SALT LAKE CITY, November 12, 2019 - Varex Imaging Corporation (Nasdaq: VREX) today announced its unaudited financial results for the fourth quarter and fiscal year 2019.
FY19 Revenues were $781 million
FY19 Gross margin was 33% | Adjusted gross margin* was 35%
FY19 Net earnings were $0.43 per diluted share | Adjusted net earnings were $1.30 per diluted share
4Q19 Revenues were $202 million
4Q19 Gross margin was 35% | Adjusted gross margin* was 36%
4Q19 Net earnings were $0.24 per diluted share | Adjusted net earnings were $0.46 per diluted share
Fiscal Year 2019 Results
Revenues for fiscal year 2019 increased to $781 million compared to $773 million in the prior year. Medical segment revenues decreased 1% to $597 million. Industrial segment revenues increased 7% to $184 million.
“Our annual growth was led by higher sales of medical products for oncology and CT modalities and industrial products for airport baggage screening and non-destructive testing applications,” said Sunny Sanyal, Chief Executive Officer of Varex. “In China, shipments of CT tubes to our local OEM customers more than doubled from the prior year level, partially offsetting a tariff-related reduction in sales of radiographic digital detectors,” Sanyal added.
Net earnings for fiscal year 2019 were $0.43 per diluted share compared to $0.72 per diluted share in the prior year. Adjusted net earnings* were $1.30 per diluted share, the same as in the prior year.
Fourth Quarter Fiscal Year 2019 Results
Revenues for the fourth quarter of fiscal year 2019 were $202 million compared to $205 million in the prior year quarter. Medical segment revenues were $152 million and Industrial segment revenues were $50 million.
Gross margin for the fourth quarter of fiscal year 2019 was 35% of revenues compared to gross margin of 29% of revenues in the prior year quarter. Adjusted gross margin* was 36% of revenues and compared to 33% of revenues in the prior year quarter.
The following information was filed by Varex Imaging Corp (VREX) on Tuesday, November 12, 2019 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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Form Type: 10-K Annual Report Accession Number: 0001681622-19-000083 Submitted to the SEC: Fri Dec 20 2019 10:24:54 PM EST Accepted by the SEC: Fri Dec 20 2019 Period: Friday, September 27, 2019 Industry: Electronic Components