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Varian Medical Systems Reports Results for Third Quarter of Fiscal Year 2012
Date:7/25/2012

PALO ALTO, Calif., July 25, 2012 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) is today reporting net earnings of $0.96 per diluted share in the third quarter of fiscal year 2012, up 16 percent from $0.83 in the year-ago quarter.  Revenues for the quarter were $705 million, up 9 percent from the year-ago quarter.

"All of our major businesses contributed to solid growth in earnings and revenues," said Tim Guertin, president and CEO of Varian Medical Systems. "Gross margins for the company improved with increases in our X-Ray Products and Oncology businesses. We continued to operate in a challenging global environment with big swings in European currency exchange rates. Net orders were even for the total company compared with the year-ago quarter and up slightly on a constant currency basis." The quarter ending backlog was $2.6 billion, up 16 percent from the year-ago period.

The company ended the quarter with $633 million in cash and cash equivalents and $175 million of debt. During the third quarter, the company spent $97 million to repurchase 1.5 million shares of common stock. The company ended the quarter with accounts receivable days sales outstanding of 80 days, an improvement of 1 day from the year-ago quarter.

Oncology Systems
Oncology Systems' third quarter revenues totaled $546 million, up 7 percent from the same period of fiscal year 2011. Third-quarter net orders were $562 million, up 2 percent, with a 4 percent increase in North America and a 1 percent decline in international markets versus the comparable year-ago period.  On a constant currency basis, Oncology Systems third quarter net orders were up 4 percent, with double-digit growth in Asia and mid-single-digit growth in Europe. Year-to-date, Oncology Systems net orders were 5 percent higher than the comparable period in fiscal year 2011, and up 6 percent on a constant currency
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SOURCE Varian Medical Systems, Inc.
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