Varex announces financial results for second quarter fiscal year 2021

Varex Imaging Corporation today announced its unaudited financial results for the second quarter of fiscal year 2021.

“Financial results for the second quarter of fiscal year 2021 were stronger than our expectations and exceeded pre-COVID revenue levels. Driving this was continued strong global CT tube sales and higher sales of industrial digital detectors. We also had higher demand for our other medical imaging products related to certain elective medical procedures,” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “We also continued to have strong expense management, which led to excellent bottom-line results.”

Varex’s revenues in the second quarter increased 15% sequentially from the first quarter of fiscal year 2021 due to sales gains in both the medical and industrial segments. Revenues increased 3% year-over-year from the same quarter of the prior year. Non-GAAP gross margin increased to 35 percent due to higher sales volume and a favorable product mix. Non-GAAP operating expense declined sequentially and year-over-year reflecting benefits from previous cost reduction actions.

Balance Sheet & Cash Flow
Cash flow from operations was $13 million for the second quarter of fiscal year 2021. Cash and cash equivalents improved to $111 million at the end of the second quarter.

Outlook
The following guidance is provided for the third quarter of fiscal year 2021:

• Revenues are expected to be between $195 million and $215 million
• Non-GAAP earnings per diluted share is expected to be between $0.15 and $0.35

Guidance for the company’s net earnings per diluted share is provided on a non-GAAP basis only. This non-GAAP financial measure is forward-looking, and the company is unable to provide a meaningful or accurate GAAP forecast of net earnings per diluted share without unreasonable effort due to the uncertainty of amounts and timing of unusual items, such as restructuring costs.Business Wire