Much as this seems to surprise some of my readers, I don't miss Wall Street all that much. Who needs the stress, the long hours, and the incessant obsession over pennies per share in earnings? And then there's the case of medical device maker Cyberonics (NASDAQ:CYBX). Couple a volatile and sometimes controversial CEO with a promising but controversial therapy (a nerve stimulation device used in treating depression and epilepsy) and erratic financial performance, and you get . well, you get this.

Unfortunately for shareholders, things haven't calmed down all that much since I stopped following these folks full-time. There's been a buyout offer, public squabbling about the approval process for an indication in depression, and all manner of speculation on both the size of the market and if, when, or how soon the company will penetrate it.

Much as it pains me to say it, I don't think earnings today really matter too much. What I mean is that the sort of big-time growth that really gets investors fired up will come from the depression side of the business, and that's just getting under way.

But the depression opportunity is not without controversy and challenges. There are still some who question just how effective the device is in treating severe depression, and the company faces a long and slow process of not only educating doctors but also securing positive reimbursement decisions from the likes of Medicare and Medicaid and commercial entities like Aetna (NYSE:AET), United Healthcare (NYSE:UNH), and WellPoint (NYSE:WLP). That said, I'd point out that the same challenges were there when the company launched its epilepsy business, and the company did better than many bears ever though they would -- though, admittedly, not as good as some bulls had projected.

Management is important to every business, and Fools need to make their peace with Cyberonics' CEO if they want to hold these shares. While I do believe that Robert "Skip" Cummins very much wants the company to succeed, he can be volatile and difficult to deal with -- so much so that I know that there were mutual fund managers who avoided the stock primarily because of him.

If nothing else, Fools can take a measure of solace in knowing that the company has attracted at least two public buyout offers -- one from the medical device giant Medtronic (NYSE:MDT) -- and that Boston Scientific (NYSE:BSX) owns a large chunk. To me, that suggests a floor is in place unless things really get out of hand. Though the volatility here isn't for everyone, and though I'm not convinced that the present management is right for the job, successfully executing on the opportunity in depression would put this stock a lot higher than it is today.

For more medical missives:

United Healthcare is a Motley Fool Stock Advisor recommendation.

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).