Varian Medical Systems (VAR) Tops Q1 EPS by 4c, Revenues Miss

Varian Medical Systems (NYSE: VAR) reported Q1 EPS of $1.14, $0.04 better than the analyst estimate of $1.10. Revenue for the quarter came in at $778.8 million versus the consensus estimate of $842.98 million.

First Quarter 2021 Summary

• Oncology Systems gross orders grew 2% in dollars or 1% in constant currency in the quarter; trailing twelve months gross orders down 5% in dollars or 6% in constant currency
• 13 EthosTM orders received, including 8 in the Americas, 4 in EMEA, and 1 in Asia-Pacific
• 1 Proton order awarded in China
• Total company revenues down 6% in dollars, or 8% in constant currency, to $779 million
• GAAP operating earnings grew 7% at 15.1% of revenues; non-GAAP operating earnings grew 1% at 17.5% of revenues
• GAAP net earnings per diluted share of $1.05; non-GAAP net earnings per diluted share of $1.14
• Cash flows from operations of $141 million, up 26%

"I am pleased with our solid start to the fiscal year, especially given the current global landscape due to the pandemic. Our performance in the quarter reflects the unwavering focus of our employees to deliver critical cancer care solutions for our customers," said Dow Wilson, Chief Executive Officer of Varian. "Our long-term fundamentals remain strong and we are excited about the opportunity to shape the future of cancer care with the pending combination with Siemens Healthineers."

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

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