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Varian Medical Systems Reports Results for Third Quarter of Fiscal Year 2014
Date:7/23/2014

PALO ALTO, Calif., July 23, 2014 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today is reporting net earnings of $1.02 per diluted share in the third quarter of fiscal year 2014.  Net earnings were negatively impacted by about $0.06 per diluted share due to an approximately $8 million impairment charge related to a portion of Varian's existing equity investment in Augmenix, a privately-held company developing minimally invasive hydrogels for radiotherapy.
Varian's company-wide revenues totaled $748 million for the third quarter of fiscal year 2014, up 3 percent from the year-ago quarter.  The company ended the third quarter with a $2.9 billion backlog, up 4 percent from the end of the third quarter of fiscal year 2013.

"Gross orders rose strongly in our Imaging Components and Particle Therapy businesses compared to the year-ago quarter, more than offsetting a 1 percent decline in Oncology Systems where weakness in Japan overshadowed double-digit orders growth in developing markets," said Dow R. Wilson, CEO of Varian Medical Systems.  "Company revenues were lighter than expected due to delays in proton revenue recognition as well as weakness in X-ray tubes sales.  However, gross margins were up for both Oncology Systems and Imaging Components."

The company finished the third quarter of fiscal year 2014 with $926 million in cash and cash equivalents and $480 million of debt.  Cash flow from operations for the fiscal third quarter was $86 million.  During the quarter, the company spent $103 million to repurchase approximately 1.3 million shares of its common stock.

Oncology SystemsOncology Systems' third quarter revenues totaled $578 million, up 3 percent from the same quarter of fiscal year 2013.  Third-quarter gross orders were $620 million, down 1 percent versus the year-ago quarter.  Compared to the year-ago
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