News | February 02, 2009

Varian Reports 13 Percent Revenue Boost in Q109

February 2, 2009 - Varian Medical Systems reported first quarter revenues rose 13 percent to $509 million, net orders rose 13 percent to $551 million, and the quarter-ending backlog rose 14 percent to $1.9 billion, compared to continuing operations in the year-ago quarter.

Net earnings from continuing operations of $0.56 per diluted share in the first quarter of fiscal year 2009 versus net earnings from continuing operations of $0.46 per diluted share in the year-ago quarter. Including the discontinued ACCEL research instruments operation, net earnings per diluted share in the same period were $0.55.

“Net orders and revenues increased in our Oncology Systems and X-Ray products business segments as well as our Security and Inspection Products business,” said Tim Guertin, president and CEO of Varian Medical Systems. “Our gross margin improved by more than half a percentage point and contributed to higher earnings versus the year-ago quarter.”

The company ended the first quarter with $423 million in cash and cash equivalents and $65 million of debt. Days sales outstanding of 83 days in the quarter improved by 4 days versus the year-ago period. The company spent $72 million during the quarter to repurchase 1.5 million shares under its stock repurchase authorization.

Oncology Systems’ revenues for the quarter totaled $398 million, up 11 percent from the first quarter of last fiscal year. This business recorded first-quarter net orders of $428 million, up 11 percent from the same period last year. Net orders were up 6 percent in North America and up 16 percent in international markets.

Revenues for the X-Ray Products business, including tubes and digital flat-panel detectors for filmless X-ray imaging, were $86 million for the first quarter, up 23 percent from the year-ago quarter. Net orders for this business were $91 million, up 21 percent from the year-ago quarter.

For more information: www.varian.com

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