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Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, October 2, 2020

Varian Medical Systems Inc

CIK: 203527 Ticker: VAR

Investor Relations Contact
Anshul Maheshwari
Vice President, Treasury and Investor Relations
+1 (650) 424-5163
investors@varian.com

Press Contact
Kathy Conner
Vice President, Global Corporate Marketing
+1 (650) 424-5695
kathy.conner@varian.com
FOR IMMEDIATE RELEASE
Varian Reports Results for Fourth Quarter of Fiscal Year 2020

Fourth Quarter 2020 Summary
Oncology Systems gross orders of $1.0 billion, down 8% in dollars or 10% in constant currency
10 EthosTM orders received, including 5 in North America and 5 in EMEA
One Proton order awarded in North America
Total company revenues down 3% in dollars, or 4% in constant currency, to $850 million
GAAP operating earnings down 11% at 11.6% of revenues; non-GAAP operating earnings declined 10% at 16.8% of revenues
GAAP net earnings per diluted share of $0.83; non-GAAP net earnings per diluted share of $1.12
Cash flows from operations of $266 million, up 126%

Fiscal Year 2020 Summary
Oncology Systems gross orders of $3.3 billion, down 4% in dollars and in constant currency
34 EthosTM orders received, including 21 in North America, 11 in EMEA, and 2 in Asia-Pacific
Four Proton orders awarded in North America and Asia-Pacific
Total company revenues down 2% in dollars, or 1% in constant currency, to $3.2 billion; organic revenues down 4%(1)
GAAP operating earnings down 16% at 10.2% of revenues; non-GAAP operating earnings declined 12% at 15.1% of revenues
GAAP net earnings per diluted share of $2.94; non-GAAP net earnings per diluted share of $3.91
Cash flows from operations of $484 million, up 30%
(1) Excludes the year-over-year impact of foreign exchange rates and growth from CTSI and Interventional Solutions businesses

PALO ALTO, Calif. - October 27, 2020 -
Varian (NYSE: VAR) today announced its fourth quarter fiscal year 2020 results.

"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


The following information was filed by Varian Medical Systems Inc (VAR) on Tuesday, October 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Varian Medical Systems Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Comprehensive Earnings (Parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Equity
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Summary Of Long-Term Debt Outstanding (Detail)
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Business Combinations - Purchase Price Allocation (Details)
Business Combinations - Valuation Of Intangible Assets Acquired (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Accrued Product Warranty (Detail)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Lease Costs (Details)
Commitments And Contingencies - Operating And Financing Lease Maturity Schedule (Details)
Commitments And Contingencies - Schedule Of Liabilities For Future Environmental Costs (Detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Additional Information (Detail)
Derivative Instruments And Hedging Activities - Cash Flow Hedging Activities (Details)
Derivative Instruments And Hedging Activities - Derivative Instruments Reported On The Balance Sheet (Details)
Derivative Instruments And Hedging Activities - Effective Portion Of Foreign Currency Forward Contracts Designated As Cash Flow Hedges (Detail)
Derivative Instruments And Hedging Activities - Gains (Losses) Related To Foreign Currency Forward Exchange Contracts That Are Not Designated As Hedging Instruments (Detail)
Derivative Instruments And Hedging Activities - Outstanding Foreign Currency Forward Contracts That Were Entered Into To Hedge Balance Sheet Exposures (Detail)
Earnings Per Share
Earnings Per Share (Detail)
Earnings Per Share (Tables)
Employee Stock Plans
Employee Stock Plans (Tables)
Employee Stock Plans - Activity For Restricted Stock Restricted Stock Units And Performance Units (Detail)
Employee Stock Plans - Activity Under Employee Stock Plans (Detail)
Employee Stock Plans - Additional Information (Detail)
Employee Stock Plans - Fair Value With Weighted Average Assumptions (Detail)
Employee Stock Plans - Net Share-Based Compensation Expense (Detail)
Employee Stock Plans - Options Outstanding And Exercisable Under Employee Stock Plans (Detail)
Employee Stock Plans - Summary The Effect Of Recording Pre-Tax Share-Based Compensation Expense For Equity Incentive Awards (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Detail)
Fair Value - Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Fair Value - Reconciliation For Assets And Liabilities Measured And Recorded At Fair Value On Recurring Basis (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Activity Of Goodwill By Reportable Operating Segment (Detail)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Future Amortization Expense (Details)
Goodwill And Intangible Assets - Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (Detail)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Cash, Cash Equivalents And Restricted Cash (Details)
Other Financial Information - Components Of Accrued Liabilities (Detail)
Other Financial Information - Components Of Inventories (Detail)
Other Financial Information - Components Of Other Long-Term Liabilities (Detail)
Other Financial Information - Components Of Prepaid Expenses And Other Current Assets (Details)
Other Financial Information - Components Of Property, Plant And Equipment (Detail)
Other Financial Information - Contracts With Customers (Details)
Other Financial Information - Other Assets (Detail)
Other Financial Information - Other Income, Net (Details)
Other Financial Information - Unfulfilled Performance Obligations (Details)
Proton Solutions Loans And Investments
Proton Solutions Loans And Investments (Tables)
Proton Solutions Loans And Investments - Aptc And Rptc Loans (Details)
Proton Solutions Loans And Investments - Cptc Loans (Details)
Proton Solutions Loans And Investments - Mptc Loan (Details)
Proton Solutions Loans And Investments - Nypc Loan (Details)
Proton Solutions Loans And Investments - Schedule Of Vpt Loans (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Detail)
Quarterly Financial Data (Unaudited) (Tables)
Receivables
Receivables (Tables)
Receivables - Narrative (Details)
Receivables - Trade And Unbilled Receivables And Notes Receivable (Detail)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Detail)
Retirement Plans - Schedule Of Accumulated Other Comprehensive Income (Loss) Expected To Be Recognized As Components Of Net Periodic Benefit Cost (Detail)
Retirement Plans - Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss (Before Tax) (Detail)
Retirement Plans - Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost (Detail)
Retirement Plans - Schedule Of Assumptions Used To Measure Benefit Obligations For Company's Defined Benefit Pension (Detail)
Retirement Plans - Schedule Of Defined Benefit Pension Plan Balances With Accumulated Benefit Obligation Exceeded Fair Value Of Plan Assets (Detail)
Retirement Plans - Schedule Of Estimated Future Benefit Payments (Detail)
Retirement Plans - Schedule Of Fair Values Of Plan Assets (Detail)
Retirement Plans - Schedule Of Funded Status Of The Defined Benefit Pension (Details)
Retirement Plans - Schedule Of Net Periodic Benefit Costs (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Disaggregation Of Revenue (Details)
Segment Information - Geographic Information (Detail)
Segment Information - Operating Results Information For Each Reportable Segment (Detail)
Stockholders' Equity And Noncontrolling Interests
Stockholders' Equity And Noncontrolling Interests (Tables)
Stockholders' Equity And Noncontrolling Interests - Additional Information (Detail)
Stockholders' Equity And Noncontrolling Interests - Repurchase Table (Details)
Stockholders' Equity And Noncontrolling Interests - Schedule Of Accumulated Other Comprehensive Loss And Related Tax Effects (Detail)
Stockholders' Equity And Noncontrolling Interests - Schedule Of Amounts Reclassified Out Of Other Comprehensive Earnings (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Taxes On Earnings
Taxes On Earnings (Tables)
Taxes On Earnings - Additional Information (Detail)
Taxes On Earnings - Schedule Of Changes In Unrecognized Tax Benefits (Detail)
Taxes On Earnings - Schedule Of Components Of Deferred Tax Assets And Liabilities (Detail)
Taxes On Earnings - Schedule Of Earnings Before Taxes (Detail)
Taxes On Earnings - Schedule Of Effective Income Tax Rate (Detail)
Taxes On Earnings - Schedule Of Income Taxes Paid (Detail)
Taxes On Earnings - Schedule Of Taxes On Earnings (Detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts - (Detail)
Ticker: VAR
CIK: 203527
Form Type: 10-K Annual Report
Accession Number: 0000203527-20-000027
Submitted to the SEC: Wed Nov 25 2020 4:48:38 PM EST
Accepted by the SEC: Wed Nov 25 2020
Period: Friday, October 2, 2020
Industry: Electromedical And Electrotherapeutic Apparatus

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