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Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 30, 2016

Varian Medical Systems Inc

CIK: 203527 Ticker: VAR

 

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 2016

·Revenues totaled $912 million for quarter; $3.2 billion for fiscal year 2016
·Q4 net earnings per diluted share: $1.24, GAAP; $1.38 Non-GAAP
·FY16 net earnings per diluted share: $4.19, GAAP; $4.68 Non-GAAP

 

PALO ALTO, Calif., October 26, 2016

– Varian Medical Systems (NYSE:VAR) today is reporting GAAP net earnings of $1.24 per diluted share and non-GAAP net earnings of $1.38 per diluted share for the fourth quarter of fiscal year 2016. For the full fiscal year 2016, GAAP net earnings were $4.19 per diluted share, and non-GAAP net earnings were $4.68 per diluted share. Varian’s revenues totaled $912 million for the fourth quarter of fiscal year 2016, up 12 percent in dollars from the year-ago quarter and up 11 percent in constant currency. Varian’s revenues for the full fiscal year were $3.2 billion, up 4 percent in dollars versus fiscal year 2015 and up 5 percent in constant currency. The company ended the fourth quarter with a $3.5 billion backlog, down 1 percent from the end of fiscal year 2015 with a gain in Oncology business offset by declines in the Particle Therapy and Imaging Components backlogs.

 

“The company finished the year on a strong note with solid growth in revenues and margins for both of its major businesses,” said Dow R. Wilson, CEO of Varian Medical Systems. “For the fourth quarter, total company gross margin increased by nearly four percentage points over the year-ago quarter. Weak oncology orders in EMEA, where we had tough year-ago comparisons, offset gross order growth in the Americas and in Asia.”

 

The company finished the fiscal year with $844 million in cash and cash equivalents and
$667 million of debt. Cash flow from operations was $152 million for the fourth quarter and $356 million for the fiscal year. During the quarter, the company spent $87 million to repurchase about 1 million shares of common stock.

 

Oncology Systems

Oncology Systems’ fourth quarter revenues totaled $678 million, up 7 percent in dollars from the same quarter of fiscal year 2015 and up 6 percent in constant currency. Annual revenues were $2.5 billion, up 5 percent in dollars from the prior fiscal year and up 6 percent in constant currency.

 


-more-

 


The following information was filed by Varian Medical Systems Inc (VAR) on Wednesday, October 26, 2016 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

Document And Entity Information
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
Balance Sheet Components
Balance Sheet Components (tables)
Balance Sheet Components - Available-for-sale Securities (detail)
Balance Sheet Components - Components Of Accrued Liabilities (detail)
Balance Sheet Components - Components Of Inventories (detail)
Balance Sheet Components - Components Of Other Long-term Liabilities (detail)
Balance Sheet Components - Components Of Property, Plant And Equipment (detail)
Balance Sheet Components - Other Assets (detail)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Borrowings - Summary Of Long-term Debt Outstanding (detail)
Business Combinations
Business Combinations (tables)
Business Combinations - Additional Information (detail)
Business Combinations - Consideration (details)
Business Combinations - Purchase Price Allocation (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 - 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 Of Share-based Awards Available For Grant (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 - Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (detail)
Quarterly Financial Data
Quarterly Financial Data (tables)
Quarterly Financial Data - Schedule Of Quarterly Financial Data (detail)
Receivables
Receivables (detail)
Receivables (tables)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
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 - Geographic Information (detail)
Segment Information - Operating Results Information For Each Reportable Segment (detail)
Segment Information - Reconciliation Of Segment Operating Results To Companys Earnings From Continuing Operations Before Taxes (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 - Rollforward (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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
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)
Vpt Loans
Vpt Loans (tables)
Vpt Loans - Cptc Loans (details)
Vpt Loans - Mptc Loan (details)
Vpt Loans - Nypc Loan (details)
Vpt Loans - Schedule Of Vpt Loans (details)
Ticker: VAR
CIK: 203527
Form Type: 10-K Annual Report
Accession Number: 0001628280-16-021672
Submitted to the SEC: Wed Nov 23 2016 5:13:02 PM EST
Accepted by the SEC: Wed Nov 23 2016
Period: Friday, September 30, 2016
Industry: Electromedical And Electrotherapeutic Apparatus

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