News | July 23, 2008

Varian Reports Net Earnings of $74 Million for 3Q08

July 24, 2008 - Varian Medical Systems reported net earnings of $74 million ($0.58 per diluted share) for the third quarter of fiscal year 2008 versus net earnings in the year-ago quarter of $50 million ($0.39 per diluted share), owing to revenue growth in its oncology systems, X-ray products and security businesses.

Compared to the same period last fiscal year, third quarter revenues grew 21 percent to $513 million, net orders rose 15 percent to $575 million, and the quarter- ending backlog increased 13 percent to $1.8 billion.

The company generated $114 million in cash flow from operations in the quarter and ended the period with $406 million in cash and cash equivalents and $107 million of debt. Compared to the year-ago quarter, days sales outstanding improved by 14 days to 79. During the quarter, the company spent
$62 million to repurchase 1.2 million shares of common stock under a 12 million share repurchase authorization that extends through the end of this calendar year.

The oncology systems business, including radiotherapy, radiosurgery and brachytherapy products, reported third quarter revenues of $408 million, up 21 percent from the year-ago period. This business recorded third quarter net orders of $461 million, up 12 percent from the same period last year with12 percent growth in North America and 13 percent growth in international markets.

The company said it experienced demand for our RapidArc products for image-guided IMRT during the quarter. Higher unit volumes for treatment machines and accessories for image-guided radiotherapy as well as service also drove oncology systems’ net order growth during the quarter.
Revenues for the X-ray products business, including X-ray tubes and flat panel detectors for filmless imaging, were $77 million for the third quarter, up 22 percent from the year-ago quarter. Net orders for the quarter were $85 million, up 45 percent from the same period last year driven by continued strong demand for flat panel detectors.

For more information: www.varian.com

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