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Varian Medical Systems Reports Results for Fourth Quarter of Fiscal Year 2013
Date:10/23/2013

PALO ALTO, Calif., Oct. 23, 2013 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today is reporting net earnings of $1.08 per diluted share in the fourth quarter of fiscal year 2013, equal to the year-ago quarter.  Net earnings per diluted share for fiscal year 2013 were $3.98, up 6 percent from $3.76 in fiscal year 2012. 

Varian's company-wide revenues totaled $770 million for the fourth quarter of fiscal year 2013, up 2 percent from the year-ago quarter.  Revenues for fiscal year 2013 were $2.9 billion, up 5 percent from the fiscal year 2012 total.

The company ended fiscal year 2013 with a $2.9 billion backlog, up slightly from the end of fiscal year 2012.  As a result of ongoing uncertainty in the U.S. healthcare environment as well as a higher level of cancellations in the quarter relating to orders from small free standing clinic developers whose projects did not move forward, the company re-evaluated similar transactions and decided to adjust its backlog downward by $156 million.  To provide additional detail going forward, beginning in the fourth quarter of 2013, the company is changing its presentation of orders to gross orders.  For comparability, the attached financial tables include both gross and net orders for fiscal years 2013 and 2012.

"This was a quarter of mixed but promising results for Varian," said Dow R. Wilson, president and CEO of Varian Medical Systems.  "Oncology Systems grew gross orders on a global basis versus a strong year-ago comparison despite ongoing weakness in the US healthcare market.  Our X-Ray Products business delivered a record performance with robust growth in orders for its tubes and panels for filmless imaging.  We are confident in the long-term growth prospects in all of our businesses."

Oncology Systems
Oncology Systems' fourth quarter revenues totaled $585 m
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SOURCE Varian Medical Systems
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