Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 28, 2012

Exhibit 99.1

FOR INFORMATION CONTACT:

Elisha Finney (650) 424-6803

elisha.finney@varian.com

Spencer Sias (650) 424-5782

spencer.sias@varian.com

For Immediate Release:

Varian Medical Systems Reports Results for Fourth Quarter of Fiscal Year 2012

Net earnings per diluted share from continuing operations rise to $1.08 for the fourth quarter and to $3.76 for fiscal year 2012; revenues rise to $756 million for the fourth quarter and to $2.8 billion for the fiscal year

PALO ALTO, Calif., Oct. 25, 2012

Varian’s company-wide revenues totaled $756 million for the fourth quarter of fiscal 2012, up 5 percent from the year-ago quarter. Revenues for fiscal year 2012 were $2.8 billion, up 8 percent from the fiscal year 2011 total. Excluding proton revenues from the comparisons, fourth quarter revenues were up 9 percent from the year-ago quarter and up 8 percent for the fiscal year. The company ended fiscal year 2012 with a $2.8 billion backlog, up 12 percent from the end of fiscal year 2011.

“Varian’s core Oncology Systems and X-Ray Products businesses achieved solid growth in net orders and revenues helped by customer demand around the world for our newer products,” said Dow R. Wilson, president and CEO of Varian Medical Systems. “Margins for our core businesses came in line with our expectations for the quarter given our continued shift to international markets and the comparable strength of the U.S. dollar. Our fourth quarter performance ends what has been a challenging year on a positive note.”

The company finished the fiscal year with $705 million in cash and cash equivalents and $161 million of debt. Cash flow from operations for the fiscal year was $493 million. During the fourth quarter, the company spent $85 million to repurchase 1.4 million shares of common stock. The company ended the quarter with accounts receivable days sales outstanding of 85, up 5 days from the year-ago quarter.

Oncology Systems

Oncology Systems’ fourth quarter revenues totaled $590 million, up 7 percent from the same period of fiscal year 2011, and fiscal year revenues were $2.2 billion, up 8 percent from fiscal year 2011. Fourth-quarter net orders were $789 million, up 10 percent versus the comparable year-ago period in both North America and the international markets. Net orders for the fiscal year rose to $2.4 billion, up 7 percent from the last fiscal year, with a 5 percent gain in North America and an 8 percent increase in international markets which represented 55 percent of Oncology net orders for the fiscal year. On a constant currency basis, Oncology Systems fourth quarter net orders were up 12 percent, with 14 percent growth in international markets led by 20 percent plus growth in demand in both Europe and Asia.

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