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Varian Medical Systems Announces $250 Million Accelerated Stock Repurchase; Increases Its Revolving Credit Facility
Date:8/26/2011

rchase program.  Shares purchased under the accelerated share repurchase program will be retired.

The repurchase will be financed primarily through borrowings from the company's amended revolving credit facility.

As of the end of the third quarter of fiscal year 2011, the company had 119.1 million fully diluted shares outstanding.  Since initiating share repurchases at the end of fiscal year 2001, the company has spent $2.3 billion to repurchase 52 million shares of common stock at an average price of $44.49 per share.

Varian Medical Systems, Inc., of Palo Alto, California, is the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems employs approximately 5,700 people who are located at manufacturing sites in North America, Europe, and China and approximately 70 sales and support offices around the world. For more information, visit http://www.varian.com.

Forward-Looking Statements

Except for historical information, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning the company's earnings growth, future financial results and any statements using the terms "could," "believe," "expect," or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company's actual results to differ materially from those anticipated. Such risks and unc
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SOURCE Varian Medical Systems
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