Varian Medical Systems (VAR) Misses Q4 EPS by 10c, Miss on Revenues; Offers FY17 EPS Outlook Below Consensus

Varian Medical Systems (NYSE: VAR) reported Q4 EPS of $1.09, $0.10 worse than the analyst estimate of $1.19. Revenue for the quarter came in at $739 million versus the consensus estimate of $741.7 million.

Outlook for Full Fiscal Year 2018We expect the following for fiscal year 2018:

• Revenues to grow by 2 to 4 percent
• Non-GAAP operating earnings to range between 18 and 19 percent of revenue
• Non-GAAP net earnings per diluted share from continuing operations to be in the $4.20 to $4.32 range
• Cash Flow from Operations to be between $475 million and $550 million

We have assumed no change to share count year over year and a tax rate of 23 percent.

GUIDANCE:

Varian Medical Systems sees FY2018 EPS of $4.20-$4.32, versus the consensus of $4.44.

Fourth Quarter 2017 Summary

• Oncology gross orders grew 7%
• Booked 23 Halcyon™ orders, 50 orders since May launch
• GAAP net earnings per diluted share from continuing operations of $0.89 including a $13 million loan impairment charge for California Proton Therapy Center; Non-GAAP of $1.09

For earnings history and earnings-related data on Varian Medical Systems (VAR) click here.

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