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Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 27, 2019

Varian Medical Systems Inc

CIK: 203527 Ticker: VAR


Investor Relations Contact
J. Michael Bruff
Senior Vice President, Investor Relations
+1 (650) 424-5163
investors@varian.com

Press Contact
Mark Plungy
Director, Public Relations
+1 (650) 424-5630
mark.plungy@varian.com
FOR IMMEDIATE RELEASE
Varian Reports Results for Fourth Quarter and Full Fiscal Year 2019; Appoints New President of Interventional Oncology Solutions and New Chief Financial Officer

Fourth Quarter 2019 Summary
Oncology Systems gross orders grew 7% in dollars and 7% in constant currency; North America gross orders grew 10%; 17 EthosTM orders received in Europe and Australia
Total company revenues grew 10% in dollars, or 11% in constant currency, to $879 million
GAAP operating earnings declined 3% representing 14.7% of revenues; Non-GAAP operating earnings grew 13% representing 18.1% of revenues
GAAP net earnings per diluted share of $0.97; Non-GAAP net earnings per diluted share of $1.21
Tariff exclusions had a $21 million benefit to revenues, a $4 million benefit to cost of revenues and a $2 million expense triggered by receiving the exclusion, with a net benefit to Non-GAAP operating earnings of $23 million

Fiscal Year 2019 Summary
Oncology Systems gross orders grew 9% in dollars, or 11% in constant currency
Total company revenues grew 10% in dollars, or 12% in constant currency, to $3.2 billion
Organic revenues, which excludes the year over year impact of FX and growth from the acquisitions of CTSI, Endocare, Alicon and the Boston Scientific bead portfolio, grew 11%
GAAP operating earnings declined 7% representing 12.6% of revenues; Non-GAAP operating earnings grew 6% representing 16.8% of revenues
GAAP net earnings per diluted share of $3.38; Non-GAAP net earnings per diluted share of $4.63



The following information was filed by Varian Medical Systems Inc (VAR) on Wednesday, October 23, 2019 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 - 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 (Tables)
Earnings Per Share - Computation Of Net Basic And Diluted Earnings Per Share (Detail)
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 - Additional Information (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) (Tables)
Quarterly Financial Data (Unaudited) - Schedule Of Quarterly Financial Data (Detail)
Receivables
Receivables (Detail)
Receivables (Tables)
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)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Adjustments From Amounts Previously Reported (Details)
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 - Schedule Ii Valuation And Qualifying Accounts (Detail)
Ticker: VAR
CIK: 203527
Form Type: 10-K Annual Report
Accession Number: 0000203527-19-000025
Submitted to the SEC: Mon Nov 25 2019 12:16:58 PM EST
Accepted by the SEC: Mon Nov 25 2019
Period: Friday, September 27, 2019
Industry: Electromedical And Electrotherapeutic Apparatus

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