P., or Vista III Partners, L.P. pursuant to Section
13 and Section 16 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and any and all regulations promulgated thereunder, and to file
the same, with all exhibits thereto, and any other documents in connection
therewith, with the Securities and Exchange Commission, and with any other
entity when and if such is mandated by the Exchange Act or by the By-laws of the
National Association of Securities Dealers, Inc., granting unto said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary fully to all intents and purposes as
he might or could do in person thereby and ratifying and confirming all that
said attorney-in-fact and agent, or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof, or may have done in connection with the
matters described above.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
Page 13 of 14 Pages
IN WITNESS WHEREOF, this Power of Attorney has been signed as of the ____
day of February, 1996.
VISTA II, L.P.
By: Vista Partners, L.P.
By: /s/ Gerald B. Bay
------------------------------
Gerald B. Bay
General Partner
VISTA PARTNERS, L.P.
By: /s/ Gerald B. Bay
------------------------------
Gerald B. Bay
General Partner
VISTA III, L.P.
By: Vista III Partners, L.P.
By: /s/ Gerald B. Bay
------------------------------
Gerald B. Bay
General Partner
VISTA III PARTNERS, L.P.
By: /s/ Gerald B. Bay
------------------------------
Gerald B. Bay
General Partner
/s/ Edwin Snape
- ------------------------------
Edwin Snape
/s/ Gerald B. Bay
- ------------------------------
Gerald B. Bay
/s/ John F. Tomlin
- ------------------------------
John F. Tomlin
Page 14 of 14 Pages
