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Varian Medical Systems Inc (VAR) SEC Filing 10-Q Quarterly report for the period ending Friday, January 1, 2021

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 First Quarter of Fiscal Year 2021

First Quarter 2021 Summary
Oncology Systems gross orders grew 2% in dollars or 1% in constant currency in the quarter; trailing twelve months gross orders down 5% in dollars or 6% in constant currency
13 EthosTM orders received, including 8 in the Americas, 4 in EMEA, and 1 in Asia-Pacific
1 Proton order awarded in China
Total company revenues down 6% in dollars, or 8% in constant currency, to $779 million
GAAP operating earnings grew 7% at 15.1% of revenues; non-GAAP operating earnings grew 1% at 17.5% of revenues
GAAP net earnings per diluted share of $1.05; non-GAAP net earnings per diluted share of $1.14
Cash flows from operations of $141 million, up 26%
All growth rates are year-over-year. Any reference to dollars is US dollars.

PALO ALTO, Calif. - January 26, 2021 -
Varian (NYSE: VAR) today announced its first quarter fiscal year 2021 results.

“I am pleased with our solid start to the fiscal year, especially given the current global landscape due to the pandemic. Our performance in the quarter reflects the unwavering focus of our employees to deliver critical cancer care solutions for our customers.” said Dow Wilson, Chief Executive Officer of Varian. “Our long-term fundamentals remain strong and we are excited about the opportunity to shape the future of cancer care with the pending combination with Siemens Healthineers.”

As previously announced on August 2, 2020, Varian entered into a definitive agreement to combine with Siemens Healthineers AG (Frankfurt: SHL) in an all-cash transaction valued at $16.4 billion on a fully diluted basis. On October 15, 2020, Varian’s stockholders voted in favor of the proposal to adopt the merger agreement with Siemens Healthineers. The transaction is expected to close in the first half of calendar year 2021, subject to regulatory approvals and other customary closing conditions.



The following information was filed by Varian Medical Systems Inc (VAR) on Tuesday, January 26, 2021 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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Varian Medical Systems Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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)
Condensed Consolidated Statements Of Earnings
Condensed Consolidated Statements Of Equity
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 - Lease Balance Sheet Information (Details)
Commitments And Contingencies - Lease Cost (Details)
Commitments And Contingencies - Lease Narrative (Details)
Commitments And Contingencies - Lease Supplemental Cash Flow Information (Details)
Commitments And Contingencies - Leases, Operating And Finance Lease Maturities (Details)
Commitments And Contingencies - Leases, Weighted-Average Remaining Lease Term And Discount Rate (Details)
Commitments And Contingencies - Restructuring Charges (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 (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)
Proton Solutions Loans And Investments - Loans And Commitments (Details)
Receivables
Receivables (Tables)
Receivables - Accounts Receivable Credit Loss Rollforward (Details)
Receivables - Narrative (Details)
Receivables - Schedule Of Trade And Unbilled Receivables, Net And Notes Receivable (Details)
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: 0000203527-21-000010
Submitted to the SEC: Tue Feb 09 2021 4:35:21 PM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Friday, January 1, 2021
Industry: Electromedical And Electrotherapeutic Apparatus

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