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Varian Medical Systems Reports Results for Second Quarter of Fiscal Year 2012
Date:4/25/2012

PALO ALTO, Calif., April 25, 2012 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today is reporting results for the second quarter of fiscal year 2012 with net earnings of $0.94 per diluted share up 9 percent from $0.86 per diluted share in the second quarter of fiscal year 2011.  The results for the second quarter of fiscal year 2012 include a $2.5 million or $0.02 per diluted share restructuring charge associated with realigning resources to address growth prospects in emerging markets. The company generated $720 million in revenues during the quarter, up 11 percent from the prior-year period, and ended the period with a $2.7 billion backlog, up 18 percent from the same point in fiscal year 2011.

"Our company generated healthy growth during the quarter in revenues and net orders, including two large orders for proton therapy systems which contributed to a strong increase in our backlog," said Tim Guertin, president and CEO of Varian Medical Systems.  "Results on margins for the quarter were mixed, with solid gains in our X-Ray Products business more than offset by reduced margins in our Oncology business principally because of significant growth in revenues in emerging markets where margins and tax rates are lower."  Gross margins were also impacted by nearly a point from revenues for the company's ongoing Scripps proton system installation which are being accounted for under the percentage of completion zero-profit method.

The company ended the second quarter with $617 million in cash and cash equivalents and $162 million of debt.  Days sales outstanding for the quarter was 83, up 4 from the same time period last year.

Oncology Systems
Oncology Systems' second quarter revenues totaled $565 million, up 11 percent from the same period of fiscal year 2011.  Second-quarter net orders were $565 million, up 9 percent, wit
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SOURCE Varian Medical Systems
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