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Last10K.com | 10-Q Quarterly Report Tue May 12 2020
Investor Relations Contact
Anshul Maheshwari
Vice President, Treasury and Investor Relations
+1 (650) 424-5163
investors@varian.com
Press Contact
Rosemarie Smith-Wood
Sr. Director, Global Brand and Marketing
+1 (650) 424-5208
rosemarie.smith-wood@varian.com
FOR IMMEDIATE RELEASE
Varian Reports Results for Second Quarter of Fiscal Year 2020; Withdraws 2020 Guidance
Second Quarter 2020 Summary
•Oncology Systems gross orders grew 1% in dollars or 2% in constant currency in the quarter; trailing twelve months gross orders grew 5% in dollars or 6% in constant currency
•15 EthosTM orders received, including 11 in North America, 3 in Europe and 1 in Asia-Pacific
•Two Proton orders awarded in Asia-Pacific
•Total company revenues grew 2% in dollars, or 3% in constant currency, to $794 million; organic revenues declined 1%(1)
•GAAP operating earnings declined 50% at 6.9% of revenues; non-GAAP operating earnings declined 14% at 12.9% of revenues
•GAAP net earnings per diluted share of $0.47; non-GAAP net earnings per diluted share of $0.85
•The company is withdrawing fiscal year 2020 guidance due to uncertainty surrounding the severity and duration of COVID-19
(1) Excludes the year-over-year impact of foreign exchange rates and growth from CTSI and Interventional Solutions businesses
PALO ALTO, Calif. - May 4, 2020 - Varian (NYSE: VAR) today announced its second quarter fiscal year 2020 results.
“On behalf of everyone at Varian, I want to express our gratitude to all individuals on the frontlines dedicated to fighting this global pandemic. I also want to thank Varian employees worldwide who
The following information was filed by Varian Medical Systems Inc (VAR) on Monday, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Revenue - Product Highlight
Cash, Cash Equivalents, and Restricted Cash The following table summarizes our cash, cash equivalents, and restricted cash: The increase in cash, cash equivalents, and restricted cash in the six months ended April 3, 2020 was primarily due to $134.5 million of cash provided by operating activities, $110.0 million in net borrowings from our credit facility, $32.1 million in proceeds from the issuance of common stock to employees, and $9.2 million in proceeds from the sale of an equity investment, partially offset by $86.2 million used for the repurchase of shares of VMS common stock, $37.0 million used for purchases of property, plant, and equipment, and $11.5 million used for tax withholdings on vesting of equity awards.
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Financial - Cash Flow Highlight
Given the uncertain impact of COVID-19 and/or other market factors on our business, our cash flow projections for this business could decrease in the future, which could lead to an impairment of goodwill.
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Other - Other Highlight
Actual results and the outcome or timing of certain events may differ significantly from those projected in these forward-looking statements or management's current expectations due to the factors cited in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A"), the Risk Factors listed under Part II, Item 1A of this Quarterly Report on Form 10-Q, and other factors described from time to time in our other filings with the Securities and Exchange Commission ("SEC"), or other reasons.
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Other - Other Highlight
This discussion and analysis of our financial condition and results of operations is based upon and should be read in conjunction with the Condensed Consolidated Financial Statements and the Notes included elsewhere in this Quarterly Report on Form 10-Q and the Consolidated Financial Statements, the Notes to the Consolidated Financial Statements and the related Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended September 27, 2019 (the "2019 Annual Report"), as well as the information contained under Part I, Item 1A "Risk Factors" of the 2019 Annual Report and Part II, Item 1A "Risk Factors" of this Quarterly Report on Form 10-Q , and other information provided from time to time in our other filings with the SEC.
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Financial - Earnings Highlight
46 Proton Solutions gross margin percentage increased in the three months ended April 3, 2020, compared to the year-ago period, primarily due to an increase in service revenues and mix of projects.
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Revenue - Product
These estimates and assumptions include...Read more
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M & A - Other
Acquisition-related expenses increased in the...Read more
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Revenue - Product
Total product revenues were flat...Read more
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Revenue - Product
Approximately half of Oncology Systems...Read more
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Other - Other
For additional information on risk...Read more
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Other - Other
Our critical accounting policies that...Read more
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Financial - Earnings
We have also been investing...Read more
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Financial - Cash Flow
As a result of the...Read more
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Financial - Earnings
Gross Margin n/m - not...Read more
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Other - Other
In addition, government programs that...Read more
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Financial - Expense
While we believe that improved...Read more
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Revenue - Product
42 Total service revenues increased...Read more
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Revenue - Product
?Inventory increasing $53.7 million, primarily...Read more
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Other - Other
Overall, we believe the global...Read more
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Other - Other
Except for losses related to...Read more
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Revenue - Product
While we believe that orders...Read more
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Other - Other
We expect that fluctuations of...Read more
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Revenue - Product
For both revenues and orders,...Read more
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Other - Other
Our long-term growth and value...Read more
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Revenue - Geography
We have entered into indemnification...Read more
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M & A - Other
Goodwill, Intangible Assets and Impairment...Read more
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Legal - Other
Our effective tax rate was...Read more
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Financial - Shares
In the six months ended...Read more
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Revenue - Product
Oncology Systems service revenues, which...Read more
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Revenue - Product
Days Sales Outstanding Our Oncology...Read more
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Revenue - Product
EMEA revenues decreased in the...Read more
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Revenue - Product
Based on regional machine utilization...Read more
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Revenue - Product
Discussion of Results of Operations...Read more
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Other - Other
Our primary goal in the...Read more
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M & A - Other
Acquisition-related expenses (benefits) decreased in...Read more
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Financial - Shares
Stock repurchases may be made...Read more
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Revenue - Geography
Oncology Systems gross orders are...Read more
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Other - Other
As part of our workforce...Read more
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Revenue - Geography
Americas Oncology Systems revenues increased...Read more
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Revenue - Product
New orders are recorded for...Read more
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Other - Other
Credit markets for proton therapy...Read more
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Revenue - Product
As a result of the...Read more
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Other - Other
Forward-Looking Statements This Quarterly Report...Read more
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Financial - Earnings
The $7.0 million increase in...Read more
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Revenue - Product
?Deferred revenues increasing $33.4 million,...Read more
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Financial - Shares
Borrowings under our credit facilities...Read more
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Revenue - Product
Our software revenues during the...Read more
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Financial - Shares
While our capital allocation priorities...Read more
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Financial - Expense
Although proton therapy has been...Read more
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Other - Other
By making forward-looking statements, we...Read more
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Other - Other
Reimbursement rates in the United...Read more
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Other - Other
The trailing 12 months' growth...Read more
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Other - Other
As of April 3, 2020,...Read more
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Financial - Earnings
Oncology Systems service gross margin...Read more
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Other - Other
The quantitative assessment compares the...Read more
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Revenue - Product
However, if treatment volumes decline...Read more
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Revenue - Product
Currency fluctuations had approximately a...Read more
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Other - Other
We are investing resources to...Read more
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Financial - Expense
In our view, the fundamental...Read more
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Revenue - Product
We expect that our services...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Earnings
Condensed Consolidated Statements Of Comprehensive Earnings (Parenthetical)
Condensed Consolidated Statements Of Earnings
Condensed Consolidated Statements Of Equity Statement
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Details)
Borrowings - Schedule Of Debt (Details)
Business Combinations
Business Combinations (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Accrued Product Warranty (Details)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Leases (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
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 (Details)
Derivative Instruments And Hedging Activities - Gains (Losses) Related To Foreign Currency Forward Exchange Contracts That Are Not Designated As Hedging Instruments (Details)
Derivative Instruments And Hedging Activities - Outstanding Foreign Currency Forward Contracts That Were Entered Into To Hedge Balance Sheet Exposures (Details)
Derivative Instruments And Hedging Activities - Pre-Tax Amounts Recognized In Aoci On The Balance Sheet (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Stock Plans
Employee Stock Plans (Tables)
Employee Stock Plans - Activity For Restricted Stock, Restricted Stock Units, Deferred Stock Units And Performance Units (Details)
Employee Stock Plans - Activity Under Employee Stock Plans (Details)
Employee Stock Plans - Additional Information (Details)
Employee Stock Plans - Fair Value With Weighted Average Assumptions (Details)
Employee Stock Plans - Net Share-Based Compensation Expense (Details)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Details)
Fair Value - Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value - Reconciliation For Assets And Liabilities Measured And Recorded At Fair Value On Recurring Basis (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Activity Of Goodwill By Reportable Operating Segment (Details)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Future Amortization Expense (Details)
Goodwill And Intangible Assets - Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Cash, Cash Equivalents And Restricted Cash (Details)
Other Financial Information - Components Of Inventories (Details)
Other Financial Information - Components Of Other Long-Term Liabilities (Details)
Other Financial Information - Other Income, Net (Details)
Other Financial Information - Unbilled Receivables And Deferred Revenues From Contracts With Customers (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 - Loans And Commitments (Details)
Receivables
Receivables (Details)
Receivables (Tables)
Retirement Plans
Retirement Plans (Details)
Retirement Plans (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Disaggregation Of Revenue (Details)
Segment Information - Operating Results Information For Each Reportable Segment (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Schedule Of Accumulated Other Comprehensive Earnings (Loss) And Related Tax Effects (Details)
Stockholders' Equity - Schedule Of Amounts Reclassified Out Of Other Comprehensive Earnings (Details)
Stockholders' Equity - Shares Repurchased During Period (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Material Contracts, Statements, Certifications & more
Varian Medical Systems Inc provided additional information to their SEC Filing as exhibits
Ticker: VAR
CIK: 203527
Form Type: 10-Q Quarterly Report
Accession Number: 0000203527-20-000015
Submitted to the SEC: Tue May 12 2020 4:49:08 PM EST
Accepted by the SEC: Tue May 12 2020
Period: Friday, April 3, 2020
Industry: Electromedical And Electrotherapeutic Apparatus
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