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Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 29, 2017

Varian Medical Systems Inc

CIK: 203527 Ticker: VAR

 

Exhibit 99.1

 

Press Release

Varian Reports Results for Fourth Quarter of Fiscal Year 2017

 

Fourth Quarter 2017 Summary

Oncology gross orders grew 7%
Booked 23 HalcyonTM orders, 50 orders since May launch
GAAP net earnings per diluted share from continuing operations of $0.89 including a $13 million loan impairment charge for California Proton Therapy Center; Non-GAAP of $1.09

 

Fiscal Year 2017 Summary

Oncology gross orders grew 7% driven mainly by software and service
Linear accelerator installed base grew 4%, now greater than 7,800 units
Launched Halcyon and HyperArcTM
Booked 6 Proton Therapy orders
GAAP net earnings per diluted share from continuing operations of $2.75; Non-GAAP of $3.60

  

PALO ALTO, Calif., Oct. 25, 2017 

/PRNewswire/ -- Varian (NYSE:VAR),  the world's leading manufacturer of medical devices and software for treating and managing cancer, today announced its fourth-quarter and full-year fiscal 2017 results.  All fourth-quarter comparisons in this announcement are year-over-year unless noted otherwise. 

  

Summary

 

($ in millions except EPS)  Q4 2017   Q4 2016   FY  2017   FY 2016 
Revenues (from Continuing Operations)  $739.0   $747.2   $2,668.2   $2,621.1 
Growth Reported   (1)%        2%     
Growth Constant Currency   (2)%        2%     
Gross Margin   42.1%   42.6%   43.3%   42.5%
GAAP Net Earnings (1)  $82.7   $94.3   $257.1   $325.3 
GAAP Net Earnings per Diluted Share (1)  $0.89   $1.00   $2.75   $3.39 
Net Cash Provided by Operating Activities  $129.6   $151.9   $399.1   $356.3 
Non-GAAP Net Earnings (1) (2)  $100.6   $97.7   $335.1   $354.9 
Non-GAAP Net Earnings per Diluted Share (1) (2)  $1.09   $1.03   $3.60   $3.70 

  

(1)GAAP Net Earnings and Earnings Per Diluted Share and Non-GAAP Net Earnings and Non-GAAP Earnings Per Diluted Share refer only to continuing operations. GAAP and Non-GAAP Earnings Per Diluted Share, for the quarter and fiscal year ended September 29, 2017, were calculated based on diluted shares of 92.6 million and 93.2 million, respectively. For the quarter and fiscal year ended September 30, 2016, the number of diluted shares was 94.5 million and 96.0 million, respectively.
(2)Non-GAAP Net Earnings and Non-GAAP Earnings Per Diluted Share are defined as GAAP Net Earnings and GAAP Earnings Per Diluted Share adjusted to exclude the amortization of intangible assets, acquisition-related expenses and benefits, restructuring and impairment charges and significant litigation charges or benefits and legal costs.

 


The following information was filed by Varian Medical Systems Inc (VAR) on Wednesday, October 25, 2017 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 Prepaid Expenses And Other Current Assets (details)
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 - Consideration (details)
Business Combinations - Other Information (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Accrued Product Warranty (detail)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Restructuring Costs (details)
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)
Discontinued Operations (details)
Discontinued Operations (notes)
Discontinued Operations (tables)
Discontinued Operations - Balance Sheet Disclosures (details)
Discontinued Operations - Cash Flow Disclosures (details)
Discontinued Operations - Income Statement Disclosures (details)
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 - Future Amortization Expense (details)
Goodwill And Intangible Assets - Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) - Schedule Of Quarterly Financial Data (detail)
Receivables
Receivables (detail)
Receivables (tables)
Receivables - Additional Information (details)
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 And Securities
Vpt Loans And Securities (tables)
Vpt Loans And Securities - Additional Information (details)
Vpt Loans And Securities - Cptc Loans (details)
Vpt Loans And Securities - Mptc Loan (details)
Vpt Loans And Securities - Nypc Loan (details)
Vpt Loans And Securities - Schedule Of Vpt Loans (details)
Ticker: VAR
CIK: 203527
Form Type: 10-K Annual Report
Accession Number: 0001628280-17-011837
Submitted to the SEC: Mon Nov 27 2017 5:29:12 PM EST
Accepted by the SEC: Mon Nov 27 2017
Period: Friday, September 29, 2017
Industry: Electromedical And Electrotherapeutic Apparatus

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