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Varian posts fourth quarter results

The total company revenue is down 3 percent in dollars

Varian has announced its fourth quarter fiscal year 2020 results. The oncology systems gross orders is of $1.0 billion which is down 8 percent in dollars or 10 percent in constant currency. The total company revenue is down 3 percent in dollars, or 4 percent in constant currency, to $850 million. The GAAP operating earnings is down 11 percent at 11.6 percent of revenues; non-GAAP operating earnings declined 10 percent at 16.8 percent of revenues. The GAAP net earnings is per diluted share of $0.83; non-GAAP net earnings is per diluted share of $1.12. Cash flows from operations is $266 million, up 126 percent

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The fiscal year 2020 report mentions that the oncology systems gross orders is of $3.3 billion, which is down 4 percent in dollars and in constant currency. The total company revenues is down 2 percent in dollars, or 1 percent in constant currency, to $3.2 billion; organic revenues is down 4 percent. The GAAP operating earnings is down 16 percent at 10.2 percent of revenues; non-GAAP operating earnings declined 12 percent at 15.1 percent of revenues. The GAAP net earnings per diluted share is $2.94 and non-GAAP net earnings per diluted share is $3.91. Cash flows from operations of $484 million, is up 30 per cent.

Dow Wilson, Chief Executive Officer, Varian says, “Our fourth quarter performance continues to reaffirm the criticality of radiation therapy as a core treatment modality.  I am proud of our dedicated employees who ensured our customers and their patients continued to have uninterrupted access to our innovative technology and solutions. While the pandemic continues to be a headwind, we are entering our next fiscal year with significant operating momentum, and we remain focused on executing our strategic growth priorities and closing the transaction with Siemens Healthineers.”

 

 

 

 

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