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Varian Medical Systems Inc (VAR) SEC Filing 10-Q Quarterly report for the period ending Friday, December 29, 2017

SEC Filings

Varian Medical Systems Inc

CIK: 203527 Ticker: VAR

 

Exhibit 99.1

Investor Relations Contact

 

J. Michael Bruff

Vice President, Investor Relations

+1 (650) 424-5163
mike.bruff@varian.com

 

Press Contact

 

Mark Plungy

Director, Public Relations

+1 (650) 424-5630
mark.plungy@varian.com

 

 

FOR IMMEDIATE RELEASE

 

Varian Reports Results for First Quarter of Fiscal Year 2018

 

First Quarter 2018 Summary

Revenues of $679 million grew 13 percent
Oncology gross orders grew 7 percent; booked 2 new Proton orders
GAAP operating earnings of 17.9 percent of revenues; Non-GAAP of 18.6 percent
GAAP net loss per diluted share from continuing operations of ($1.22), which reflects the impact of the new Tax Cuts and Jobs Act; Non-GAAP net earnings per diluted share from continuing operations of $1.06

 

PALO ALTO, Calif. — January 24, 2018 — Varian (NYSE: VAR) today announced its first-quarter fiscal year 2018 results. All comparisons in this announcement are year-over-year unless noted otherwise. As a reminder, Varian adopted revenue Accounting Standard Codification 606 at the beginning of fiscal year 2018. First quarter fiscal year 2018 also reflects the impact from the new Tax Cuts and Jobs Act. As such the GAAP effective tax rate for the first quarter is 191.5 percent; Non-GAAP effective tax rate is 22.5 percent, which excludes the tax expense due to the mandatory deemed repatriation of foreign earnings and lower corporate tax rate’s impact on our deferred tax assets. The results that we disclose today, and any forward-looking statements, including guidance, reflect the new accounting standard and tax legislation.

  

Summary

 

($ in millions except EPS)  Q1 2018   Q1 2017 
Revenues (from Continuing Operations)  $678.5   $601.5 
Gross Margin   44.6%   44.4%
GAAP Net (Loss) Earnings (1)  $(112.2)  $8.0 
GAAP Net (Loss) Earnings per Diluted Share (1)  $(1.22)  $0.08 
Net Cash Provided by Operating Activities  $179.0   $82.2 
Non-GAAP Net Earnings (1) (2)  $98.4   $47.5 
Non-GAAP Net Earnings per Diluted Share (1) (2)  $1.06   $0.50 

 

(1)GAAP Net (Loss) Earnings and Net (Loss) Earnings Per Diluted Share and Non-GAAP Net Earnings and Non-GAAP Net Earnings Per Diluted Share refer only to continuing operations. For the quarter ended December 29, 2017, GAAP and Non-GAAP Net Earnings Per Diluted Share were calculated based on diluted shares of 91.6 million and 92.7 million, respectively. For the quarter ended December 30, 2016, the number of diluted shares was 94.2 million.
(2)Non-GAAP Net Earnings and Non-GAAP Net Earnings Per Diluted Share are defined as GAAP Net (Loss) Earnings and GAAP Net (Loss) 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, legal costs and significant effects of the new tax legislation.

 


The following information was filed by Varian Medical Systems Inc (VAR) on Wednesday, January 24, 2018 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

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Earnings (loss)
Condensed Consolidated Statements Of Comprehensive Earnings (loss) (parenthetical)
Condensed Consolidated Statements Of Earnings (loss)
Balance Sheet Components
Balance Sheet Components (tables)
Balance Sheet Components - Available-for-sale Securities (detail)
Balance Sheet Components - Components Of Inventories (detail)
Balance Sheet Components - Components Of Other Long-term Liabilities (detail)
Balance Sheet Components - Unbilled Receivables And Deferred Revenues From Contracts With Customers (details)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Borrowings - Schedule Of Debt (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 (details)
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 - Fair Value Of Derivative Instruments Reported In Condensed Consolidated Balance Sheets (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 (detail)
Derivative Instruments And Hedging Activities - Outstanding Foreign Currency Forward Contracts That Were Entered Into To Hedge Balance Sheet Exposures (detail)
Discontinued Operations
Discontinued Operations (details)
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, Deferred 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 - Summary Of Share-based Awards Available For Grant (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)
Income Taxes
Income Taxes - Additional Information (detail)
Receivables
Receivables (details)
Receivables (tables)
Retirement Plans
Retirement Plans (tables)
Retirement Plans - Additional Information (detail)
Retirement Plans - Schedule Of Net Periodic Benefit Costs (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Disaggregation Of Revenue (details)
Segment Information - Operating Results Information For Each Reportable Segment (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 - Noncontrolling Interests (details)
Stockholders' Equity And Noncontrolling Interests - Schedule Of Accumulated Other Comprehensive Earnings (loss) And Related Tax Effects (detail)
Stockholders' Equity And Noncontrolling Interests - Schedule Of Amounts Reclassified Out Of Other Comprehensive Earnings (detail)
Stockholders' Equity And Noncontrolling Interests - Shares Repurchased During Period (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (details)
Summary Of Significant Accounting Policies - Adjustments From Amounts Previously Reported (details)
Summary Of Significant Accounting Policies - Remaining Performance Obligations (details)
Vpt Loans And Investment
Vpt Loans And Investment (tables)
Vpt Loans And Investment - Additional Information (detail)
Vpt Loans And Investment - Loans And Commitments (details)
Ticker: VAR
CIK: 203527
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-001216
Submitted to the SEC: Wed Feb 07 2018 4:45:29 PM EST
Accepted by the SEC: Wed Feb 07 2018
Period: Friday, December 29, 2017
Industry: Electromedical And Electrotherapeutic Apparatus

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