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Varian Medical Systems Inc (VAR) SEC Filing 10-Q Quarterly report for the period ending Friday, July 3, 2020

Varian Medical Systems Inc

CIK: 203527 Ticker: VAR

 

Exhibit 99.1

 


Varian Reports Results for Third Quarter of Fiscal Year 2020

 

Cancels Upcoming Third Quarter Conference Call in Light of Pending Transaction with Siemens Healthineers

 

PALO ALTO, Calif., Aug. 2, 2020 /PRNewswire/ --

 

Third Quarter 2020 Summary

 

·Operating performance reflects a full quarter of COVID-19 impact across all geographies

·Oncology Systems gross orders down 14% in dollars and in constant currency in the quarter; trailing twelve months gross orders grew 1% in dollars and in constant currency

·7 EthosTM orders received, including 5 in North America and 2 in Europe, bringing total orders since launch to 38 units

·Total company revenues down 16% in dollars and 15% in constant currency, to $694 million; organic revenues down 19%(1)

·GAAP operating earnings grew 11% at 8.6% of revenues; non-GAAP operating earnings declined 32% at 14.1% of revenues

·GAAP net earnings per diluted share of $0.67; non-GAAP net earnings per diluted share of $0.78

 

(1) Excludes the year-over-year impact of foreign exchange rates and growth from CTSI and Interventional Solutions businesses

 

Varian (NYSE: VAR) today announced its third quarter fiscal year 2020 results.

 

"I am proud of the team's execution during the quarter, especially given the challenging operating backdrop created by the pandemic," said Dow Wilson, President and Chief Executive Officer of Varian.  "Our continued investments in our strategic enablers, combined with our strong financial standing, position us well to exit the pandemic stronger, and extend our global leadership in oncology. In addition, we are pleased to announce a transaction with Siemens Healthineers – delivering immediate and compelling value to our shareholders, while bringing us even closer to realizing our transformative vision. Our innovative and patient-centric culture has enabled us to become an iconic leader in radiotherapy and multi-disciplinary cancer care, with a trusted global brand and strong customer loyalty. We are thrilled to partner with Siemens Healthineers to extend our renowned customer care, serving clinicians and patients from the very first stage in the fight against cancer."

 


The following information was filed by Varian Medical Systems Inc (VAR) on Monday, August 3, 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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Inside Varian Medical Systems Inc's 10-Q Quarterly Report:

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)
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Borrowings - Additional Information (Details)
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Business Combinations
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Commitments And Contingencies
Commitments And Contingencies (Tables)
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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)
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Employee Stock Plans - Fair Value With Weighted Average Assumptions (Details)
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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
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Other Financial Information
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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 (Expense), 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)
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Retirement Plans (Tables)
Segment Information
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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)
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Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: VAR
CIK: 203527
Form Type: 10-Q Quarterly Report
Accession Number: 0000203527-20-000016
Submitted to the SEC: Tue Aug 11 2020 4:38:20 PM EST
Accepted by the SEC: Tue Aug 11 2020
Period: Friday, July 3, 2020
Industry: Electromedical And Electrotherapeutic Apparatus

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